JPMorgan Chase, And Dimon, Starting To Sweat About Everything
I put two new columns up at Forbes recently that talk about JPMorgan, PwC, Senator Levin’s “Whale” hearings, and all the other stuff JPMorgan and Jamie Dimon are really worried about.
Posts
A Summary of Writing on the “Independent” Foreclosure Reviews and the AG Mortgage Settlement
/12 Comments/in Pure Content, The Big 4 And ConsultingHere’s a compilation – updated – with links for the columns/posts I’ve written about the mortgage servicer foreclosure reviews mandated by the April 2011 SEC/Fed consent orders, the April 2012 Attorneys General mortgage settlement and the intersection of the two regulatory actions.
Big Four Auditors and Jury Trials: Not In The U.S.
/19 Comments/in Audit Quality, BDO, Deloitte, EY, Grant Thornton, KPMG, Latest, PCAOB, PricewaterhouseCoopers, Pure Content, Regulators, Laws, Standards, Regulations, Sarbanes-Oxley, The Case Against The Auditors, The FirmsYou have to go outside of the US to see a trial of a Big Four audit firm to know what I’m talking about. Australia’s Centro case against PwC or Canada’s Nortel case where Deloitte partners testified recently tell you everything you need to know about why the Big Four will settle every time. Rather than have a jury and the public hear and see the pathetic state of the audit profession, its inability to stop executives who want to cheat, and its unwillingness to acknowledge liability as a firm when it screws up, the firms will reach into their seemingly bottomless pockets and pay up.
Update: Mortgage Servicer Foreclosure Review Process
/4 Comments/in Attorney-Client Privilege, Bear Stearns, Deloitte, EY, Fraud, Independence, Latest, PricewaterhouseCoopers, Pure Content, Regulators, Laws, Standards, Regulations, Subprime, The Big 4 And ConsultingI was the first to report on December 6 the irony of Deloitte having been selected by, of all banks, JP Morgan Chase. The high likelihood of a conflict between the bank and the audit firm, and possibly the individual Deloitte partners assigned to the JP Morgan Chase review, should have been obvious to anyone at the OCC. It turns out I was right.