So our banks are over-regulated????
Doesn't seem to be true of one of our local banks, the customers of which were taken to the cleaners by the bank president ....
http://www.postcrescent.com/story/news/2016/07/16/former-top-leader-waupaca-bank-faces-charges/87170300/
The OCC alleges that during that four-year period, Overby — a major Waupaca Bancorporation Inc. stockholder who influenced many decisions at First National Bank — tallied $1,620,514 in bank-paid personal expenses. That was in addition to legitimate business expenses, the OCC says.
Overby was paid a total of $3,573,000 in salary and bonuses between 2010 and 2014, the OCC says. From 2010 to 2013, Overby proposed and voted on his own pay as a member of the bank's executive compensation committee, the OCC states. His salary alone in 2013 and 2014 was $700,000 a year. Overbay also is accused by the OCC of causing false entries in the bank's books and records.
In 2013, Overby hired his son-in-law as controller of the bank, making him the third-highest paid employee of the bank and Overby's future successor, even though his son-in-law had never worked at a bank or credit union as an officer or director. When the son-in-law and Overby's daughter moved back to Texas in 2014, Overby had the bank buy their house. His daughter continued to work remotely for the bank from Texas, receiving an annual salary of about $80,000, which later was reduced to $60,000.
In addition to salary and bonuses, Overby received other benefits, such as: a 100 percent match to the bank's 401(k) retirement plan; use of a new bank-owned vehicle every three years (including a Cadillac Escalade costing more than $86,000); two cellphones, three iPads and plans for the devices costing about $500 a month from 2010 through 2013; and a Waupaca Country Club membership. Overby used his bank-issued credit card to pay for part of a 2012 safari in Tanzania and charged expenses for trips and lodging in places such as New York, Disney World and Grand Cayman.
Seems a little more regulation would have served the banks customers better than our current laws.
My favorite part is that despite this fraud, the feds are still not seeking jail time.
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