When audit firms don’t live up to their public duty, everyone gets hurt. The harm at Theranos was more than financial. When auditors don’t look out for the public, everyone gets hurt. The injuries can be more than financial. The SEC’s chief enforcer Gurbir Grewal has been asking auditors to step up in almost […]
Litigation against some major exchanges alleges they allowed HFT firms to trade faster and ahead of ordinary investors. Don’t we deserve to know all the details? Essential to the rule of law is the public performance of the judicial function. The public resolution of court cases and controversies affords accountability, fosters public confidence, and provides […]
Gurbir Grewal says trust in the markets has deteriorated because regulators are not holding scofflaws, including auditors, accountable. I know it seems. Pretty basic, but it raises that question. That I was asking in my opening remarks, Where are the gatekeepers? What should the gatekeepers be doing here? What advice? You know, this is my […]
You couldn’t pick two worse guys to take Circle — a firm that has to protect customer assets — public I’ve got a twofer tip for the SEC’s Gary Gensler and his Director of Enforcement Gubir Grewal, one that if followed-up on may throttle a SPAC deal in the stablecoin space. SEC Chairman Gary Gensler […]
RSM US LLP has given Botta a second chance as a Senior Director in its National Office There’s some great news today via LinkedIn: RSM is showing the rest of the accounting industry what it means to stand up for those who speak up. On Nov. 15 Tom Fox at the FCPA Compliance Report, visited […]
There don’t seem to be any Forbes family members involved anymore, but Forbes Media is poised to go public by tapping prolific Chinese dealmakers for capital Forbes Global Media Holdings Inc., the holding company for Forbes magazine and its related media endeavors, is going public. But, despite plenty of nods to the family’s brand name, […]
PwC will be fine, though, because the firm is a pro at navigating rough seas between battling clients Neutrality is at times a graver sin than belligerence.― Louis D. Brandeis JPMorgan Chase filed a federal lawsuit for breach of contract against its client Tesla on November 15, seeking to recover over $162 million dollars JPM says […]
A limited number of investors and users are reaping all the rewards. Makes you wonder if this latest spin on “financial innovation” introduces more risk without changing much. Meet the new boss, same as the old boss… One of the most popular buzzwords trending in the financial press is DeFi. DeFi is defined as providing financial […]
There’s a lot to do to restore credibility to a regulator badly damaged internally and externally by the most egregious scandal ever to hit the accounting industry. On November 8 the SEC announced the appointments of four new board members for the PCAOB and the decision to allow the one remaining board member from the […]
As usual, we don’t need new laws and rules but, instead, for the SEC to more strongly enforce the existing ones. The good and the wise lead quiet lives. Euripides Today we’ll wrap up with Part 3 about how we salvage something for the future. Part 2 discussed what we can learn from the past. […]
It’s ten years today, but a story like this one sticks with you. Maybe because the mystery of the missing customer millions was never really solved? Chicago. Halloween morning, 2011. It was a bit chilly as the sun came up at 7:21 a.m. Traders in the futures and options pits at the Chicago Board of […]
So many lost clawback opportunities… Was it by default or design? There is a tide in the affairs of men, Which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat. And we must […]
