When you think about the big Las Vegas casinos, you should be thinking about Macau instead. The casino industry is a good example of the U.S. based multinationals that would suffer from any bold moves by regulators against the Chinese member firms of the Big Four audit networks.
New York Attorney General Andrew Cuomo sued Ernst & Young over their involvement in the Lehman failure. EY was Lehman’s long time auditors and the firm is accused of “permitting Lehman to engage in an accounting fraud.” Hold on tight. It’s going to be a bumpy ride.