In May 2011, the court ruled in favor of the bank, claiming that the bank followed Federal Financial Institutions Examination Council guidelines set in 2005 for multi-factor authentication for online banking, leaving PATCO unable to recover the hundreds of thousands of dollars lost.

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Spitzer told CNN that executive bonuses may grab headlines, but the insurance company's payouts on complicated financial instruments deserve closer examination.

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Should a delegation travel from Wales to London to meet the Treasury and the Department for the Environment asking for a market rate for water transfers, I imagine the first response would be an examination of the financial transfers between England and Wales.

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Officials also pledged legal and regulatory reforms, including amendments to the Bankruptcy Act to speed up collateral collection by creditors, tighter supervision and examination of accounts of financial institutions, and tougher disclosure requirements to promote transparency.

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"We have asked the council for the draft budget and all relevant financial documents because we want to do a forensic examination at our head office of their finances to see where other savings could be made to avoid this, " he said.

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"By the detailed examination, documentation and flow-charting of financial processes, executives will develop a more intimate understanding of the relationships of key variables and be more confident in their decisions, " writes Michael Fox in the Minneapolis Star-Tribune.

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The widespread use of inappropriate assumptions invites an examination of the behavior of various individuals in bringing about the global financial crisis.

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Throughout the period of review, examination, and introspection on the causes and solutions to the latest financial crisis, the auditors have stayed well above the fray.

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