http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/ The Business of the Big 4 Audit Firms Wed, 08 Feb 2012 21:24:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-157573 re: The Auditors » Blog Archive » At Deloitte, More Pain Before Any Quality Gain Wed, 28 Dec 2011 04:30:51 +0000 http://retheauditors.com/?p=1466#comment-157573 [...] mortgage securitizations and repurchase risk being told, “We’re done here” when he warned at New Century Financial that the client’s models had obsolete assumptions. That ugly episode only came to light because [...] [...] mortgage securitizations and repurchase risk being told, “We’re done here” when he warned at New Century Financial that the client’s models had obsolete assumptions. That ugly episode only came to light because [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-155045 PwC Hedges Bet Between Bank of America And Federal Home Loan Banks - Francine McKenna - Accounting Watchdog - Forbes Thu, 28 Jul 2011 02:13:04 +0000 http://retheauditors.com/?p=1466#comment-155045 [...] New Century Financial didn’t reserve adequately for repurchase risk. KPMG, their auditor, settled claims they allowed executives to fudge the models used to make the estimates. A “sudden” liquidity crisis ensued when all their warehouse lines were called at once. [...] [...] New Century Financial didn’t reserve adequately for repurchase risk. KPMG, their auditor, settled claims they allowed executives to fudge the models used to make the estimates. A “sudden” liquidity crisis ensued when all their warehouse lines were called at once. [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-154151 re: The Auditors » Blog Archive » @Going Concern “All Points Bulletin: Auditor Litigation Spans The Globe” Wed, 09 Mar 2011 22:35:39 +0000 http://retheauditors.com/?p=1466#comment-154151 [...] firms are preoccupied with significant legal issues in the US. KPMG has an upcoming trial for the New Century collapse. PwC is still being sued by angry AIG shareholders. Deloitte has plenty to do defending [...] [...] firms are preoccupied with significant legal issues in the US. KPMG has an upcoming trial for the New Century collapse. PwC is still being sued by angry AIG shareholders. Deloitte has plenty to do defending [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-139502 re: The Auditors » Blog Archive » Can I Have Your Autograph: Signing The Audit Report Fri, 19 Nov 2010 14:53:32 +0000 http://retheauditors.com/?p=1466#comment-139502 [...] email address, contact phone numbers and CVs of all audit partners in charge of accounts where your clients, the shareholders, are suing you. Even better, publish assignments for all clients. That would certainly spice up the [...] [...] email address, contact phone numbers and CVs of all audit partners in charge of accounts where your clients, the shareholders, are suing you. Even better, publish assignments for all clients. That would certainly spice up the [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-137547 re: The Auditors » Blog Archive » Big 4 CEOs Get Their Close-Ups At Davos Mon, 08 Nov 2010 04:03:57 +0000 http://retheauditors.com/?p=1466#comment-137547 [...] for clients with highest confidence and trust…” Was he trying to affect the jury pool for the KPMG/New Century trial? Save some of that for your panel, [...] [...] for clients with highest confidence and trust…” Was he trying to affect the jury pool for the KPMG/New Century trial? Save some of that for your panel, [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-135713 re: The Auditors » Blog Archive » New York Court of Appeals Stands By Corporate Man: In Pari Delicto Prevails Wed, 27 Oct 2010 20:14:57 +0000 http://retheauditors.com/?p=1466#comment-135713 [...] of this year: “The deepening insolvency arguments have been shot down by no less than Judge Posner whose pernicious pragmatism forces him to engage in the self-delusion that helping companies remain [...] [...] of this year: “The deepening insolvency arguments have been shot down by no less than Judge Posner whose pernicious pragmatism forces him to engage in the self-delusion that helping companies remain [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-131728 re: The Auditors » Blog Archive » Auditors Aren’t Forcing Full Repurchase Risk Exposure Disclosure Tue, 28 Sep 2010 04:46:42 +0000 http://retheauditors.com/?p=1466#comment-131728 [...] In March 2007 I warned you for the first time about repurchase risk. We were talking about New Century Financial. [...] [...] In March 2007 I warned you for the first time about repurchase risk. We were talking about New Century Financial. [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-122120 re: The Auditors » Blog Archive » McKenna Quoted in Business Week Wed, 21 Jul 2010 12:34:16 +0000 http://retheauditors.com/?p=1466#comment-122120 [...] Barrett does a great job of putting the Lehman Report in the context of other bankruptcy examiner reports that have added significant actionable knowledge to high profile fraud cases such as Refco and New Century. [...] [...] Barrett does a great job of putting the Lehman Report in the context of other bankruptcy examiner reports that have added significant actionable knowledge to high profile fraud cases such as Refco and New Century. [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-105210 Francine McKenna: Key Indicator for Repurchase Risk Losses? Audited By KPMG | Best Breaking News Fri, 30 Apr 2010 22:31:34 +0000 http://retheauditors.com/?p=1466#comment-105210 [...] is now being sued for $1 billion for its sins at New Century. Donna Kardos in the [...] [...] is now being sued for $1 billion for its sins at New Century. Donna Kardos in the [...]

]]> http://retheauditors.com/2009/04/02/kpmg-has-a-1-billion-new-century-problem/comment-page-1/#comment-105188 Francine McKenna: Key Indicator for Repurchase Risk Losses? Audited By KPMG | Top Blogs News Fri, 30 Apr 2010 21:22:10 +0000 http://retheauditors.com/?p=1466#comment-105188 [...] is now being sued for $1 billion for its sins at New Century. Donna Kardos in the [...] [...] is now being sued for $1 billion for its sins at New Century. Donna Kardos in the [...]

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