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:
“A bad short story or novel or poem leaves one comparatively calm because it does not exist, unless it gets a fake prestige through being mistaken for good work. It is essentially negative, it is something that has not come through. But over bad criticism one has a sense of real calamity.”
—Rebecca West (1892–1983)
“I hold with the old-fashioned criticism that Browning is not really a poet, that he has all the gifts but the one needful and the pearls without the string; rather one should say raw nuggets and rough diamonds.”
—Gerard Manley Hopkins (1844–1889)
“Of all the cants which are canted in this canting world—though the cant of hypocrites may be the worst—the cant of criticism is the most tormenting!”
—Laurence Sterne (1713–1768)