Archive for June, 2010

What A Tangled Web We Weave: AIG’s Cassano Says He Told PwC Everything

By Francine • Jun 30th, 2010

Joseph Cassano, the former head of AIG’s Financial Products Group, testified for the Financial Crisis Inquiry Commission. PricewaterhouseCoopers has been playing consigliere to AIG for many, many years and continues to be allowed to act as their “independent” auditor in spite of the fact that they have been sued by AIG’s shareholders and are now turning their own partners against their client in court.

If PwC was informed about Cassano’s activities, then perhaps the SEC, the PCAOB and Department of Justice should finally turn their attention towards the audit firm. PwC has $312 million reasons to go along with the charade of independence.

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Bigger, Stronger, Faster: The PCAOB After The Supreme Court Ruling

By Francine • Jun 26th, 2010

The Supreme Court will hand down their decision on Free Enterprise Fund v. PCAOB before on June 28th. Congressional action may be necessary to reestablish the PCAOB or a comparable regulatory authority within the SEC, if we want to continue independent regulation of the audit firms. I have some recommendations for a new PCOAB law.

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Florida Appeals Court Turns Down Heat, For Now, On BDO Seidman

By Francine • Jun 24th, 2010

I was surprised by the news that the record verdict against BDO Seidman in the Bankest fraud had been reversed. I was stunned not because the verdict had been reversed on appeal but by the reasons why. Everyone involved now has to get ready for a new trial because a judge erred in the setup of the proceedings.

That’s not supposed to happen.

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KPMG Settles With New Century

By Francine • Jun 24th, 2010

June 24, 2010: An exclusive from Steven Thomas, attorney for the New Century Liquidating Trustee:
“The New Century Liquidating Trustee and KPMG LLP have entered into a confidential settlement agreement, pursuant to which the lawsuits and arbitration against KPMG LLP and KPMG International have been resolved.”
Update: July 30, 2010
The court appointed Liquidating Trustee and Plan Administrator [...]

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@Going Concern “Investing On A New Graduate’s Salary: What To Do With What’s Left”

By Francine • Jun 23rd, 2010

First paycheck. After taxes it’s not a big as you’d hoped. $72k is pretty good money but not the mother lode, for sure. If you weren’t living in one of the most expensive cities in the US it would go a lot farther. But at least you’ve got a roommate to share the burden. Working so many hours leaves little time for shopping, boozing or investing…

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Will Auditors Ever Answer To Investors For Aiding And Abetting?

By Francine • Jun 16th, 2010

The House – Senate Wall Street Reform and Consumer Protection Act Conference reconvened on Tuesday, June 15 and Compliance Week says a version of the Specter Bill – to repeal the Supreme Court’s Stoneridge decision – will not be included in whatever comes out of the process. However, a coalition of state regulators, public pension funds, professors, consumers and investors and the attorneys who advise them, are still working to put something back in the bill as an amendment to restore the right of investors to defend themselves and hold white collar criminals accountable.

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Auditors Under Fire. In The UK. That Is All.

By Francine • Jun 7th, 2010

There are so many corks popping in the UK, hitting them in the eyes, audit firm leadership is actually trying to preempt. They’re shaking in their £1000 bespoke leather slip-ons. Well, not really.

Maybe their bottom lips are quivering a bit in quiet indignation.

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Do You Have Something To Tell The PCAOB? I Did.

By Francine • Jun 6th, 2010

We appreciate your interest in the work of the PCAOB.

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Please Check Out Sundayed.com

By Francine • Jun 5th, 2010

I’ve joined with a few friends to produce some completely different kinds of writing at Sundayed.com. I will be contributing once or twice a month as my schedule permits.
Jason Moriber, the Editor, describes it as such:
Sundayed.com is a short menu of provocative weekend reading.  It’s a platform for our contributors to discuss/illustrate/define/opine on topics that [...]

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@Going Concern “Will Hustling The Big 4 On Salary Hurt Your Chances?”

By Francine • Jun 2nd, 2010

My new column is up @Going Concern.
I get calls. I get letters. And now I even get lots of requests to meet. Talking to readers is one of my favorite things to do. It makes my opinions and ideas real.
I also, of course, learn much from you about what’s really going on. I appreciate the [...]

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