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Govt Servants should Address Complaints of People in Right Spirit - - Upa Lokayukta K.N. Phaneendra Udupi: The Upa Lokayukta K.N. Phaneendra, who is on a
Background A bank failed to report certain overdue loans, although three regulators — the Securities and Exchange Commission, Federal Reserve, and Office of Thrift Supervision — purportedly required the disclosure. After the failure, the Government charged executives of the bank for securities fraud and making false statements to regulators, alleging the bank falsely reported the loans. On appeal, Defendants argued that the regulators’ reporting requirements were ambiguous as each regulator had described its reporting requirement slightly differently than the other. Holding The Court re...