To The Daily Sun,

It was well over 40-years ago, when I embarked on what would become a long career in banking, starting with a small community-bank located in northern N.H. At that time, my new employer had a correspondent relationship with the First National Bank of Boston (FNBB), which is not unusual, as most banks rely on a larger correspondent for a myriad of financial services, like facilitating currency exchanges and money transfers.Because of FNBB’s enormous size and the fact that it maintained numerous offices worldwide, it had developed a much respected Commercial Credit Program. This program enabled FNBB to educate its recruits about finance and lending in conformity with the bank’s policies and credit culture. About a year after I was hired, I was given the opportunity to participate in the FNBB Commercial Credit Course, which I did. The intense program went on for months and not everyone finished. It was 99 percent classroom and bookwork, but a few of us were given opportunities for some real-world experience as well.

One day myself, and several others, were selected to inspect a building and to audit the inventory contained within, which FNBB was about to foreclose on. The failed company had been a large distributor of 永续合约交易所_永续合约怎么home appliances, so the building turned out to be an expansive, well-secured warehouse with towering industrial racks that were full of stock. Our assignment was to physically check the inventory against a recent inventory count. There were SO MANY, MANY boxes and because there was only one forklift operator on site to assist us, we knew that there would be long days ahead.

We began by checking and counting the inventory on the ground floor and the first row of boxes was pretty much what we expected to find, so those boxes were marked and moved aside. Then we began examining the second row and it immediately became apparent that the boxes were empty. Huh? In fact, one empty box after another was brought forward or lowered to the floor from the racks above, we soon realized that while the box count that had been provided to us, may have been accurate, it took a physical audit to determine that a fraudulent act had been committed. At no time did we ever consider recounting the empty boxes over and over again, instead we concluded that ONLY the number of boxes untampered with, that actually contained appliances, should be counted and ultimately be certified.

In God we trust, all others are subject to audit.

Dean Ingram


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