Picture Source First, it was KPMG and New Century. Now it’s the Bear Stearns hedge funds. Who wants to bet which Big 4 firm is next? Looks like Jake Zamansky is going to stay very , very busy… Bear Stearns, Deloitte sued over hedge fund losses The liquidators of two Bear Stearns Cos mortgage hedge […]
Photo Source There’s an ongoing dialogue related to my Big 4 Blind Items post. Specifically, someone added a comment regarding outsourcing/off shoring work by the Big 4 to India and other lower wage countries. My comment, regarding my experiences while a Managing Director for KPMG Consulting/Bearing Point in Latin America, is there, too. However, that […]
Picture Source As many of you, I hope, have deduced by now, my April 1 post on the naming of the new US regulatory agency was an April Fool’s Day post. The idea came to me in a dream… So you can imagine my exciting life if I’m dreaming about parodies for my blog. […]
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 […]
Lots of updates on this and other Big 4 overtime suits in the comments. Take a look. Or go here for more. Go here for Dennis Howlett’s take on the settlement. And that’s in Canadian dollars, real money these days! Chicken livers… What does this mean for all the rest of them? Thanks for subscribing […]
And this dispatch from an Australian blogger , who makes the connection between KPMG/New Century and KPMG and some recent failures amongst their clients down under…. …According to the report, one of the reasons for KPMG’s apparent gross failure to adequately undertake its responsibilities was due to it being intimidated by the forceful nature of […]
Picture Source Undoubtedly, no one checked the quotes first. John Griffith-Jones is one slick dude. But even he must know that it’s best not to rub it in his clients’ faces. Mr. Griffith-Jones believes that his clients are so, so afraid of another auditor collapse, they are willing to give away their right to […]
Two interesting cases shed light on the potential for complicity by the Big 4 when developing countries pull the wool over the eyes of organizations like the IMF and World Bank. And they beg the question… Did the respective international firm know what their far flung “affiliates” in the “global network” were doing? PwC ‘missed’ […]
Picture Source 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 […]
Picture SourceThere were some very thoughtful comments to my post on Friday regarding the firms and their “global networks.” A couple of questions for my commenters: @Final Four Guy – I actually agree with your comments on this complex topic. But am curious where you think my comments are off base. As far as the […]
As we’ve seen from the comments on my PwC layoff post and other mail I’ve received, PwC is not the only one to be reducing staff via “counseling out” , “forced ranking” , “the Italian greyhounds ate the workpapers…”, or whatever other excuse they give. Both Deloitte and KPMG have also seen cuts, per my […]
New chief of BDO challenges Big 4 BDO International could be a “credible challenger” to the Big 4 accounting firms, according to its new head. Jeremy Newman, newly appointed chief executive of the company, told the Financial Times that he sees a large opportunity in the market but that becoming a fifth tier to the […]
