• Archive for the ‘The Firms’ Category

    When Is A Hedge Not A Hedge? The Accounting For JP Morgan’s Bet

    By • May 18th, 2012

    Yesterday’s column at American Banker digs into the accounting for JP Morgan’s reported “hedge”. I was shocked – OK, not really – that no main stream media outlet had explained the stunning announcement made by Jamie Dimon last Thursday.



    Update: Mortgage Servicer Foreclosure Review Process

    By • Dec 27th, 2011

    I was the first to report on December 6 the irony of Deloitte having been selected by, of all banks, JP Morgan Chase. The high likelihood of a conflict between the bank and the audit firm, and possibly the individual Deloitte partners assigned to the JP Morgan Chase review, should have been obvious to anyone at the OCC. It turns out I was right.



    At Deloitte, More Pain Before Any Quality Gain

    By • Nov 30th, 2011

    re: The Auditors has seen a confidential, internal Deloitte training document, prepared this past summer, that reveals the firm expects the worst when the inspection reports for their 2009, 2010, and 2011 audits are published by the PCAOB. Is Deloitte truly committed to a sea change in tone as well as technique? I’m not convinced.



    Servicing The Mortgage Industry: An Update

    By • Nov 25th, 2011

    My October 6 column for American Banker was cited by Congresswoman Maxine Waters and others to support the strong management of conflicts of interest by the OCC in the mortgage servicer reviews as well as full disclosure of vendors and their engagement letters with the banks. On November 22, 2011, the Office of the Comptroller of the Currency (OCC) disclosed the names of the consultants, their clients and redacted versions of the engagement letters between the banks and consultants.



    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.