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:
“Nothing would improve newspaper criticism so much as the knowledge that it was to be read by men too hardy to acquiesce in the authoritative statement of the reviewer.”
—Richard Holt Hutton (1826–1897)
“A tailor can adapt to any medium, be it poetry, be it criticism. As a poet, he can mend, and with the scissors of criticism he can divide.”
—Franz Grillparzer (1791–1872)
“I, with other Americans, have perhaps unduly resented the stream of criticism of American life ... more particularly have I resented the sneers at Main Street. For I have known that in the cottages that lay behind the street rested the strength of our national character.”
—Herbert Hoover (1874–1964)