Archive for the ‘Latest’ Category

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.



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.



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.



PwC, And HP, Sued By Mobile Monitor Technologies LLC For Theft of Trade Secrets

By • Apr 14th, 2014

An ugly lawsuit filed by Mobile Monitor Technologies LLC against PwC and HP could be an excellent example of what Monadnock’s Mark O’Connor referred to in a recent post here: Advisory work that auditors perform can present an untenable conflict in performing their primary role, and public duty to the capital markets, as auditors.



The SEC’s AgFeed Complaint: No Restatement Means No Sarbanes-Oxley Clawback

By • Mar 23rd, 2014

The AgFeed case is the mother lode for an SEC that says it’s ready to rack up some accounting fraud enforcement points and, perhaps, pursue a more aggressive enforcement approach to sparsely utilized Sarbanes-Oxley provisions like Section 304, clawbacks.



Exclusive From Monadnock Research: Big Four Fiscal 2013 Advisory Practice Rankings and Conflict Risk Metrics

By • Mar 18th, 2014

This Monadnock Research Note offers an in-depth analysis of organic growth and strategic M&A in non-audit services for the Big Four audit firms, highlighting the growing risks associated with an increasing proportion of advisory relative to audit services at Big Four firms – and the conflict risk that this unique mix of services presents.



A China Fraud Dissected: Part 3 AgFeed’s Trusted Advisors Protiviti and Latham & Watkins

By • Mar 7th, 2014

Company executives and directors like to believe they can purchase a posse of “trusted advisors”. Instead, they’ve often only bought a gaggle of self-interested auditors, lawyers, and consultants. But to whom does each of those vendors owe loyalty?



A China Fraud Dissected: Part 2 AgFeed’s Auditors

By • Feb 28th, 2014

AgFeed had the benefit of two PCAOB registered and inspected audit firms. There is no indication on either the SEC or PCAOB website of an investigation of either for what happened at AgFeed. Is this one going to end badly, too, like the Gately case?



A China Fraud Dissected: Part 1 Milton Webster, AgFeed Audit Committee Member and Whistleblower

By • Feb 26th, 2014

It is highly unusual for a board member, especially an audit committee member, to be a fraud whistleblower for a public company. Milton Webster, a former AgFeed director, did it but he, unfortunately, won’t be around to see the result of his significant social and professional sacrifice.