So why do their auditors still get to dress up everyday and act like Cinderella?
In my earlier post, A World Without The Big 4 – It’s Closer Than You Think, I said,
…”But what profit? If their internal systems and processes are broken, how can you trust any numbers they produce? Isn’t the experience of any of these banks and their multi billion dollar writedowns enough to tell you that it’s all smoke and mirrors and investors are just playing a game of musical chairs. When the music stops, one of you will be holding the worthless paper.”
Today’s FT column by John Gapper, Wall Street’s bruising musical chairs, Gapper quotes Chuck Prince, Citicorp’s deposed CEO as saying,”“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing,” July 10.
I have the shivers.