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August 11, 2005

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Fazal Majid

Anybody who thinks large corporations are more likely than small ones to pass compliance has no idea how messy and convoluted the IT systems of large corporations are.

A small, stable credit union that has not changed much in the last 20 years is much more likely to have a grip on its systems than a large bank like BofA which has merged with several other companies in the last 10 years, and has a hodge-podge of poorly-integrated IT (California customers like myself are handled by a completely different system from the rest of the country, for instance).

Since a big rationale for corporate mergers is synergy, i.e. firing people in overlapping departments, in most cases the people who know where the skeletons are buried have left the company already...

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