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September 22, 2011


E. Taylor

I am reminded of a speech given by Sherron Watkins of Enron fame. She asked the question, "what is the point of an audit, if not to detect fraud?"

Stakeholders learn nothing from the binary report - since it is always a "yes" and it is always a "yes" because pressures exist to make certain that it is -

Laurence Gerowitz

Your exemplary use of UBS to highlight the futility of the compliance model is accurate and courageous.

Risk managers grimly sample their idealized and fatally limited data each day; while algorithmic models pulse with self-obliterating screech and feedback safely above the danger zone. Compliance models are simply not conceptualized to confront and confine affirmative fraud.

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