When medieval Europe moved to a monetary economy in the 13th century, sedentary merchants depended on bookkeeping to oversee multiple simultaneous transactions financed by bank loans.

Board members on audit committees, he said, should be the backstop for overseeing financial transactions.

The report sharply criticizes board members for not being aggressive enough in overseeing controversial transactions, even when they were aware of potential conflicts of interest.

The Land Act of 2007 establishes the National Land Commission as the government agency overseeing land ownership and transactions.

The letter also shows that the Army Corps of Engineers, the federal agency that oversees such transactions, supported Halliburton's decision to use the expensive subcontractor-which may explain why it has been reluctant to criticize the deal.

By the time he left Credit Suisse, which had acquired Donaldson, Lufkin in 2000, he had overseen transactions of more than $100 billion.

Officials said the trust opposed the settlement because it offers no compensation for the oversees transactions.

Mithra was later adopted by the Romans, who designated him to oversee all legal affairs and transactions.

That step was approved by California Federal Bank, but Federal regulators, who were supposed to oversee such transactions, did not learn about it until after it had taken place, Mr. Fulton said.