Earlier today we brought up some less-than gentlemanly behavior going on at PwC Ireland. However, that wasn't the first story of misuse of email coming from the Emerald Isle. You may recall a few bros at KPMG asking for some assistance winning a trip to Whistler, which was received with mixed reviews in the States. Anyway! Now comes the story – courtesy of our sister from another mister, Dealbreaker – about another KPMG associate maybe not using the best judgment, sharing his plans for putting the moves on a special lady friend with his mate over firm email. From: Ian [redacted] Sent: 22 October 2010 10:24 To: John [redacted] Subject: RE: Wed Good night on wed man. Good old craic. Any luck with the ladies Kind Regards, Ian [redacted] Financial Services Audit 2 Harbourmaster Place IFSC Dublin ____________________________________________________________________________ From: John [redacted] Sent: 22 October 2010 10:28 To: Ian [redacted] Subject: RE: Wed Was a very good night. Got very messy in the end. No luck with the ladies. Had my eyes on this one girl, [redacted]. Some piece of work. But bottled it in the end _________________________________________________________________________________ From: Ian [redacted] Sent: 22 October 2010 10:45 To: John [redacted] Subject: RE: Wed I know the one your talking about alright. Shes friends with one of my mates in my year. Seems like a nice girl. Gonna chance it next time _____________________________________________________________________________ From: John [redacted] Sent: 22 October 2010 11:24 To: Ian [redacted] Subject: RE: Wed Definiately going to stick the head in next time. Falling behind on this whole k score thing. Need to get on board. Shes top notch in fairness What u reckon? ______________________________________________________________________________ From: Ian [redacted] Sent: 22 October 2010 11:40 To: John [redacted] Subject: RE: Wed Ya, sure go for it if you like her _____________________________________________________________________________ From: John [redacted] Sent: 22 October 2010 11:48 To: Ian [redacted] Subject: RE: Wed Alright next thurs, im gonna stick the head in. Just wait for the right moment. (When shes drunk) and she cant say no. Got this unreal technique for scoring aswel, called the whisper. I pretend im whispering in her ear and when shes not looking I just kiss her. The element of surprise throws then off and BOOM. ______________________________________________________________________________________________ From: Ian [redacted] Sent: 22 October 2010 12:04 To: [the girl] Subject: Wed Hey [girl], Thought id give u the heads up about this chap John here. Think he has some serious plans for you __________________________________________________________________________ From: [everyone who was forwarded this] To: [everyone they know] Subject: read from the bottom up!!!
Related Posts
Is Citi Getting Bad Advice from KPMG?
John Carney wonders aloud if Citigroup’s low reserves (approximately $1b reserve for $500b in exposure) for its repurchase risk is thanks to the guidance provided by KPMG. Citi has said that they are, “comfortable with this level of reserves because historically realized repurchase risk has been quite small.” Carney explains, “In short, they haven’t had to pay out much on these claims in the past, so they figure they won’t pay out much in the future.”
Be that as it may, JC and his colleague, Ash Bennington are pret-tay sure Citi has it wrong (they lay out their case in full) and speculates that KPMG is, at the very least, an enabler here.
Carney points out that Francine McKenna has been following KPMG’s not so stellar guidance on this particular issue for years. Starting with New Century in 2007, Wells Fargo last year and Countrywide who was purchased by Bank of America.
Carney then writes that Bank of America is “widely assumed to have the largest repurchase risk, largely thanks to the acquisition of Countrywide.”
So that’s a helluva trail to be sure and Carney wraps up:
So is the advice of KPMG part of the reason for Citi’s complacency when it comes to repurchase risk? Given the history of companies audited by KPMG missing repurchase risk, perhaps Citi should rethink that complacency.
Of course Carney forgets that Dick Bové would take exception with everything he’s saying, since this firm is perfectly acceptable. Even if he doesn’t know who they are.
We’d like to get anyone familiar with the matter (read: Citi audit team members) on the record, so get in touch and we’ll put it out there. Or you can chime in below.
Bonus Watch ’11: Some Details on KPMG’s New Utilization Bonuses
Who cares what they’re doing in Luxembourg, anyway? Our tipster qualifies some of these numbers for the new bonus program but assures us that they’re in the ballpark.
Details of the utilization bonus came through to managers in the NY Office to prepare them for the announcement to staff. Payments will be made in April and October based on total billable hours. Three Tiers T1 – 1700 hours, T2 1800 hours, T3 1900 hours, must meet or exceed hours listed. Bonus amounts based on base salary and level.
Associates are as follows as a percentage of base (might be slightly off, SA here and didn’t pay much attention to Associates pay) T1 – 2% T2 – 3%, T3 – 4%. Senior Associates T1 – 2.5%, T2 3.75%, T3 5%. So for a year if you reach 1900 hours, 950 Oct-April and 950 April-Oct, you would have received 10% of your base pay as a bonus broken into 2 payments.
I might have some of the numbers slightly off, as I read over my managers shoulder, and am only interested in Tier 3 SA as I had 2100 billed hours last year, but I think they are generally accurate. This was for IT Advisory. I know other Advisory practices have the same pay out rates but lower hour expectations by tier. No idea about Audit or Tax.
UPDATE: Tables from the advisory email that was sent out earlier today:
If anyone can confirm these numbers for IT Advisory, please get in touch. Likewise, [I]f you’re in other advisory groups, audit or tax and have the details, email us and we’ll update.
KPMG Leads the Way in Telling Interns What Not to Wear
KPMG loves to give its interns a hand when it comes to dress, handing out […]