Oh! How The Mighty Have Fallen – Update On Auditors And Their Banking Clients

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Back in November, I wrote about the imperial bankers and the impending doom and gloom that permeated the market.

I warned that the CEOs and their Big 4 buddies should be nervous, too.   The Big 4 are now inextricably tied to their clients’ fortunes. Lawsuits are flying fast and furious as soon as any particular situation appears to be deteriorating.

Let’s review the scorecard:

Merrill and Bear Stearns share Deloitte as an auditor, who also had American Home.

Merrill (Deloitte) and Citibank (KPMG) have already seen suits filed.
And now:
Northern Rock (PwC) has been nationalized.
Countrywide (KPMG) seems to think “The Little Engine That Could” is a strategy role model. And Bank of America (PwC) has bought the farm on that one.
Where have I heard that before?
Rogue traders figure into SocGen (Deloitte) and MF Global’s (PwC) issues, according to them.
And The Sheriff of Wall Street is no longer on the job.
I don’t know about you, but I’m glad I rent.
And that I don’t work for a Big 4 firm or a bank anymore.
And I’m stocking up on canned goods.
My portfolio is in Motorola and Microsoft.
I like stocks that begin with “M.”
But, I’m still buying Manolos and getting manicures.
A girl has to have some luxuries.
2 replies
  1. Independent Accountant
    Independent Accountant says:

    Stocking up on canned goods? You should look at Petropest Launchpad. Buzz Saw’s been at it for a long time.

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