MF Global: 99 Problems And PwC Warned About None of ThemBy Francine • Oct 28th, 2011 • Category: Pure Content, You Can Quote Me On That
Update October 31: I’m putting updates over at Forbes.
My latest column is up at American Banker, “Are Cozy Ties Muzzling S&P on MF Global Downgrade?”
You may recall the last time I wrote about MF Global. That story was about the “rogue” trader that cost them $141 million. In the meantime we’ve seen another “rogue” trader scandal and PwC has given MF Global clean opinions on their financial statements and internal controls over financial reporting since the firm went public in mid-2007.
I’m sure PwC thought everything was peachy as recently as this past May when the annual report came out for their year end March 30. Instead we’re seeing another sudden, unexpected, calamitous, black-swan event that no one could have predicted let alone warn investors about.
This video is NSFW. Many will find it offensive. I find it offensive – the dogfighting scene is antithetical to my love for my Rottweiler – but the phrase “99 problems” has entered the popular lexicon as a result of this video. You can’t pick your inspirations…