No one because they don't care? All the gme conspiracy theorists aren't making them any money anyway
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Interesting Twitter feed on this topic.
I bet this was a known gap: surfaced in a prior audit, materialized at a much smaller scale before, or was known by someone who understood the process and was ignored by seniors when he/she tried to escalate the issue.
I wouldn't fault Risk Oversight, I would fault the corporate structure/culture of "Change the tire while driving."
Risk may have tried to highlight/correct the issue. Have you ever tried to fix an inherent systemic issue at Fido?
- feels good when you stop ba----g your head against a wall doesn't it.
That prior comment is so right. People are afraid to acknowledge it. We all know that it’s a mess. Sheep’s.
What happened?
Nobody. It was Vanguards fault based on the most recent news. True they should have some ability to validate the info they receive from 3rd parties vs run and g-n. Given the cr---y Risk Oversight groups in place at Fidelity, surprised there are not more issues. Risk Mgmt leaders at Fido don’t understand trading or technology for that matter. But they sure love to play Monday Morning QB. Right SP? Clown.