Comments on: A Prisoner’s Dilemma: AIG and Goldman Sachs Game Each Other And PwC

By: re: The Auditors » Blog Archive » Good News. Bad News. AIG’s Cassano Snitches On PwC

Wed, 09 Mar 2011 18:31:41 +0000

[...] consistent with what I read in AIG Audit Committee Meeting minutes from January 15th, 2008. Attending the meeting from [...]

By: In Financial Crisis Autopsy Auditors Nowhere To Be Found - Francine McKenna - Accounting Watchdog - Forbes

Fri, 11 Feb 2011 19:39:50 +0000

[...] is included in the discussions of AIG’s problems and the AIG and Goldman Sachs collateral dispute but these stories have already appeared in detail elsewhere. The report describes PwC’s final [...]

By: re: The Auditors » Blog Archive » What A Tangled Web We Weave: AIG’s Cassano Says He Told PwC Everything

Tue, 01 Feb 2011 21:31:38 +0000

[...] should finally turn their attention towards the audit firm. Maybe they can take a look at how they played their two clients, AIG and Goldman Sachs, against each other regarding the valuation of the same set of [...]

By: Save the Apologies, Please « Sara McIntosh

Save the Apologies, Please « Sara McIntosh — Fri, 17 Dec 2010 16:21:33 +0000

[...] “Goldman Denies Killing Funds; Investment Bank Says Its Actions Didn’t Push Bear Stearns Vehicles Over Brink,”declared the title of a 12/14/10 Wall Street Journal article by Liz Rappaport. Goldman’s defense on this one is quite ingenious: They didn’t mark down the valuation of the mortgage securities they had issued, even though the market was tanking and other issuers were writing down the values of similar securities they’d issued. (Obviously Goldman is much better at controlling their auditors than most—just ask AIG, or read Francine McKenna’s post about prisoner’s dilemnas.) [...]

By: re: The Auditors » Blog Archive » Big 4 Bombshell: “We Didn’t Fail Banks Because They Were Getting A Bailout”

Mon, 29 Nov 2010 05:39:07 +0000

[...] Andrew Ross Sorkin have any notes about this that didn’t make it to his [...]

By: re: The Auditors » Blog Archive » Deloitte, Delphi, and GM: Duped or Duplicitous?

Sun, 21 Nov 2010 16:28:44 +0000

[...] by the same auditor. I’ve written about that issue with regard to PwC presiding over the long running dispute between their two clients, AIG and Goldman Sachs, over the valuation of credit default swaps. I wrote about it again last week in reference to two [...]

By: re: The Auditors » Blog Archive » PCAOB Waiting For Godot: Reporting On Auditor Performance During The Financial Crisis

Fri, 08 Oct 2010 13:22:05 +0000

[...] and collecting payola while banks are doing as they wish. In some cases the auditors even allow the same assets to be valued differently at two of their clients. The data proves it. See “Accounting for Banks’ Value Gaps,” Michael Rapoport, The Wall [...]

By: re: The Auditors » Blog Archive » Lehman and Goldman: My Two New Videos At The Deal Magazine

Sat, 14 Aug 2010 15:36:20 +0000

[...] (who they also own) to squeeze their workers on their premises. And then there’s the strange saga of their dispute with AIG over CDS insurance while PwC stood by, thumbs in [...]

By: re: The Auditors » Blog Archive » With Cassano Off The Hook, Where Does PwC Hide In The AIG Case?

Tue, 27 Jul 2010 15:42:33 +0000

[...] with regulators, spent almost two decades as an auditor at Coopers before joining AIG in 1984. Steven Bensinger, AIG’s new chief financial officer, also started his career at Coopers & [...]

By: re: The Auditors » Blog Archive » Watch Banks Pull Rabbits Out of Hats, Ably Assisted by Their Auditors

Tue, 20 Jul 2010 12:15:57 +0000

[...] some cases the auditors even allow the same assets to be valued differently at two of their clients. (Is there more of that going on? Hey SEC, inquiring minds want to [...]