When accounting goes unaccounted for
“I couldn’t tell you, Mike, that there is a company in the world that does not have a threat of a criminal investigation at some point in time. I mean, every company in the entire world has that. All I can tell you is that we are not aware of any criminal investigation of Goldman Sachs.”
~ Goldman Sachs CFO David Viniar, responding to CLSA analyst Mike Mayo, who really, really, really, really wants to know if there is a threat of a criminal investigation into Goldman Sachs.
“Accounting is the CEO’s “weapon of choice” that transforms the perverse incentive into what economists, regulators, and criminologists agree is a “sure thing” in crises (means).”
~ William K. Black, Associate Professor of Economics and Law at the University of Missouri-Kansas City.
“The answer to that question for both proponents and detractors of the bill is to read it. All of it. Then decide.“
~ Steven M. Davidoff, the Deal Professor, read all 2,300 some-odd pages and just assigned all of you some homework. It’s going become law after all.
“In 2,500 pages of dense prose, we’re about to receive legislation that could better be entitled ‘The Lawyers’ and Lobbyists’ Full Employment Act.”’
~ Harvey Pitt, former SEC Chairman, graduated with his law degree from St. John’s in 1968.
“[I]t’s like saving money when they shop is a new kind of game, a way to stick it back to the man.”
~ Pat Conroy, vice chairman and Deloitte’s consumer products practice leader, is proud of all the consumers out there.
“How can any self-respecting attorney still argue – and any lucid judge still believe – that PwC’s global firm is not just a sham legal construct, an artificial vehicle for the strongest member firms to control and potentially exploit their weaker ones, all under the guise of ‘improving quality and seamless delivery to multinational clients…’ ?”
~ Francine McKenna still isn’t buying it.
“Wouldn’t you love to be Mr. James’s tax accountant right about now?”
“She was probably two when she did that because she looks fantastic.”
~ Michelle Obama, referring to 60-year IRS vet, Pauline Fenderson, who started as a typist during the Truman years.
“The audit committee is essentially its organization’s financial conscience. The responsibilities have grown demonstrably, and committee members need appropriate guidance to carry out their essential charge. That’s the AICPA’s goal for its first audit committee forum.”
~ Carol Scott, AICPA vice president for business, industry and government thinks it’s about time we got down to business.
“If we can’t get converged (on financial instruments), it would suggest the convergence effort is going to be challenged and questioned on a significant basis.”
~ FASB member Tom Linsmeier levels with everyone on the FASB’s big test in the convergence process this fall.
“During the course of the financial crisis, we made our fair share of mistakes. We lost a considerable amount of money through our exposure to leveraged loans and mortgages.”
~ Goldman Sachs CFO David Viniar, in his opening statement before the Financial Crisis Inquiry Commission.
“I did not expect actual, economic losses on the portfolio. That said, I was truthful at all times about the unrealized accounting losses and did my very best to estimate them accurately, in consultation with others at AIG-FP, as well as with my supervisors, AIG’s senior accounting staff, and its internal and external auditors.”
~ Joe Cassano, in his prepared testimony before the Financial Crisis Inquiry Commission