Author Archive

“Tax Avoidance On An Industrial Scale” Says British MP About PwC’s Luxembourg Work For AIG And Others

By • Dec 10th, 2014

British MP Margaret Hodge grilled Kevin Nicholson, of PwC’s UK tax practice, in a Parliament Public Accounts Committee hearing on Monday. You know you’re on your “back foot” when the first thing out of your mouth has to be a denial that you lied under oath. More details about PwC’s tax avoidance scheme for audit client and US government owned AIG.



Deadline December 15: Support This University of Notre Dame Accounting Grad Salary Survey!

By • Dec 10th, 2014

The University of Notre Dame is conducting a large-scale study to explore accounting graduates’ first full-time employment positions and starting salaries following a degree in accounting. It doesn’t matter how long ago you graduated. All are welcome. Will you help?



Speaking Engagements/Conferences

By • Dec 2nd, 2014

Getting ready for back-to-back Illinois CPA Society conference presentations this week in Springfield and Rosemont on auditor litigation.



Piling Up For PwC

By • Nov 18th, 2014

Update: The PCAOB is investigating PwC for its tax avoidance advice to Caterpillar, the Wall Street Journal is reporting. One down, more than 100+ PwC audit clients advised via Luxembourg to go…



Luxembourg Tax Leaks Put PwC On The Defensive

By • Nov 13th, 2014

My latest column at Medium.com responds to PwC’s #LuxLeaks defenses: Illegal docs, legal advice. I also raise the obvious auditor independence issues which no one else is reporting.



New At Forbes Online: The Precarious Financial Position Of The New York Times

By • Nov 11th, 2014

Update: This column was linked to by the NYT Public Editor! I published some New York Times numbers over at Forbes.com, “Time Is Running Short For The New York Times”, in anticipation of the company’s 3Q earnings announcement on October 30.



Update: The Shoemaker’s Children… The Big Four And Their Own Broker-Dealers

By • Oct 27th, 2014

Did you know that each of the Big Four audit firms and some of the next tier also run SEC-registered broker-dealers? You’ll never guess who audits them.



McKenna At Medium: Two New Columns For the Bull Market Collection

By • Oct 18th, 2014

I’m part of a group effort at Medium.com called “Bull Market”. The first two columns are about taxes—the inversionist avoidance kind and one corporation’s horrible allergy to them.



Reminiscing About The First Too Big To Fail Bank – Continental Bank

By • May 10th, 2014

There’s a conference planned for next week, May 15, at Gleacher Center in Chicago, “30 Years After the Failure of Continental Illinois Bank: Have We Solved Too Big to Fail?” I wrote about my experience at CINB, my first job, for American Banker back in 2011.



An e-Book: Warren Buffett and Berkshire Hathaway: Corporate Governance and The Sokol Affair

By • May 10th, 2014

This compilation covers the period from April 4 – when the David Sokol scandal hit – to May 3, 2011 when I attended the Berkshire Hathaway Annual Meeting in Omaha, Nebraska.