“[E]liminate all use of off-balance sheet accounting–for any use whatsoever. Everything must be on balance sheet.”
~ Harry Markopolos, on one aspect of financial reform.
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Quote of the Day: Ernst & Young Partners Losing Sleep? | 03.12.10
“A successful lawsuit against E&Y could result in a court finding that the failure to properly advise the audit committee prevented Lehman from taking genuine steps to substantially reduce its leverage, which may have saved the firm from bankruptcy. Which is to say, E&Y could find itself blamed for all the losses to Lehman shareholders. That would be a stretch – such a claim would be speculative – but it still should be scaring the heck out of the partners.”