Pay the fine and move on Business as usual NOT... Deposits Deposits Deposits STUPID
#DEPOSITSstupid #tipoficeberg TD pleads guilty in money-laundering case >
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TRANSCRIPT
GETTING BREAKING NEWS ON AT TD
TO TD BANK UNITS ARE GOING TO
PLEAD GUILTY AND THIS MONEY
LAUNDERING.
>> CASE, WE'RE LOOKING AT THE
INTRADAY STOCK HERE AND THE
BANK HAS ALSO BEING HIT WITH
GROSS RESTRICTIONS. NOW THE
COMPANY HAS BEEN HIT WITH A
450 MILLION DOLLAR U.S.
PENALTY FROM THE OFFICE OF THE
COMPTROLLER OF THE CURRENCY
FOR DEFICIENCIES AND ANTI
MONEY LAUNDERING THE ACTION
IMPOSES A RESTRICTION ON THE
GROWTH OF THE BANK. ALSO A
MEASURE DESIGNED TO FORCE IT
TO INVEST SUFFICIENT RESOURCES
TO FIX THESE DEFICIENCIES.
ACTION SUPPLY TO TD BANK N A M
T BANK. HE USA THE COMPTROLLER
OF THE CURRENCY SAYS TD QUOTE,
WAS FOUND TO ENGAGED IN,
QUOTE, PERSISTENT
PRIORITIZATION OF GROSS OVER
CONTROLS. I'M ALLOWED TO ITS
EMPLOYEES, QUOTE, TO BREAK THE
AND FACILITATE THE LAUNDERING
OF HUNDREDS OF MILLIONS OF
DOLLARS. THE OH MY GOODNESS,
THIS IS THE HARD STUFF. AGAIN,
QUOTE, THE BANK'S BLATANT RISK
MANAGEMENT FAILURES ATTRACTED
ILLICIT ACTORS. AND ARE
EGREGIOUS AND ON ACCEPTABLE.
NOW, THIS IS JUST ALL I'M
TALKING ABOUT. HERE ARE THE
450 MILLION DOLLAR IS FROM THE
OFFICE OF THE COMPTROLLER OF
THE CAR AND SAY SO THIS IS
KIND OF A A MOVING TARGET
HERE. TD. OKAY, SO THEY'RE
GOING TO PAY TOTAL OF 1.9
BILLION US IN THE CRIMINAL
CASE ARE NOT CRIMINAL CASE.
I'M NOT SURE AT THIS STAGE, IF
THAT'S ON TOP OF THE
450 MILLION PAYABLE TO THE
COMPTROLLER OF THE CURRENCY.
IT THE OFFICE OF THE
COMPTROLLER RESULTS OF PLAY
PLACE AGAIN. ASTLE CAMP CAP ON
TD BANK, NORTH AMERICAN TD
BANK USA. SO I THINK THAT'S
ALL WE KNOW FOR A FACT RIGHT
NOW, BUT WE'RE GOING TO BE ALL
OVER THIS STORY, BUT CERTAINLY
CERTAINLY THE ASSET HAS KICKED
IN HERE. HAD LET'S BRING IN
GRANT WHITE PORTFOLIO MANAGER
AND INVESTMENT ADVISER AND I A
PRIVATE WELL, SAG GRAND, I
KNOW YOU'VE HAD NO TIME
WHATSOEVER TO ASSESS THIS. SO
IT LOOKS AS THOUGH THEY'RE
GOING TO BE PAYING AT LEAST
1.0, 9 BILLION DOLLARS IN
PENALTIES. THERE. I MEAN,
THERE HAS BEEN TALK OF STREET
BILLION, I'M NOT SURE ABOUT
1.9 BILLION INCLUDES ALL THE
MONEY THEY'LL HAVE TO PAY OUT
BUT THE COMPTROLLER OF THE
CURRENCY SAYING THIS BEHAVIOUR
WAS EGREGIOUS. THAT ATTRACTED
A LIST ACTORS. SO SOME STRONG
LANGUAGE THERE FROM THAT
REGULATOR.
