This isn’t how Klynveldians probably want to start their Friday but we’ve received a tip that conference rooms have already been reserved by HR for all of next Tuesday at the Radio Station in Kansas City.
If you’re throwing a birthday party that day, let us know, otherwise discuss.
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Are the Big 4 Laying Low at the World Economic Forum?
The World Economic Forum kicks off tomorrow and as expected, the Big 4 bigwigs will be there in full force.
Having been through their share of busy seasons, the fearless four of Jim squared, Dennis, and Tim are no doubt glad to be on this getaway.
Their hearts and minds never stray too far from all of you serving the capital markets back at home but it is a great opportunity for them to explore the land of secretive banking, blondes and Toblerones. Plus, there are some meetings and whatnot where they spread their wisdom amongst the other grand poobahs of the world.
Despite the presence of the Fab Four, Big Four Blog points out that the firms’ websites don’t hardly make a mention of their participation at the rager in Davos:
[We] could find hardly a mention of this on the firm’s websites, contrary to prior years when a press release would proudly proclaim their participation. Are the Big Four firms keeping a low profile this year? We wonder why?
Why would they possibly want to keep their profiles on the DL? Are they taking their cues from the Times? Are they still amped/disappointed by the Fortune results?
Are they nervous about their next sit down with CNN, who may not leave it there this time? Ideas? Hopefully they’ll loosen up and enjoy themselves.
Deloitte Resents the Notion That They Should Have Known That Taylor, Bean & Whitaker Was a Massive Fraud
As we mentioned briefly, Deloitte has been sued for $7.6 billion by the bankruptcy trustee of Taylor, Bean & Whitaker and Ocala Funding, LLC. If you’ve never heard of Taylor, Bean & Whitaker then check out Jr. Deputy Accountant who’s been all over it since the Feds starting kicking down the doors. Long story short – TBW was a giant fraud perpetrated by its management, Colonial Bank owned a lot of TBW’s mortgages, Colonial failed, Bank of America bought up a bunch of the mortgages, Fannie Mae says they’re owed money, CHRIST, it’s a mess.
Anyhoo, Steven Thomas, who is known for suing the pants of Big 4 firms (and BDO!), is the lead attorney for the plaintiffs and it sounds like the age-old story of auditors BEING COMPLETE IDIOTS:
“Deloitte missed this fraud because it simply accepted management’s conflicting, incomplete and often last-minute explanations of highly-questionable transactions, even though those explanations made no sense and were flatly contradicted by documents in Deloitte’s possession,” one of the lawsuits says.
Of course Deloitte isn’t amused by this, as Deloitte spokesman Jonathan Gandal’s statement attests:
Gandal said the blame for the fraud and losses should rest squarely on Taylor Bean, Ocala Funding and Farkas. “The bizarre notion that his engines of theft are entitled to complain of injury from their own crimes and to sue the outside auditors they lied to defies common sense, not to mention the law,” Gandal said on behalf of Deloitte.
If this statement strikes you as a little confusing, then you’re not alone. First off, when Mr. Gandal is referring to the “the law” he’s probably referring to this. In less legalese, basically what Deloitte is saying is that Lee Farkas and his merry band of crooks are the ones responsible for this shitshow not the Green Dot and therefore, this whole thing is ludicrous. I mean, come on guys, what could a firm that just reported nearly $29 billion in revenue could possibly have done differently? Crooks are just far too smart far auditors. Just ask one.
PwC Once Again Tops the Vault Accounting 25, EY Almost Didn’t Make the List
Vault has announced its much-loved Accounting 25 list today and it should come as no […]