Posts

Repurchase Risk (Put-Back) Getting Full Court Press At CNBC

John Carney at CNBC NetNet is talking a lot about repurchase risk. He’s tied it all together in a bow for us, mentions Citigroup and Bank of America, and has given me credit for having been on KPMG’s case for a while.

Watch Banks Pull Rabbits Out of Hats, Ably Assisted by Their Auditors

The global money center banks are masters at managing financial reporting. Regulators repeatedly feign surprise at balance sheet sleight of hand, prestidigitation at the expert level intended to buy time until the banks can grow out of the black hole that bubble lending put them in. They announce their quarterly results, with all the details – they don’t even try to hide them anymore – and they’re ignored or the con is traded on for short term profits. We’ve yet to see the auditors called to testify to explain their role in blessing fraudulent bank balance sheet accounting.

Isn’t it about time?

Fraud Happened: The No-Account Accountants Stood By

The financial crisis is now about fraud. The word that dared not be uttered, even behind closed doors, has now disturbed the peace of a nascent “recovery.”

Going Concern Audit Opinions: Why So Few Warning Flares?

When each of the notorious “financial crisis” institutions collapsed, were bailed out/nationalized by their governments or were acquired/rescued by “healthier” institutions, they were all carrying in their wallets non-qualified, clean opinions on their financial statements from their auditors.

The Big 4 And Pending Litigation – Can They Fight The Law And Win?

In preparation for something else, I attempted to do a quick summary of the pending litigation against the Big 4.

It’s not easy.

The Fannie Mae Freddie Mac Takeover – Now We’re Holding The Bag

…And let me make clear what today’s actions mean for Americans and their families. Fannie Mae and Freddie Mac are so large and so interwoven in our financial system that a failure of either of them would cause great turmoil in our financial markets here at home and around the globe. This turmoil would directly […]

Fannie and Freddie – Incorrigible

Fannie Mae’ s external auditor was KPMG but now KPMG is suing Fannie. Didn’t seem to bother Deloitte, who jumped at the chance to get close to Fannie. Freddie Mac’s external auditor is PwC, who hates to abandon a sinking ship. PwC inherited this mess from Arthur Andersen. Fannie Mae, Freddie Mac Warned on Accounting […]