>> YEAH, I WOULD SAY THAT THIS
IS COMING AS AS WE HAD FEARED
IT COULD COME IN. I MEAN, THE
THE FINE IS THE FINE. AND YOU
KNOW, WE EXPECTED AS MUCH AS
3 MILLION AND MAYBE, YOU KNOW,
EVEN IF IT WAS A LITTLE BIT
MORE OKAY, WE MIGHT HAVE SOME
SHORT CONCERNS THERE. BUT YOU
KNOW, THE ASSET CAP WAS THAT
WHAT WE'RE ULTIMATELY FEAR TO
CURE FOR AROUND THIS COMPANY.
IT SEEMS THAT THAT IS, THAT IS
EXACTLY WHAT'S COME TO PLAY
HERE, WHICH IS MADE VERY
DIFFICULT FOR US TO CONSIDER
TD AS AN FOR YOU KNOW,
THROUGHOUT THE MAJORITY OF
THIS SO AND YOUR POINT, THE
STRONG LANGUAGE BEING USED, I
THINK THAT THAT'S CASE IN
POINT OF HOW SERIOUSLY THE
REGULATORS, ESPECIALLY UNITED
STATES, TAKE THESE TYPES THE
SYSTEM ISSUES. AND AND THE
FACT THAT THEY ARE USING SOME
STRONG IN PLACE TO ME EARLY
ON, WITHOUT SEEING THE DETAILS
THAT, THEY'RE PREPARED TO
THROW THE BOOK AT THESE TYPES
OF THINGS. AND AND SO I
CONCERNS OVER T'S ABILITY TO
GROW. I WILL GET THE DETAILS
REALLY ENSURE. LIFE CONCERNS
ABOUT THEIR ABILITY TO GROW
GOING AT LEAST FOR THE FUTURE.
THE FEDERAL RESERVE BORGIA IS
ALSO TAKING A RUN OUT IS IT'S
FINDING TD BANK. 123.5 MILLION
DOLLARS US SOPPING VARIOUS ON
THE BANK.
>> HOUSE TO RELOCATE TO THE
U.S. PARTS OF ITS
ANTI-MONEY-LAUNDERING PROGRAM
THAT ARE RESPONSIBLE FOR
COMPLYING WITH U.S. LAW. IT
HAS UNDERTAKE A THOROUGH AND
INDEPENDENT REVIEW OF THE
BOARD OF DIRECTORS AND
MANAGEMENT TO ENSURE ADEQUATE
OVERSIGHT OF THE U.S.
OPERATIONS. OF COURSE, THEY
JUST DID NAME A NEW CEO HAS NO
AMERICAN EXPERIENCE. SO I
WONDER, WILL THAT STICK IN THE
CRAW OF U.S.? REGULATORS?
>> WELL, I MEAN, IT IS
CERTAINLY THERE'S GOING TO BE
A LOT MORE RED AND AND THE
FACT THAT THEY'RE GOING HAVE
TO JUMP THROUGH THESE HOOPS IS
PROBABLY WARRANTED. I MEAN,
RESPECTS BECAUSE OF WHAT'S
TRANSPIRED. BUT YOU KNOW,
CERTAINLY PUTS A LOT OF RED
TAPE AROUND GROWTH THAT NEVER
MIND THE ASSET CAP AND THE
FACT THAT THEY'RE GOING TO
HAVE TO DEAL WITH SO MUCH MORE
COMPLIANCE AND REGULATORY,
REGULATORY OVERSIGHT. I THAT'S
THE SUMMER FUNDING FOR A
COMPANY TO GO THROUGH. AND SO
I CAN ONLY IMAGINE THE
HEADACHES THAT THAT WILL FOR
FOR MANAGEMENT AND EXECUTIVES
AT TD. AND THEN LIKEWISE FOR
SHAREHOLDERS THAT, YOU KNOW,
WOULD LIKE TO SEE THIS COMING
AND THE ABILITY TO GO FURTHER.
