Our prediction that Grant Thornton’s string of press releases related to its survey of CFOs was coming to an end was wrong. Dead wrong.
The firm issued two more today, one related to the financial services companies and one for health care organizations.
While we appreciate all the good work that GT is doing to pull all this information together, we’re definitely to the point we’d like to see something else out of GT. Some people are inspired. We’ll even take the freaky milk company.
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Arlen Specter Not Pandering to the Bean Counter Vote
Arlen Specter is many things. Senator. Cancer survivor. Some might say, turncoat. And since he is a newly minted Democrat, Specter is expected to prove his political stripes.
Well, Specter has decided that the best way to earn those stripes is to embrace the recent investor outrage and introduce legislation that will allow investors to sue accountants, lawyers, and investment banks, that provide, what Specter calls “substantial assistance” in a fraud.
More, after the jump
According to Bloomberg:
Shareholders are barred from suing parties that have only an indirect role in a fraud after Supreme Court decisions that limited liability to those directly and publicly involved in the scheme.The Specter measure would upend rulings in Stoneridge Investment Partners LLC v. Scientific-Atlanta Inc. of 2008 and Central Bank of Denver v. First Interstate Bank of Denver. Prior to the rulings, investor lawsuits against fraud accomplices were common, Langevoort said. The 1994 Central Bank decision was a “major gift” to individuals and corporations that aided in a fraud
The Refco scandal is right at the heart of this debate as attorneys, auditors, and investment bankers were all misled by Philip Bennet, Refco’s then-CEO. Suits against PwC, Grant Thornton, KPMG, and E&Y were dismissed back in April along with suits against several investment banks. Refco’s outside counsel Joseph Collins of Mayer Brown is currently involved in a lawsuit that is being reviewed by the SEC.
We’re all for making accountants responsible when they screw the pooch but if clients just flat out lie and go way the hell out of their way cover those lies up, there’s very little that can be done.
And if there’s one thing that keeps Big 5 4 partners up at night it’s the threat of litigation. The premise that this legislation would increase that litigious exposure is, at the very least, disconcerting to partners.
Specter Law Would Let Investors Sue Fraud Accomplices [Bloomberg]
Your Nominations for ‘Accountants of the Decade’ Are Now Being Accepted
Friends, you may not be aware of it but the current decade is closing fast. This means several things, a few of which are worth mentioning here: 1) Many of you will embark on this new decade inching ever closer to your first mid-life crisis 2) Many of you will enter a new decade and still not have your CPA despite posing as one for the last 3 – 5 years. 3) Ubiquitous “[insert anything here] of the decade” lists.
Now you may also be aware how we here at GC feel about lists. Not typically a fan. However, considering the historical significance of the end of the ‘0Xs (what the hell is this decade called?) and the fact that we don’t feel like working too hard today, we will now request your nominations for the “Accountants of the Decade”.
We’re looking for those CFOs, CPAs, etc. etc. that defined the decade for you, for better for worse. One possible nom is the man you see pictured here, the oddly stunning yet diabolical Andy Fastow. If you’re not familiar with AF, then please slap yourself.
A few things: 1) No obscure nominations. Your Intermediate Accounting Prof who was constantly eating star mints and wore warmup pants to class doesn’t count. Celebrity CPA Review instructors, on the other hand, are acceptable. 2) CFOs in form but not in substance are acceptable (e.g. Erin Callan). 3) Don’t blow this off. It’s important.
So fire away, and feel free to make an argument. If you’ve got a favorite picture with your nomination, kindly pass it along and we’ll include it if we end up putting this to a vote. We’ve got less than three weeks until the ball drops so get on it.