Criticism
Soon after its establishment there were signs that there were serious shortcomings within the internal structure of BaFin. The Examination by the Federal Koblenz noted in March 2004 that the internal control system of authority is insufficient.
In 2006, the Federal Court revealed the embezzlement of more than 4 million euro by Michael Raumann, the former head of information technology at BaFin, for which he was indicted and convicted by the Bonn district court. In the sentencing notes the court criticized BaFin for its "nonexistent" internal controls.
In September 2006 a report by PricewaterhouseCoopers and BaFin internal audit found that the requirements of the federal government to prevent corruption had not been implemented.
Read more about this topic: Federal Financial Supervisory Authority
Famous quotes containing the word criticism:
“Parents sometimes feel that if they don’t criticize their child, their child will never learn. Criticism doesn’t make people want to change; it makes them defensive.”
—Laurence Steinberg (20th century)
“Good criticism is very rare and always precious.”
—Ralph Waldo Emerson (1803–1882)
“However intense my experience, I am conscious of the presence and criticism of a part of me, which, as it were, is not a part of me, but a spectator, sharing no experience, but taking note of it, and that is no more I than it is you. When the play, it may be the tragedy, of life is over, the spectator goes his way. It was a kind of fiction, a work of the imagination only, so far as he was concerned.”
—Henry David Thoreau (1817–1862)