I’ve written about the rating agencies and their conflicts and complicity in the credit crisis. There is also an unholy alliance between the rating agencies, their auditors and the companies bonds they rate and the auditors of these companies. The Big 4 are all over all of it. And yet, no regulator or congressman or […]
Interesting article today in a publication I receive on line called Hedgeworld (Registration required, with special benefits for membership). Short sellers are certainly on the mind of the business executive on the other side of their acumen. (My bias is showing, I know.) And the SEC has parachuted in to help their beloved business executives […]
J. Robert Brown over at Race To The Bottom is always good for thought-provoking insightful posts. That is if you like that sort of thing rather than short, tongue-in-cheek, throwaways. Which I do. So I have to have a “Black Eye” not a “Red Eye” before I sit down to see if he’s written anything new […]
Picture Source My Twitter communiques (follow me!) reported my pleasure at the invitation to a private dinner Monday night with a delegation from the European Parliament. I accepted it immediately, when it arrived, not knowing how or why it had. But a luxe dinner with smart people, especially foreign visitors, is always my cup of […]
Image Source I have written several times in the past about the unholy alliance between Ken Langone, Richard Grasso, GE, Lew Ranieri, Computer Associates, et al. These are some of the original and sponsoring members of the Unconscionable Pay Club. Seems like litigation continues over Grasso’s pay package, but Ken Langone enjoyed a bit of […]
Picture Source Update GE’s Annual Meeting is this Wednesday. Looks like Immelt will have some explaining to do… But take a look at this report fresh from the Associated Press. Can you believe accounting professors are talking about earnings manipulation by GE as if it were expected and par for the course? Makes you wonder […]
Picture Source You already know what I think about both Say on Pay and Senator Obama. Now they have joined together in a wonderful way. It shouldn’t be surprising that Lloyd Blankfein is against it. Goldman Sachs chief executive Lloyd Blankfein made it clear he opposes the practice. Speaking at the investment bank’s annual meeting, […]
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 […]
For your commenting pleasure, a variety pack of ponder-ables… Which multi billion dollar global government contractor was one of the few, if only, public companies of its size to be cited for a material weakness due to an ineffective internal audit function? This is not the typical “completely missing” internal audit function but one that existed […]
In Japan, it’s not unprecedented for the auditors to make everyone feel comfortable and sometimes be in on the deal… Lehman hit by fraud involving Marubeni employeesU.S. investment bank Lehman Brothers was defrauded of some $353.1 million after it was caught in a scam in Japan, a source familiar with the situation told Reuters on […]
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 […]