SO YOU KNOW, THIS POINT, I
MEAN, AGAIN, IT'S, IT'S UNTIL
WE HAVE ALL THOSE DETAILS AND
FIND IT VERY DIFFICULT TO DIVE
INTO THIS COMPANY. AND I KNOW
A LOT OF PEOPLE WHO NOT
INVESTORS BEEN WAITING, EVEN
CALLING US AND TALKING OR
WHEN'S A GOOD TIME TO BUY INTO
THIS COMPANY. THANKFULLY, WE
HELD OFF AND I DON'T SEE THAT
THERE'S AN OPPORTUNITY JUST
YET EITHER. AND I DON'T KNOW
WHEN THAT'S GOING TO COME JUST
YET.
>> WE'RE GETTING A BIT MORE
CLARITY ON THE MONETARY
PENALTIES HERE, COURTESY OF
THIS NEWS RELEASE FROM THE
FEDERAL RESERVE BOARD.
APPARENTLY TD IS FACING ABOUT
3 BILLION DOLLARS IN TOTAL
PENALTIES FROM ALL THESE
AGENCIES THAT ARE TAKING A RUN
AT U.S. 3.1 BILLION DOLLARS US
THIS IS ACTIONS TAKEN BY THE
U.S. DEPARTMENT OF JUSTICE.
THE U.S. ATTORNEY'S OFFICE FOR
NEW YOU, A NEW DEPARTMENT OF
THE TREASURY AND THE OFFICE OF
THE COMPTROLLER OF THE
CURRENCY. SO APPARENTLY THESE
YEAH, THESE PENALTIES
ANNOUNCED BY ALL THOSE
AGENCIES DO TOTAL ABOUT
3 BILLION DOLLARS. THAT'S
INTERESTING THE COMPTROLLER
ACCUSING TD BANK OF
PRIORITIZING GROSS OVER
IMPLEMENTING ADEQUATE
CONTROLS.
>> YEAH, I THINK SO. YEAH. I
MEAN, THAT'S GOT TO BE ONE OF
THE MOST CONCERNING FOR THEM
IS THAT, YOU KNOW, THERE WAS
SOME EGREGIOUS ACTIONS THAT
THEY'VE YOU KNOW, THEY HAVE
BEEN TAKEN THERE. AND AND THE
FACT THAT YOU ARE, YOU'RE ALL
OUT. I MEAN, THIS HEARKENS
BACK TO WELLS FARGO TO YOU
KNOW, IN IN TERMS OF RECENT
HISTORY REMIND ME A LOT OF
THAT SAME STORY WHERE, YOU
KNOW, THE PUSH WAS FOR GROWTH
AT ALL COSTS BASICALLY AND IT
SEEMS A TD IS ACTED VERY
SIMILAR. THEY OR AT LEAST
THAT'S WHAT THE FINDINGS
AREN'T THIS IS BEEN A GROWTH
AT ALL COSTS SAID, BUT ADDED
TO THE POINT NO, IN THEIR
MINDS, IT'S INVITED HIM BACK
THAT BAD ACTORS AND BAD
ACTIVITIES. AND SO THAT'S JUST
YOU KNOW, ANYTIME YOU'RE
DEALING WITH U.S. REGULATORS
IN THE FINANCIAL SYSTEM, THIS
HAS BEEN SOMETHING THAT THEY
HAVE BEEN VERY FOR AS LONG AS
I CAN REMEMBER. AND THEY TEND
TO THROW THE BOOK AT THESE
THINGS. AND THEN NOW AGAIN,
OUR GREATEST FEAR ARE RELATED
TO THE SITUATION THAT HE WAS
IT WAS GOING TO BE A SITUATION
LIKE THAT, WHERE THEY'RE GOING
TO THROW THE BOOK AT THEM. SO
THE FINES I THINK IS ONE
THING. I MEAN, THE 3 BILLION
DOLLARS OR 3.1 BILLION, WAS IN
LARGELY AS EXPECTED, I FROM
OUR END OF THINGS. ANYTHING.
