“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.”
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A curious mind out of Casa de Turley:
EY just moved to a “new” (basically the same, but it does look more flashy) expense reimbursement system in the US. Along with that move though, my expense pay back times have increased from usually about a 2-3 day turn around for approval to a 5-7 day approval. While it’s not unheard of that it would take that long, I was wondering if other EY people were experiencing the same payment delays and what this could be signaling? Just slow/less staff processing expense reports or is this some sort of cash flow management? I’m not sure that that even makes sense since we bill the client for the expenses, so it puts off the billing process as well as the reimbursement process.
As to why and how this happening, we’re guessing that those of you that got into the habit of going to Bobby Vans twice a month, playing Omaha, Hold ‘Em et al. on the web and lap dances and somehow convinced yourself it was business related have finally broke the proverbial camelback. It’s either that or Jim Turley is pulling up his boot straps and checking every single expense report himself.
Other theories or wild-ass guesses? Fire away.
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