When directors of clearing banks don't appear to understand what is going on in their name and the banks' auditors require a letter of representation possibly leading to a lack of 'in-depth' forensic auditing, do we end up with 'the dog that didn't bark', to quote Michel Barnier, the European Commission's internal markets commissioner? But for letters of representation, it is my view some of the more recent disastrous banking strategies and decisions would have been highlighted earlier by the auditors.
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