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The April 29 front-page article “Reports shred banking controls” was educational and alarming. The inability to protect people’s money spawns ruinous consequences for countless households. The detailed report explaining the collapse at both banks is even more disturbing as negligence occurred at three levels. Congress, the Federal Deposit Insurance Corp. and bank managers failed to do their jobs.
Though critical variables account for this familiar tale, there is a pervasive pattern that individuals, groups and companies knowingly violate their own statutes. Moreover, the industries do not want to oversee their constituents and hold them accountable. Do they not want to protect the integrity of their industries? How can they complain about being encumbered by federal laws when they will not police the members who dirty their reputations?
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