Ernst & Young’s Leftover Lehman Liability
Ernst & Young gets a little bit of good news about Lehman liabilities but… Is it just me or are the auditor defense lawyers losing their touch?
Posts
Deutsche Bank Fair Value Fakeout Didn’t Prevent Backdoor Fed Bailout
/2 Comments/in Food for Thought, LatestDeutsche Bank may have avoided a bailout by the German government but borrowed billions from the US Federal Reserve and various programs during this period. So much for avoiding a bailout by pretending there was no risk of catastrophic losses during the financial crisis.
My Big Fat Overrated CEO: McKenna On Dimon On The Keiser Report
/6 Comments/in Food for Thought, LatestI taped an episode of the Keiser Report last week while in New York. The focus was Jamie Dimon with a bit of MF Global thrown in for heat. Max Keiser, the host, asked me this question: Why does Jamie Dimon of JP Morgan Chase still have a job?
Former FDIC Chairman Sheila Bair On Foreclosure Lookback Reviews
/1 Comment/in Food for Thought, Pure ContentChapter 21 of Sheila Bair’s book, “Bull By The Horns,” is a blow-by-blow account of the wrangling and dealmaking that resulted in two settlements that satisfy neither consumer advocates nor the borrowers that were harmed by abusive mortgage servicer activities.
The Bailout of AIG: Mission Accomplished?
/1 Comment/in Latest, Pure Content, You Can Quote Me On ThatDid the government make a profit on its sale of AIG shares last week? Is that even the right question to ask? The former Special Inspector General of TARP Neil Barofsky and I think it’s not.
Jeff Connaughton’s “The Payoff: Why Wall Street Always Wins” – A Book Review
/1 Comment/in Regulators, Laws, Standards, Regulations, Writing for OthersJeff Connaughton’s new book, “The Payoff: Why Wall Street Always Wins”, is a must read during the Presidential election season.
Book Review: Neil Barofsky’s “Bailout”
/4 Comments/in You Can Quote Me On ThatMy Friday, August 10 column at American Banker is a review of Neil Barofsky’s book, “Bailout: An Inside Account of How Washington Abandoned Man Street While Rescuing Wall Street.”
McKenna Appears On “Chicago Tonight” Talking About Business Ethics
/2 Comments/in Pure Content, Where I've BeenI appeared July 17 on Chicago Tonight, a nightly news program produced by WTTW, Channel 11, the public television station in Chicago. The show is hosted by Phil Ponce, a very interesting guy who was really good at wrangling the three cats on this panel. I was joined by John Lothian and Professor Laura Pincus-Hartman of […]
More Sarbanes-Oxley Anniversary Thoughts
/9 Comments/in Food for Thought, Latest, Pure ContentThe day my OpEd in the Financial Times was published, July 30, there were many other stories in other publications marking the occasion of Sarbanes-Oxley’s tenth anniversary. Most of them focused on the lack of prosecutions of CEOs and CFOs for false financial statement certification crimes.
Happy Anniversary Sarbanes-Oxley! An OpEd in the Financial Times
/9 Comments/in You Can Quote Me On ThatI have an opinion piece in the Financial Times today in honor of the tenth anniversary of Sarbanes-Oxley on July 30.
At American Banker: Banks, Auditors, Market Concentration And More Audit Failures
/6 Comments/in Pure Content, The Case Against The AuditorsMy latest column at American Banker was published online on Monday and discussed some of the reasons, I think, why bank auditors are missing or consciously ignoring increased risk and poor to no controls.
Barclays Libor Scandal; More Client Headaches for PwC
/13 Comments/in The Case Against The AuditorsI’ve put a new column up at Forbes this morning, “Barclays Manipulates Libor While Auditor PwC Snoozes.”
The Barclays Libor manipulation scandal is a big deal and we haven’t yet seen the full impact here in the U.S. The Chairman of the bank resigned officially this morning and the interim Chairman is none other than our old friend Sir Mike Rake, former Global Chairman of KPMG.