Archive for the ‘The Firms’ Category

Rogue Traders, Rogue Firms: The CME, PwC, MF Global and the Legacy of Refco

By • Nov 14th, 2011

Let’s not forget PricewaterhouseCoopers, MF Global’s auditors.

When it comes to hands-on access to private information, the auditor has more than any other regulator mentioned. And they are supposed to be experts in that client’s business and in the accounting and auditing standards for that industry. PwC also audits JP Morgan, Bank of America Merrill Lynch, and Goldman Sachs. They are all large players in the futures brokerage industry.



MF Global: Where Is The Missing Money?

By • Nov 10th, 2011

Almost everyone wondering where the missing MF Global customer assets have gone thinks they will show up eventually. I believe the assets are long gone.



KPMG May Answer For GE Tax Work

By • Sep 21st, 2011

Going Concern reported yesterday that KPMG professionals have been ordered to preserve all correspondence and documentation related to the tax “loaned staff” assignment it has with long-time client GE. That means someone – the SEC or PCAOB – is investigating.



New at Forbes: My Comments On The Latest Sanctions Against Ernst & Young

By • Aug 3rd, 2011

As if Ernst & Young didn’t have enough to worry about now they’ve got a public airing of some dirty laundry by the PCAOB.



Making Mortgage Fraudsters Pay…But Via Private Lawsuits (And Some Attorneys General) Not Law Enforcement

By • Jul 5th, 2011

Thank goodness for the plaintiffs’ bar and class action lawsuits. And state attorneys general. Without them, there’d be very little justice yet – or compensation – for any of the mortgage-related fraud perpetrated during the real estate bubble.



PricewaterhouseCoopers Headed For A Trial In California Overtime Case

By • Jun 17th, 2011

There’s one thing about litigation that everyone agrees on. Anything can, and sometimes does, happen.



The Perils Of Pre-Inspection File Polishing

By • Dec 6th, 2010

Ever wondered what it would be like to see your name in print? Most auditors do not aspire to seeing their name in the papers. It’s a career-limiting move to be cited in a bankruptcy examiner’s report or a disciplinary order issued by the PCAOB.



Repurchase Risk (Put-Back) Getting Full Court Press At CNBC

By • Nov 10th, 2010

John Carney at CNBC NetNet is talking a lot about repurchase risk. He’s tied it all together in a bow for us, mentions Citigroup and Bank of America, and has given me credit for having been on KPMG’s case for a while.



Will Ernst & Young Ever Be Held Accountable for the Lehman Failure?

By • Oct 31st, 2010

I’d be exaggerating if I told you the Lehman bankruptcy examiner’s report, and its scathing indictment of Ernst & Young’s role in the biggest failure on Wall Street, answered my prayers. On the contrary. The more successful a fraud case is against Lehman’s executives, the less likely EY or any of its partners will suffer any consequences for their role in the Lehman fraud.



Treasury Votes To Reappoint KPMG As Auditor of Citigroup

By • Oct 31st, 2010

The US Treasury recently affirmed reappointment of KPMG as Citi’s auditor for the 41st consecutive year. Maybe Treasury married KPMG all over again because they’re cheap compared to what Goldman and AIG are paying PwC. Or maybe Treasury feels like the mother who puts up with a gold digging daughter-in-law because said daughter-in-law saw mom kissing the tennis pro and mom knows her son has slept with the baby-sitter…