Compliance Bricks and Mortar for April 17

These are some of the compliance-related stories that recently caught my attention

Lions and Tigers and Bears – Certifications, Checklists and Standards by Michael Volkov in Corruption, Crime & Compliance

People always look for shortcuts as a weak replacement for efficiency. My concern is that compliance practitioners, vendors, standard setting organizations, and non-profit organizations are offering a range of tools that divert important attention and resources from more important compliance priorities. Here is my quick review of the dangers of each: …

Sen. Warren Criticizes Financial Regulators for Weak Penalties by Victoria McGrane in the Wall Street Journal

In a Wednesday speech assessing the state of financial oversight, the Massachusetts Democrat dished out harsh criticism for the Justice Department, the Securities and Exchange Commission, and the Federal Reserve for not being tougher on big financial institutions in the years since the 2008 crisis.

Crisis Chronicles: The Panic of 1825 and the Most Fantastic Financial Swindle of All Time by Don Morgan and James Narron in Liberty Street Economics

Centered in London, the banking panic of 1825 has been called the first modern financial crisis, the first Latin American crisis, and the first emerging market crisis. And while the panic displayed many of the key elements of past crises we have covered—fluctuations in money growth, an investment bubble, a stock market crash, and bank runs—this crisis had its own twists, including a Bank of England that hesitated before stepping in as lender of last resort. But it is perhaps best known for an infamous bond market swindle surrounding an entirely made-up Central American principality. In this edition of Crisis Chronicles, we explore the Panic of 1825 and visit the mythical nation of Poyais.

The Mansions Owned by White-Collar Criminals By Katy McLaughlin in the Wall Street Journal

Enron, Tyco, WorldCom, Bernard L. Madoff Investment Securities—in these cases, executives bilked investors of billions through accounting fraud, conspiracy and insider trading. And part of the proceeds went into real estate.

What became of their mansions? We reached out to case lawyers, county tax offices, real-estate agents, new owners and the fallen executives themselves to ask what became of the properties caught up in the scandals.