Posts

Nothing SOx-y About SEC’s JP Morgan “Whale” Settlement

If the JP Morgan “Whale” settlement was a true Sarbanes-Oxley success story, we’d see some bank executives going to jail. For a change.

Broker-Dealer Audits Still Badly Broken

The PCAOB’s second “progress” report on broker-dealer audits found deficiencies in all of the audit firms inspected and in 57 of the 60 audits inspected. That’s not much progress.

McKenna Speaks to Market Technicians Association Chicago

On February 19, 2013, I spoke to the Chicago Chapter of the Market Technicians Association. The topic was, “Risk 2013: Protecting Your Trading Accounts From Fraud”.

On Anniversary of MF Global Bankruptcy, Something Still Missing

Something is still missing today, the one year anniversary of the bankruptcy of MF Global.
What’s still missing from this sordid affair is an accounting of the whereabouts of the financial auditor, PricewaterhouseCoopers.

Four Years After Madoff, Audits and Auditors of Broker-Dealers Still Lousy

How much lower does investor confidence have to go? How many more billions do customers have to lose before someone steps up?

MF Global Updates: Forbes, American Banker

Amazing but true, the MF Global story is still red hot, reason being $1.2 billion in customer funds is still missing. Here’s a recap of recent columns at Forbes and American Banker that have tracked new developments.

Rogue Traders, Rogue Firms: The CME, PwC, MF Global and the Legacy of Refco

Let’s not forget PricewaterhouseCoopers, MF Global’s auditors.

When it comes to hands-on access to private information, the auditor has more than any other regulator mentioned. And they are supposed to be experts in that client’s business and in the accounting and auditing standards for that industry. PwC also audits JP Morgan, Bank of America Merrill Lynch, and Goldman Sachs. They are all large players in the futures brokerage industry.

MF Global: Where Is The Missing Money?

Almost everyone wondering where the missing MF Global customer assets have gone thinks they will show up eventually. I believe the assets are long gone.