KPMG Has Had Tough Weeks Before
Michael David Thomas of the Daily Caveat reminds me that the hits just keep on coming for KPMG this week. Their decade old issues with Xerox bit them in the ass again.
That’s the problem, if there is one, with the securities litigation approach to bringing justice and exposure regarding the roles played by the firms in these accounting frauds.
It just takes too damn long…
But KPMG has a full plate and many other issues that are in their hearts and on their minds. But they are not alone amongst the Big 4 and the next tier firms in needing a lot of time at those meetings when they discuss “partner matters,” the term the firms use to describe litigation exposure and the current forecast magic number for cash needed to pay out settlements.
Go here for Jim Peterson’s thoughtful, reflective look at the bigger question:
Speaking of Michael David Thomas, we had lunch, live, with real food, not virtual snacks at the marvelous BLT Steak this week while I was in DC for the Capital Markets Summit. We could have stayed all afternoon and swapped stories, tips about Blogger, and chatted about his current business activities. Although he’s a young man with a new baby, MDT is an old soul and a veteran of the investigative world. I will always defer to him when I find a story that involves more spooks than accountants.
the four horsemen of the apocolypse have arrived…
Which case involves more spooks than accountants? The Nokia Siemens case or the BDO/Bankest case?
You might be right on both counts.