Financial Services, even the small things...

[Beavker]

...can be absurd.

I work as a back office, clearing chimp for a securities clearing firm. Basically we make sure the trades (Stocks/Bonds, etc.) actually change hands, either physically or electronically between brokers.

With all the lack of oversight and risk that Merrill Lynch has so openly embraced (see financial crisis), I have to chuckle at their back office requirement that they need an affirmation of a trade, via Fax or E-mail (which by the way, really amounts to nothing), despite the trade already being cleared.

What I mean is, that they have this small, few thousand dollar transaction in their greedy, greasy little hands, yet they want a signed fax form or e-mail stating that the other firm knows the trade they did with them.

It's like making EBay send you a shipping notice to prove they know your order after you have already received the order from EBay.

Why the sudden 'risk management'? YOU HAVE THE GOODS. WE SENT THEM TO YOU. I'm glad you have 30 people doing what I do at my small firm, and have all the time to double and triple check things that are done deals.

I know it's more of an 'inside' joke, but it's pathetic that they do this, and no one over there even gets it when I ask them about it. And I thought I was the chimp.

[Dreamer Tatum]

1. You can thank Sarbanes Oxley for that, and probably for your job, too. nt

[DCKit]

2. Series! Job's for all us monkeys. nt