KPMG And New Century – The Deed Was Done

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 […]

Immorality – The Bank Lawyer Version

I don’t often have an opportunity to link to Kevin Funnell’s Bank Lawyer’s Blog. He mentions Lindsay Lohan way too much for my taste and I don’t want to drag my blog down into the hell of tacky popular culture.  But every once and a while he lets loose with a vitriol spewed just my […]

A Chicago Event, New Links And Comments

Unfortunately, I’ve had to cancel my live visit to Washington DC for the US Chamber’s Capital Markets Summit.  Under the circumstances, I am sure it will be a blast, but Chicago client requirements will keep me here. I will be blogging about it and hope to get some nuggets for you and beat Edith to […]

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 […]

ACAP -The Acronym Tells The Story

Picture Source On March 13, 2008, the U.S. Treasury Advisory Committee on the Auditing Profession (ACAP), co-chaired by former SEC Chairman Arthur Levitt, Jr. and former SEC Chief Accountant Don Nicolaisen, met to discuss the preliminary recommendations of its subcommittees on human capital, [audit] firm structure and finances, and concentration and competition. Edith Orenstein was […]

PwC and Goldman Sachs – Better Check Your Chili

Picture Source You know what they say… Never make the guy who makes your food mad!  (Or the mercenaries with US Army guns!) What else do PwC and Goldman Sachs have in common other than the vendor who provides their cafeteria services? PwC is Goldman Sachs external auditor. For now… Food workers fed up with […]

Bear Stearns – Sometimes Losing A Client Is A Good Thing

I guess the music’s stopped for Bear Stearns. Good to see these highly paid guys, including Jimmy Cayne, working on the weekends, earning their millions. The purchase of Bear Stearns by JP Morgan is a good thing for Deloitte and a pretty big deal for PwC. That’s because Deloitte loses a client, a problem client, […]

The Big 4 And The Ratings Agencies – A Self-Fulfilling Prophecy?

Earlier today, I pointed you to an article by Jake Zamansky on the role of the ratings agencies in the subprime crisis. I would also point you to Jim Peterson’s take on the issue. Jim concludes with some great points, too. Whatever the defensive spin and the persistent denial of the deepening conditions of adversity, […]

Beazer – They’re Falling Like Dominoes

Beazer Update It’s like the blind leading the deaf and dumb… Beazer Exits Mortgage Business February 1, 2008 Beazer Homes USA Inc. is getting out of the mortgage-origination business and has inked a marketing-services deal with Countrywide Financial Corp. that deemed the nation’s biggest mortgage lender the home builder’s preferred loan provider. Beazer, which is […]

Excellence Is Not An Act But A Habit

“Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.” -Aristotle Although I usually agree wholeheartedly with Jonathan Weil, I […]

Computer Associates and KPMG – Always and Forever

Some folks never learn. Or maybe they have learned – how to deflect attention and keep doing what they want to do, in spite of the obvious need for change and new blood. One of the first posts I wrote, almost a year ago, was about the connections between Computer Associates, (or CA as they […]

Charles In Charge – Not!

Senator Charles Schumer has a lot of nerve. He also has a strong belief that the US public is naive and gullible. At best, it’s comical that Senator Schumer is demanding action on the sub prime crisis from the accounting firms. After all, they pay him to protect their interests, not the other way around. […]