What The Auditors Saw – An Update on Société Générale

Prentice: It’s a fascinating theory, sir, and cleverly put together. Does it tie in with known facts?Rance: That need not cause us undue anxiety. Civilizations have been founded and maintained on theories which refused to obey fact.“What The Butler Saw”Joe Orton, 1969 Kerviel’s lawyers question Société Générale accountants PARIS: Jérôme Kerviel, blamed by Société Générale […]

Latest Updates: My Clients Are Failing, My Clients Are Failing

Update: Chicago’s John “Dr. J.” Najarian co-founder of OptionMONSTER on the need for transparency when the assets bought by the US government are eventually sold. On YouTube. Part 2 from Jon Najarian is here.   I have been updating this information throughout the weekend as other banks failed and other deals have been done. A […]

Update – Societe Generale Explains It All For You

Société Générale Smoking Gun Now go after the real people that are responsible for this comedy of errors. SocGen knew of Kerviel trades before loss Société Générale knew Jérôme Kerviel was using fictitious trades several months before it lost €4.9bn ($7.6bn) as a result of the former employee’s positions, according to a court document seen […]

SocGen And PwC – They Still Don’t Know Jack…

As those of you who follow my Twitters know, last Wednesday I had the good fortune to have dinner with our Governor and a few other State of Illinois executives and local entrepreneurs. Most were in the technology arena, as is my client, who I was there to support, cajole, nudge and share a rib […]

SocGen – New Reports Due Today

And I will have a report as soon as they are released. SocGen probe treads fine lineA report into the rogue trading scandal at Société Générale due tomorrow will be critical of the culture and behaviour of France’s second-biggest bank. The report is expected to detail how the bank flouted its own controls, making it […]

Sunday News Roundup

The WSJ does have a story about Jérôme Kerviel’s new job, but still no story about Ernst & Young’s merger move in the rest of the world outside the US. And here I thought I had to post at 11:00 pm on a Sunday night to beat the US business media to the story. I guess […]

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

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 […]

MF Global, SocGen, And "Rogue" Traders – Don’t Fall For The Simple Answers

MF Global Inc., the largest broker of exchange-traded futures and options, set aside $141.5 million to cover losses by an employee who “substantially exceeded” his own account’s trading limits betting on the wheat market. The company’s shares fell 28 percent, the biggest drop since their July debut, after the firm said broker Evan Dooley made […]