Looking for some interesting beach reading? Download one of my e-books to your Kindle or other e-reader. They’re an easy and affordable way to sample some of my writing, organized by theme across all the places they’ve been published, on topics we’re still talking about. Like a book of short stories except some of these truths are stranger than fiction.
Archive for the ‘Fraud’ Category
If the JP Morgan “Whale” settlement was a true Sarbanes-Oxley success story, we’d see some bank executives going to jail. For a change.
Pete Brush at Law.com did a story last week about a story about in pari delicto, the adverse interest exception, and holding third-parties like auditors liable for fraud in bankruptcy cases. I was quoted.
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.
This post about Ernst & Young’s aggressive tax advice to audit client Wal-Mart was originally posted October 29, 2007. It’s worth everyone – I’m talking to you SEC and PCAOB – taking another look at this given Wal-Mart’s new Mexican bribery problems and the SEC investigation of Ernst & Young for tax lobbying to audit clients. (Ernst & Young has been silent and left out of most media discussion about Wal-Mart’s FCPA problems in Mexico and elsewhere.)
The SEC is busy chasing Ponzi schemers and foreign bribers. But bogus accounting remains a bigger danger to the markets. (More links.)
Something is still missing today, the one year anniversary of the bankruptcy of MF Global.
What’s still missing from this sordid affair is an accounting of the whereabouts of the financial auditor, PricewaterhouseCoopers.
When you think about the big Las Vegas casinos, you should be thinking about Macau instead. The casino industry is a good example of the U.S. based multinationals that would suffer from any bold moves by regulators against the Chinese member firms of the Big Four audit networks.