SOYEAH. AND SO THAT'S NOT A
SURPRISE. I DO THINK THAT THE
REAL CONCERN IS, IS THIS THE
SPEED LIMITS BASICALLY THAT
THEIR VOTE TO IMPOSE ON ON
THEM. AND WHAT DOES THAT MEAN?
I MEAN, YOU CAN LOOK AT AT
SOME POINT, HE BECOMES
ATTRACTIVE, I THINK FROM A
DIVIDEND PERSPECTIVE, I DON'T
THINK IT'S THERE YET, BUT I
THINK IT DOES BECOME FOR
INVESTORS. BUT I DO THINK YOU
HAVE TO CONSIDER THAT THE
GROWTH I THINK THE DIVIDENDS
GOING TO BE THROUGHOUT THIS,
BUT YOUR ABILITY TO GROW THEIR
DIVIDEND MIGHT BE IMPACTED BY
THIS AND LIKELY WILL AND SO
YOU KNOW, WHEN YOU COMPARE
YOUR OPTIONS OUT I SEE A LOT
OF OPTIONS THAT DON'T HAVE THE
REGULATORY OVERHANG REQUIRED.
SO IT'S IT'S, YOU KNOW, I
THINK IT'S STILL A WAYS OFF
FROM BEING AN ATTRACTIVE
INVESTMENT OPPORTUNITY. SINCE
MENTIONED THE IN THIS NEWS
RELEASE, TD HAS TO RE EXAMINE
ITS I WONDER OR CASE JUST TO
REMAKE THE BORDER. IT WILL BE
THE SAME OLD OVERSEEING
SHAREHOLDERS, INTERESTS, AIR.
>> YOU KNOW, NOTHING ELSE, I
PUBLIC PERCEPTION IS GOING TO
IMPORTANT STORY GOING FORWARD
HERE ARE. AND UNIT, WHETHER OR
NOT THEY REMAKE THE BORDER
PART OF THE BOARD WORK. I
MEAN, THERE HAS TO BE
SOMETHING THAT THEY DO HERE. I
MEAN, THE CEO CHANGE AS YOU
POINTED OUT, THAT TO BUT GIVEN
WHAT THE RAMIFICATIONS ARE I
THINK YOU CAN MAKE THE CASE
THAT THERE IS MORE CHANGES YET
TO BE MADE AND SHOULD BE MADE
IN ORDER TO EARN YOU KNOW,
SHAREHOLDERS TRUST AND YOU
KNOW, BELIEF THAT THIS COMPANY
STEWARDED WELL GOING FORWARD.
AND SO, YEAH, I THINK THERE'S
PROBABLY A CASE TO MADE THERE
AND IT'S LIKELY WE'RE GOING TO
SEE MORE HEADS ROLL, IF YOU
YOU KNOW, UNFORTUNATE FOR SOME
OF YEAH. AROUND ARE ON THE
PRISON MONEY. THE OUTGOING CEO
OF PRISON BELIEVE WAS MILLIONS
OF AS IS THE WON'T WITH BANK
CEOS.
>> WELL EXECUTIVE
COMPENSATION. I THINK IT'S
SOMETHING THAT, YOU KNOW,
EVERY INVESTOR NEEDS TO BE
LOOKING YOU KNOW, ESPECIALLY
WHEN WHEN YOU LOOK AT IT WILL
ANY PUBLICLY TRADED COMPANY. I
MEAN, YOU KNOW, WE'RE STILL
AND THE OVERHANG OF THE JACK
FROM GE AND AND I THINK THAT,
YOU KNOW, YOU HAVE TO BE
MINDFUL OF THE FACT THAT YOU
KNOW, HOW MUCH TAKE HOW MUCH
SKIN DOES A CEO EXECUTIVE HAVE
IN THE GAME HERE. AND SO IS
SOMETHING THAT WE LOOK FOR IN
OUR COMPANY'S. WE LOVE FOUNDER
LEAD COMPANIES. AND YOU DON'T
REALLY GET THAT, OBVIOUSLY,
WHEN YOU'RE DEALING WITH
BANKS, BUT YOU KNOW, YOU DO
WANT TO HAVE A COMPANY THAT
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