Deloitte

Where are Deloitte’s Revenue Results?

small salzberg.jpgAccountancy Age reports that P. Dubs still retains the most FTSE 100 clients in the UK while KPMG retains the largest amount of clients overall.
BFD, right? Stateside it’s all about the scratch. This begs the question of why the hell we haven’t seen any revenue results out of Deloitte yet. KPMG is too far out and P. Dubs and E&Y will be reporting next month.
But the Big Four Blog points out that Dr. Phil and Co. reported revenue in July last year but here we are approaching Labor Day (or for some, just the weekend) and not a peep.
We’ve contacted Deloitte about this and will update you with their response just as soon as we hear back. In the meantime, feel free to wildly speculate about the delay in the comments and what the fiscal year ’09 number will be. Last year global revenue was $27.4B so we’ll put over/under at $28.6B. Takers?

Chrysler Auditor Switcheroo Follow-up (UPDATE)

We’ve confirmed with a Chrysler Spokesperson that the new entity emerging from bankruptcy has appointed Deloitte as the external auditors, a role that KPMG held for the entity that remains in bankruptcy:
More, after the jump

[We] can confirm that, as a new company, Chrysler Group LLC has appointed Deloitte as its external auditors. KPMG had previously served this role for the old Chrysler, which remains in bankruptcy. The new company, Chrysler Group LLC became operational on June 10, 2009.

Basically, as some have speculated, this may be a chance for Deloitte to poach the entire KPMG team, which, we have to admit, might not be a bad idea.
KPMG did not immediately respond to our requests for comment. Deloitte got back to us with no comment.
UPDATE: Chrysler got back to us with some additional information including
Why the change in auditors – “Chrysler Group LLC is a new company and, as such, the company has decided to appoint Deloitte as its new external auditors.”
If Deloitte was in the field – “Deloitte has begun initial planning work for the 2009 audit.”
KPMG’s remaining responsibilities – “We cannot address any services KPMG may be performing for OldCarco (the official name of the company that remains in bankruptcy).”
Nothing too surprising here except for the hilarious awesomeness of “OldCarco”.

Rumor of the Day: Deloitte Snagging Chrysler Audit from KPMG?

chrysler1.jpgMaybe figuring that bankruptcy means a fresh start with everything, we received a tip that Chrysler is dumping KPMG for Deloitte as their external auditors:
“it was announced to KPMG Detroit employees late yesterday…via voicemail or conference call”
Could be the reason the Green-dots in Detroit were rumored to be getting raises but WTFK.
Right now we’ve reached out to all three members of this love triangle and only Deloitte has gotten back to us and could not confirm or comment.
If you’re at Radio Station or the D in Detriot and have details on this, let us know. We keep all sources anonymous.

Barry Salzberg Has Found Someone That Wants His Job

small salzberg.jpgA ghostwriter Dr. Phil has gone and granted our request for Big 4 CEOs to tread into the blogosphere. He’s managed to find time away from making awkward remarks about diversity and giving faux-advice to the President on healthcare to do a puff piece over at Fortune called “The value of volunteerism”. Basically, he’s talking up Deloitte doing skill-based volunteerism, which we think might involve auditing for free but we’re not exactly sure.
We’ve presented the opening paragraph for your enjoyment:
After the jump

Recently, I was sitting with several dozen inner-city teens, talking with them about college and careers. It was a free-wheeling conversation. I was peppered with questions-including, “How can I get your job?”

Dr. Phil is out there. He’s free-wheeling with inner-city teens. He’s blogging about it. He’s talking up the Big D:

Our company, Deloitte, recently conducted a survey on corporate volunteering…only 16% of companies offer skills-based volunteering as an option for employees. Only one out of six…Given the obvious need out there and also given President Obama’s impassioned call for national service, we’ve gone way beyond surveying about volunteerism. We’ve pledged $50 million in services-that’s right, $50 million worth of our employees’ time

So the message here appears to be, “We’re Deloitte. We’re out here kicking ass at volunteering because the President impassionately called us to. $50 mil worth. THAT’S RIGHT. Why aren’t you?”
Not sure what part Salz has played in all this other than faux-writing about it but if you’ve got some thoughts on his stab at taking credit for other people’s volunteering, in the blogosphere, we’d invite you to share.
Guest Post: The value of volunteerism [Fortune]

Rumor: Deloitte Motor City Edition

mustache-ted-nugent.jpgThe last place we would ever expect to get good news from is Detroit. Not that we don’t love Motown (Eminem, The Nuge) but let’s face it, things are not good up there.
So when we got a tip that raises for Deloitte audit were happening in Detroit, we just couldn’t believe it. Especially after all the talk last week that nothing but disappointment was being handed out.
Maybe it’s just certain audit prodigies getting the love, which was speculated, but that’s why we’re checking with you all. Any specifics, fire away or discuss in the comments.

