Which bank should feel threatened by Assange and Wikileaks? I’m betting on Citigroup. And…Did you know the Federal Reserve Bank makes up its own accounting principles? Call it “Government GAAP”, but don’t call it fair value.
The Economic Affairs Committee of the House of Lords questioned representatives of the four largest audit firms on the issue of “going concern” opinions during the financial crisis. In particular, why were there none for the banks that failed, were bailed out, or were nationalized? The auditors admitted that they did not issue “going concern” opinions because they were told by government officials, confidentially, that the banks would be bailed out.
“IFRS For Everyone” is not just another well-crafted campaign for a government-sanctioned “next big thing” to sustain the Big 4’s untenable, unsustainable, obsolete business model that produces a, purported by some, worthless product. The Big 4 are bringing their best and brightest minds, from all over the world, to the US to evangelize their colleagues and transform their clients. Deloitte has partner Nick Difazio on the job.
I’m spending a few days in New York, covering the 2010 Financial Executives International (FEI) Current Financial Reporting Issues (CFRI) Conference. It’s two days at the Marriott Marquis chock full of FASBs, GAAP, SEC and CFO -types, and a chance to see some of the others who have covered the conference with me these past […]
My Forbes column appears on Tuesdays and Thursdays.
Go here to read, Accounting Watchdog.
Columns for the week ending November 12, 2010:
Financial Reform Watch blogger Ben Hallman looks at how Lehman Brothers was a leader in disguising its losses—and how a government investigation into Lehman’s practices could offer federal authorities their best, and possibly last, chance to hold individuals responsible for the crisis personally accountable.
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?
I’ve just wrapped up two days of conference attendance here in New York City – The FEI Current Issues in Financial Reporting Conference and the Directorship Boardroom Leaders Forum.The Directorship BLF started with a dinner on Monday night which I was unable to attend but that featured what I heard was a great speech by “pay czar” Kenneth Feinberg. The BLF conference itself didn’t kickoff until later Tuesday morning. In the meantime, on Monday I attended several sessions at the FEI CFRI conference.
Make no mistake.
Gary Holdren was in it for the money.
Huron Consulting Group went public in the summer of 2004, barely two years after bailing on the sinking Arthur Andersen ship in May of 2002.
The accusations are devastating for a firm that makes its money keeping others out of this kind of trouble.
The US Chamber of Commerce put together a very ambitious agenda and stellar group of panelists in Washington DC on March 11, 2009. The conference, subtitled, “Restoring Confidence in the U.S. Capital Markets: From Main Street to Wall Street,” had several newsworthy moments including live coverage of their keynote luncheon speaker, Jamie Dimon, CEO of JP Morgan Chase.
Every once and a while someone asks me, “fm, how do you keep up with all the news, the stories? How do you know all this stuff?” Well…Although I have been accused of conceit, presumption, being “too smart,” being too quick to draw conclusions, painting a whole firm black on very little basis, precociousness, general […]
Interesting article today in a publication I receive on line called Hedgeworld (Registration required, with special benefits for membership). Short sellers are certainly on the mind of the business executive on the other side of their acumen. (My bias is showing, I know.) And the SEC has parachuted in to help their beloved business executives […]