Posts

McKenna Speaks At 2013 AAA Audit Section Midyear Conference

I was in New Orleans this past long Martin Luther King Day weekend to speak at the American Accounting Association Auditing Section Midyear Conference. Here are my slides and text of my remarks.

My Big Fat Overrated CEO: McKenna On Dimon On The Keiser Report

I 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?

FDIC Piles On To PwC For Colonial Bank Failure

I wonder how PwC GRC Advisory partners feel knowing their multimillion dollar profits from the OCC/Fed foreclosure reviews will be used to pay three big settlements for audit failures at Colonial Bank and MF Global?

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?

McKenna Appears On “Chicago Tonight” Talking About Business Ethics

I 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 […]

PFGBest: Another Fraud, Another Example Of Weak Auditors and Weak Regulatory Oversight

The PFGBest fraud is another reason why the futures industry’s poor business environment, wracked with a crisis of confidence after MF Global, just got much worse.

Barclays Libor Scandal; More Client Headaches for PwC

I’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.

Not Much Illumination: JP Morgan, MF Global & Man in the Middle, Jamie Dimon

What I wrote this week about the MF Global trustee’s “investigation report”, JP Morgan’s Jamie Dimon and his testimony on the “whale” trade for the US Senate, and the lure of London. Those topics and so much more…

McKenna Featured By Chicago Magazine

I am immensely grateful for the support of all journalists but I’m especially gratified by the support and encouragement of those in my hometown of Chicago. It’s a curious thing that I have never been quoted in the Sun Times or Crain’s Chicago Business, and only once in the Chicago Tribune.  The accounting industry is […]

More On Chief Risk Officers

I do not believe the measure of a man or a woman is what they make. But in the case of the two MF Global CROs, the testimony they gave about their salaries, coming at the end in response to a question from a cranky Congressman from New Mexico, offered the perfect punchline.

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.