• Archive for the ‘Pure Content’ Category

    18-Year Old Anthony Canalungo Questions Herbalife, And PwC, On Exchange Rates

    By • Sep 23rd, 2014

    Anthony Canalungo wrote a really interesting article about Herbalife’s financials in Venezuela. Three different MLM companies from the peer group in addition to Herbalife operating in Venezuela and all except for Herbalife are using SICAD 2. What else do these four firms have in common? Auditor PwC.

    More On My Reuters Breakingviews Column: The Andersen Tax Name Grab

    By • Sep 8th, 2014

    The news that a tax consulting firm made up of ex-Andersen partners would take the Andersen name garnered much media attention, as you might expect. It says something—but maybe not what the firm’s partners think— that so many years after the destruction of Arthur Andersen by criminal indictment—thirteen years—so many people care.

    Auditor Independence: Another Case of Misplaced Loyalty

    By • Sep 2nd, 2014

    Ryan Adams testified on behalf of PwC in an important court case. How can PwC be independent of Adam’s employer Marin Software, and Adams, the Financial Reporting Director at this newly public PwC-audited client company, if he’s testifying on PwC’s behalf in litigation that could impact PwC’s business model in California and, perhaps, nationally?

    You’ll Never Eat Lunch… A Review of “This Town” By Mark Leibovich

    By • Aug 24th, 2014

    Mark Leibovich’s “This Town” is billed in the flap copy of the dust jacket as “a blistering, stunning —and often hysterically funny— examination of our ruling class’s incestuous ‘media industrial complex.’” Does anyone still eat lunch with him? In the new 24-7 news cycle, the half-life of any criticism of DC culture is about three days.

    PwC Put Guy Who Whitewashed For Bank In Partner Spot

    By • Aug 19th, 2014

    The NYDFS PwC investigation discovered several emails that Benjamin Lawsky, the Superintendent of Financial Services for New York, characterized Monday as examples of a consultant going along with a “whitewash”.

    Auditors and the Financial Crisis: Part of the Solution or Part of the Problem?

    By • Jul 13th, 2014

    This is the text of my speech for the Society for the Advancement of Socio-Economics Conference last Friday. The theme of this year conference was “The Institutional Foundation of Capitalism”. Our special session was entitled ‘The New Financial Architecture after Financial Crisis’.

    University of Chicago Booth Capital Ideas Magazine: Two New Articles

    By • Jun 22nd, 2014

    I have two articles in the University of Chicago Booth Capital Ideas Magazine Summer 2014 issue. One is about bank monitoring of private company financials and the other is about bank stress test disclosure. Their cover story, “Think you’re not a racist?” is also worth a close read.

    Three Book Reviews: Naked Bankers, Mute Watchdogs, And Youthful Luchre

    By • May 12th, 2014

    Just in time for summer vacations, I’d like to offer for your consideration three books I’ve recently read.

    Fannie Mae And Freddie Mac Are Back: More “Adjustments”, More Calls For Reform

    By • May 12th, 2014

    “If accounting errors were felonies in California, Fannie Mae would already be serving life under Three Strikes.” That’s what GoingConcern.com said. See what I told TheStreet.com about Fannie Mae’s latest multi-billion dollar “adjustments”.

    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.