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What’s the difference between Lehman/Hudson Castle – the structured investment vehicle (SIV) mentioned in the New York Times last week – and the SEC fraud charges against Goldman? Aren’t both about disclosure?
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.
I was linked to March 23, 2010 in the Times of London UK on the Lehman story as the source for EY’s response to audit committee members regarding the Lehman bankruptcy examiner report.
Ernst & Young defended its work in a letter sent by several audit partners to the firm’s key clients and vowed to fight [...]
It’s been my great pleasure to get to know Ryan Chittum, the reporter for the Columbia Journalism Review’s (CJR) The Audit, a blog devoted to the critical look at business journalism. Ryan and I have not yet met in person, but The Audit is a daily must read.
I did have the opportunity to meet some [...]
Funny thing happened last night while chatting with the COO of one of the major hedge funds, a group that has been much maligned lately for being shortys. For the umpteenth time in the last month or so it seems, someone assumed that my partner in our firm (actually my brother) was my husband.
“PS. [...]
Interesting article today in a publication I receive on line called Hedgeworld (Registration required, with special benefits for membership).
Short sellers are certainly on the mind of the business executive on the other side of their acumen. (My bias is showing, I know.) And the SEC has parachuted in to help their beloved business executives by [...]
In Japan, it’s not unprecedented for the auditors to make everyone feel comfortable and sometimes be in on the deal…
Lehman hit by fraud involving Marubeni employeesU.S. investment bank Lehman Brothers was defrauded of some $353.1 million after it was caught in a scam in Japan, a source familiar with the situation told Reuters on Saturday, [...]
 Francine McKenna (@retheauditors) has more than twenty-five years of experience in consulting and professional services including tenure at two Big 4 firms, both in the US and abroad. Look for my column, "Accounting Watchdog" at Forbes.com and "Accountable" at American Banker. For more information, click "About" at the bottom of this page. For more information contact Francine McKenna, fmckenna@mckennapartners.com |
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