Well, well. Seems that Fed regulators are not all that different from Fed investigators or Fed prosecutors. They can be bought pretty easily. Here, KPMG (formerly Peat, Marwick) was the purchaser.
...The government filed charges against six accountants, including three
former partners at KPMG and three former employees of the Public
Company Accounting Oversight Board (PCAOB), with conspiring to defraud
securities regulators and steal confidential auditing information.
Executives at KPMG recruited employees from the PCAOB, the regulator
erected by Congress in 2002 after earlier accounting scandals to clean
up the accounting business, to join the accounting firm, according to a
criminal indictment unsealed Monday. Those recruits allegedly stole
confidential information about the PCAOB’s plans to audit the firm and
shared them with the KPMG partners....
That ought to be the end of KPMG, too, just as Arthur Anderson's criminal-assistance pact with Enron was their final act.
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