RE:RE:SpoofingOcalaman wrote: These guys can't stop tripping over themselves.
Disappointing and disturbing news! Canadian banks have held a reputation of high trust in the financial circles of the world. This was another "unexpected" shoe dropping...........the next big shoe which we are awaitng is yet to drop and that will drop the share price along with a longer time necessary for the share price to climb back up. That share price will not be anywhere near where it would have been prior to all these unsupervised, egregious mistakes. Who was not doing their job? How long does it take to re-establish trust? How many options should management receive under these circumstances, this year? So disappointing!
Reuters reported yesterday and three issues stand out like a sore thumb for a bank that is the 2nd. largest in Canada.
"The U.S. broker-dealer unit of TD Bank has agreed to pay over $20 million under a deal with U.S. authorities to settle charges that it manipulated the U.S. Treasures market."
In addition to the manipulation charges, the bank was charged with failing to supervise the the then-head of its U.S. Treasuries trading desk.
Under the terms of TD's agreement, prosecutors will hold off prosecuting the firm so long as it complies with the three-year deal and overhauls compliance. Based on TD's remediation of the issues, the DOJ decided against installing a third-party monitor to police compliance.