Robert Ricketts, Texas Tech University and Rawls College of Business accounting department chairman, invited me to speak at his school last April. Here’s a link to the presentation, an excerpt and some additional comments on recent news.
Lofty goals like EY’s Vision 2020 serve a promotional purpose to attract top talent, and create the rationalization for promises of vast internal opportunities to keep top performers engaged. But unintended consequences would likely foreclose any real possibility that the $50 billion aspect of EY’s 2020 strategic plan could be executed as currently conceived.
PwC has an ongoing independence conflict in performing the Ally/ResCap independent foreclosure review. This conflict is disturbing on two fronts.
It’s important for the integrity of the capital markets to assign individual responsibility for audit failures. We need to see the key partners’ names and their career histories because recidivist partners are hiding behind the firms which are very good at dodging general liability.
I’m writing for the University of Chicago Booth School of Business Capital Ideas magazine and blog now, too. The purpose is to highlight faculty research.
David Levitt of the Society of Professional Journalists Region 1 in New Jersey
asked me back in April to answer a few questions for a conference panel I, unfortunately, could not attend live.
Taxpayers are getting killed. I think municipal bondholders are next.
This is the fourth big insider trading case in the least few years against a senior tenured partner that betrayed the public’s trust. In none of the cases did the firm’s “extensive” and “comprehensive” independence compliance programs spot the behavior or the illegal actions. Stay tuned. There will be much more to this story, I guarantee.
I put two new columns up at Forbes recently that talk about JPMorgan, PwC, Senator Levin’s “Whale” hearings, and all the other stuff JPMorgan and Jamie Dimon are really worried about.
I’m in San Diego at the Accounting Program Leaders Group/Federation of Schools of Accountancy annual seminar. I spoke Sunday on the profession and its professionals.