Lehman Brothers Case Hints At Need To Stiffen Audit Rules

New York Times:

The company misled investors and its officers and directors may be held liable. But the company’s auditor seems likely to escape any responsibility for an audit that wrongly concluded the company’s financial statements were completely proper.

Read the whole story: New York Times

Comments

[El Chingaso]

09:21 AM on 07/31/2011

The judge's conclusion -- on legal, financial and moral grounds -- re: E&Y's culpability is...well, very interesting, to say the least. In fact, such a ruling is rather "retro" in nature: E&Y and Lehman were in the same class as Enron and Arthur Andersen. Nevertheless, its protection, of some nature, to cover up "illusions." This is what a Federal Reserve and an unregulated Wall Street are masters of...

[AcademicFreedom]

09:03 AM on 07/31/2011

Why nothing will happen to E&Y: For a number of years, Phil Laskaway led the firm. Phil is a member of the tribe and noshed with other tribal members who led wall street. Phil is tied in to all aspects of the tribe's control of government and wall street; he is on the board of GM, so he knows how to get the government to dole out the aide. All-in-all, the Lehman fiasco and all participants going free is just another tribal engineered progrom against the goyium.