KPMG’s Gonna Get Slimed, I Mean Sub-Primed Again…

By • Aug 9th, 2007 • Category: Pure Content

Who ya gonna call?????

[In a TV commercial]
Dr Ray Stantz: Are you troubled by strange noises (of Number #2 pencil sharpeners) in the middle of the night?

Dr. Egon Spengler: Do you experience feelings of dread (of a going concern qualification) in your basement or attic?

Dr. Peter Venkman: Have you or your family (or your CFO) ever seen a spook, spectre or ghost (or a phantom journal entry)?

Dr Ray Stantz: If the answer is “yes,” then don’t wait another minute. Pick up the phone and call the professionals (Who ya gonna call?)…

Dr Ray Stantz, Dr. Egon Spengler, Dr. Peter Venkman: Ghostbusters.

Dr Ray Stantz: Our courteous and efficient staff is on call 24 hours a day (but only during year end) to serve all your supernatural (over accrual and unreconciled item) elimination needs.

Dr Ray Stantz, Dr. Egon Spengler, Dr. Peter Venkman: We’re ready to believe you (and sign your audit report, if necessary..).

Unfortunately KPMG has more exposure to this financial ectoplasm than just its morass at New Century

“Countrywide, the nation’s biggest mortgage lender in terms of loan volume, said it faces “unprecedented disruptions” in debt and mortgage-finance markets that could hurt earnings and the company’s financial condition. In its quarterly filing with the SEC, the bank said “the situation is rapidly evolving and the impact on the company is unknown.”

KPMG is their auditor and gave them a squeaky clean opinion in 2006.

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2 Responses »

  1. […] I started writing about the subprime crisis in early 2007.  Countrywide was already spinning out of control. […]

  2. […] loans,” the New York Democrat said in a letter to the heads of Deloitte and Touche USA, KPMG, Ernst & Young and […]

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