Word: auditors
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Leff, the visiting HLS professor, said that while he did not have enough understanding of Rose’s specific concerns to make an informed judgment, “a lawyer asked by an auditor about the legal authority for the treatment of a transaction should be able to give at least the legal reasoning under which the treatment is proper...
...first was that Citigroup CEO, Vikram Pandit, made public remarks that his company had a profit in the first two months of 2009. But, even school children who hone their skills trading mock accounts online know that two months do not make a quarter, especially in banking. Some auditor may mention that Citi's toxic assets ran into more trouble in this quarter or that its consumer credit and LBO businesses needed to be adjusted for bad debt. Simply put, Pandit's comments did not mean...
...home of the druggist and the house of the leather dealer, and the home of the state auditor and the little house where the divorced schoolteacher lived. You see where the Lincolns' babysitter trudged home after a long stretch with the rowdy boys, and you see the spot where stood the home of Jamison Jenkins, a conductor on the Underground Railroad. It takes no great imagination to picture the enthusiastic parades and rallies that flowed through this street during Lincoln's historic campaigns...
Ever since Jan. 7, when news broke of a $1 billion corporate-accounting fraud at Satyam Computer Services, the scandal has been called India's Enron. There are many similarities: inflated assets, a disgraced but politically powerful chairman, an auditor under a cloud, even an attempted suicide. (Satyam's chief financial officer, Srinivas Vadlamani, was unsuccessful. Enron executive J. Clifford Baxter died.) There is one big difference. Enron imploded, and its employees were kicked to the curb. But Satyam's workers, who number about 50,000, may be spared sweeping layoffs...
...Niemaszyk says it is up to auditors to decide how far they go to verify a fund's assets and trades. But the fact that Madoff used an unknown auditor and was reporting his own trades probably should have prompted the auditing firms to do more than usual to check that the fund's assets were indeed there...