I don's see them going under. They survived the florida screw up they can survive this. I hope the employees would wait filing a class action until my relatives sell their stock. This could be 2 fronts, employee class action and securities litigation. Employee class action would pay out more, but securities litigation would cost more in legal fees. NYS does not like when employees don't get paid for time worked or not taking breaks. They are very strict on that. My concern the new CFO is cut from the same mold. They need fresh blood to go in there and take a look under the covers.
The accounting firm should be concerned also. That the problem with using a small accounting firm out of NJ?
Corp office in Albany, accounting firm in NJ. HMMMM!\
Nice move on selling. you knew what goes on there and had the edge. Most investors don't. I certainly don't hope they knew of the deficiencies and did nothing. That is really bad. Maybe the dividend gets cut.
One newspaper called it a federal investigation! Sounds more serious than it probably was.
This happened under cush's watch, he is paid very well and its his responsibility to maintain governmental controls. I wonder who is doing the finger pointing at management. But they tried to sugar coat it and that sends up the warning signs. They knew, they should have taken action, I guess they have to change their name to Untrust co. Old ladies have money in this stock for the dividend. Is the increase in compliance costs an annual thing 2.5 to 5 million or is it a one time cost, how bad will it impact future earnings. Has there been a run on the bank like in Greece. What a way to go out Cush (embarrassed). Did the board of directors know? Did they pay the Directors and officers liability insurance? Has any one sued. This could be rewarding for the attorney who post investigations of various companies when unfavorable news comes out. This could be slam dunk for some attorney. Stock tanks on bad news, they knew and did nothing, people got hosed.
Where were the auditors, did they point this out to the board of directors in the management letter.
They may have liability if this was not pointed out.
It would be wise for the new CFO to flush this thing out now before he gets blamed later on.
This happened to me, I discovered problems, I flushed the other guy, its just business.
You'll look good with the board, nice bonus and raise, board will now trust you. In a couple of months it will be Cush who?. They should be concerned and want this thing fixed. This has created a can of worms.
lets hope there are no other problems that may pop up. this happened under Cush's watch.
To the new CFO Clean up all the issues before Cush leaves. You don't want to be blamed.
Reminds me of the old story: One guy leaves and give the new guy 2 envelopes, when something goes wrong open the first envelope. Something went wrong so the guy opens the first envelope "blame the other guy". Next thing went wrong he opens the second envelope in side it says "make 2 more envelopes".
Wall street does not like surprises. I might buy when the yield reaches 5%. This is a falling knife now.
Cush, your sugar coating the review, your supposed to be staying on top of this. This is your responsibility, Are you saying lack of control? Surprised it was discussed during a conference call and not in a filing earlier. Didn't want it to get out? Wow! Sneaky.
Remember debits to the window, credits to the door dude! Back to night school dude!
I will stay with NYCB better dividend yield.