The partner in charge of an audit of a client company has two functions; (1) as boss of the auditors who will check the company's records to ensure the accuracy of its accounting statements, (2) to manage the relationship between the auditing firm and its client, the management and audit committee of the board of directors.
In objecting to our op-ed on the importance of ensuring that financial advisors place their clients' best interest ahead of their personal profits, Dirk Kempthorne, the President and CEO of the American Council for Life Insurers, offers a misleading argument, built on a large, incorrectly cited number.
Professor Roger J. Pielke, Jr. recently compared many widely-published energy and climate experts with Dr. Wei-Hock Soon, the subject of recent media attention for failing to follow conflict of interest (COI) rules at some scientific journals. There is no comparison whatsoever, and we ask Dr. Pielke to retract his accusations and apologize.
We're not suggesting that everyone who gives retirement investment advice is taking advantage of their clients, since many advisers do act in their client's best interest. But, because the law does not require them to do so, far too many do not. That's why the President's recent action is so important.
The timing and blatant nature of the pecuniary partnership between America's leading academic child psychiatrist and a Fortune 500 mega-corporation left me feeling sad, angry and alone. Where were other doctors, patients, the public and the press? Why weren't they speaking out about this obvious conflict of interest?
Next week, the FCC plans to propose new rules that its chairman claims will preserve the Internet as a free, fair and open communications medium for all. It seems far more likely that the rules will radically distort the medium by tilting Internet functioning even further in favor of the giant technology players.
A rape trial is presently taking place in New York that ordinarily would attract little media attention except for one important fact: The defendant, Alexandru Hossu, is a close personal acquaintance of Adam Levy, the Putnam County district attorney, and Levy's conduct in connection with Hossu's case has been strange.