John Veihmeyer Has a Friendly Message To New Associates In the Wake of KPMG’s Insider Trading Scandal

A tipster has sent us this lovely email from the Veihz that basically shows when in a crisis, it's best to face it head on and make sure your new associates do not regret their decision to join your firm. Since they're working for KPMG already, it's probably a good idea to reassure them as often and as thoroughly as possible ifyoufeelme.

Let's blow right by the boring bits and get to the good stuff:

From: John Veihmeyer (Chairman)
Date: Mon, Apr 22, 2013 at 2:04 PM
Subject: A Message from KPMG Chairman and CEO John Veihmeyer
To: n00bs
 
As one of our newest hires, I want to update you on a matter of importance to KPMG and our profession as a whole. As you may have heard recently, a former partner in our Los Angeles business unit provided non-public client information to a third party, who then used that information in stock trades.
 
This appalling situation was the result of a single rogue individual, acting contrary to everything that we stand for as a firm. Once we learned of his unlawful actions, we immediately separated him from the firm, unequivocally condemned his actions, and expressed our deep regret for the impact that his violations of trust and the law have had on our clients and our people. In addition, recognizing that our independence was impaired, we swiftly made the decision to resign as the auditor of two clients for which this individual served as lead partner.
 
As part of KPMG’s comprehensive Ethics and Compliance Program, we have a rigorous system in place to prevent insider trading, including policies, processes, training, monitoring, and enforcement. This individual violated our policies, betrayed the trust of clients as well as colleagues, and acted with deliberate disregard for our long-standing culture of professionalism and integrity that guides the actions of all of our people.
JV goes on to remind everyone – again, but using different words this time – that one bad apple doesn't necessarily spoil the bunch and it's how KPMG handled Scott London's idiocy that really matters. Then, after beating the KPMG meat a bit more, he closes with a nice little hoo-rah to get the kids feeling warm and fuzzy about their firm, dumb partners aside.
Our success has always been the result of people like you—talented individuals who dedicate themselves to excellence throughout their careers. You represent the future of our firm and the continuation of our long, rich history. I’m glad to welcome you to KPMG, and I’m excited about the opportunities that you’ll have as you begin your career!
 
Congratulations again, and best of luck.
 
John
Curious to hear how our tipster took this email, we asked a few questions (nosy assholes that we are).
 
We wanted to know if there has been a lot of communication from the firm since the scandal broke, if the tipster has any unanswered questions that the firm hasn't addressed and if said tipster or any of his fellow first years are feeling any second thoughts about joining the firm now. We also asked for the tipster's take on the firm's response, both publicly and internally. Here's what he told us:
 
Since the scandal, this email has been basically the only communication from the firm about the scandal. I've heard of some new hires having current employees contact them offering to go to lunch and "catch up" since then. However I did not personally have that happen. 
 
As far as the second and third questions, I don't think anyone really has any second thoughts or unanswered questions in the situation. We all pretty much get that it was just one rogue partner and not the firm as a whole. The only people who I think have any concerns are the people who I know that are actually going to the LA office. Those people just seem somewhat concerned about how the loss of two major clients will effect the office. However, people like me who are going to other offices in other states have very minimal concerns about the situation.
 
Overall, I'm satisfied with their response. As soon as they found out about the scandal, they immediately distanced themselves from Mr. London and made it clear that he was a rogue partner whose actions were not in line with firm values.
Anyone else who received this email, disinterested third parties and the usual trolls who are still enjoying KPMG bashing even though it's an old joke by now are welcome to share their thoughts in the comments.

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