When accounting goes unaccounted for
Ernst & Young, take my word for it, will never be indicted by the U.S. government, as a firm, for its role in any Lehman fraud that’s eventually proven. It’s also highly unlikely – 1000 to 1 odds I’d say – EY will be fined by the SEC or the PCAOB, as a firm, in a civil or disciplinary case.
~ Francine McKenna says it’s a longshot.
“The point is that I’m not a real small businessman, but I play one in anti-tax propaganda.”
~ The Professor was a little too sarcastic the first go round.
“An auditor’s report tells less about a public company’s health than a doctor’s report tells about an individual – in scope, detail and precision. And if investors and other financial information users are not happy, they are doing nothing to make their dissatisfactions effectively known.”
~ Jim Peterson, from his post “Medical Check-Ups and Annual Audits: What if Your Doctor Reported Like Your Accountant?” at Re:Balance.
“I’m not sure who invented the term ‘deficit hawk,’ but it seems an odd name for a creature too chicken to raise taxes.”
~ Nancy Folbre, economics professor the University of Massachusetts Amherst.