Gold Star of the Day: Deloitte

DTa.jpgBrace yourselves, we’ve got a positive story about accountants, specifically auditors. Taylor, Bean, & Whitaker, filed bankruptcy on Monday after some strange goings on in the past month between the lender and the purchaser of its loans, Colonial Bank.
More, after the jump


The collapse came, at least partially, due to some very pesky Deloitte auditors who were calling TBW on their shenanigans. Per the WSJ:

Edward Corristan, the Deloitte & Touche LLP partner who headed the audit, was uncomfortable with the way Taylor Bean was accounting for foreclosed properties, according to a court filing and people familiar with the matter…Deloitte believed that employees of Taylor Bean and Colonial “had engaged in potentially inappropriate communications” about accounting for the foreclosed homes, according to a filing by Taylor Bean in connection with its bankruptcy case. With Ginnie Mae’s deadline for filing an audited financial statement approaching, Taylor Bean agreed to hire the law firm Troutman Sanders LLP to investigate Deloitte’s concerns. Meanwhile, Deloitte suspended its audit.

When TBW missed their deadline for filing with Ginnie, they had some explaining to do:

That task fell to Paul R. Allen, a former Fannie Mae executive who had served as chief executive of Taylor Bean since 2003…On July 6, Mr. Allen wrote a letter to Ginnie stating that there were no unresolved issues between Taylor Bean and Deloitte, according to the court filing. The letter hadn’t been reviewed by Mr. Farkas, Deloitte or Taylor Bean’s legal counsel, the filing said…Ginnie then met with Deloitte, learned of its concerns and decided that Mr. Allen’s letter was misleading. On Aug. 4, the Department of Housing and Urban Development, which oversees Ginnie and the FHA, suspended Taylor Bean’s authority to make or service FHA-insured loans. HUD said Deloitte had found “certain irregular transactions that raised concerns of fraud.”

Deloitte declined to comment, as it is their policy not to, on client matters. Okay but we’ll say, pret-tay, pret-tay, prety-tay good job Deloitte. Our faith has been restored. For now.
For Lender, a Fast Fall From Audit to Collapse [WSJ]

Barry Salzberg isn’t Satisified with Deloitte’s Diversity

small salzberg.jpgAccounting firms get lots of recognition for their diversity, but Barry Salzberg isn’t satisified:
More, after the jump

Deloitte still plans to do aggressive hiring of Asian employees, including in Asia, where Salzberg said the firm was doing more offshore outsourcing of accounting work, especially at a center in Hyderabad, India. The firm also plans to ramp up its recruitment of African American and Latino employees.

What he can’t figure out is why 30% of annual recruits are Asian, but only 20% of the Deloitte workforce is Asian, and only 6% are partners or directors.
He has some ideas though:

“We think there is a cultural issue there with Asians typically being less aggressive, a little bit more reticent to speak up, and when they move to the manager and senior manager ranks, which happen very clearly within the organization, it then appears that their leadership skills are not being demonstrated in the minds of those that are evaluating them,” he said.

We’re not exactly sure if B. Salz is saying that Asians don’t make partner because they are reticent to speak up or if it’s because the people evaluating them have unattainable standards of performance.
One thing is for certain. The trend of bald men in leadership roles remains strong to very strong.
We’re sure you’ve got opinions on this. Like we mentioned, the firms aren’t shy about promoting how diverse they are. So what are you thoughts on diversity at Deloitte? In the Big 4? Discuss in the comments.

Deloitte’s Magic Potion

In our continuing effort to lift everyone’s spirits this week, we’ll present a few a videos today for your viewing pleasure. We’re attempting to find something for every firm but if you know of something that you feel that is imperative to share with everyone, shoot us the link, tips@goingconcern.com. Feel free to get all Roger Ebert on these videos in the comments. Oh, and as we’ve mentioned before, just charge the time to an administrative code.
We’ll start with Deloitte:
Video, after the jump

Deloitte Disappointment is Officially Starting

DTa.jpgWe’re starting to receive confirmations of last week’s rumors of the less-than-exciting details re: Deloitte-period raises:
More, after the jump

I’m a senior in Chicago moving into my fifth year, and I’m one of those 2s who got bumped to a 3, got a zero raise and a $1000 bonus. I’m apparently a “3 -plus” as they had “3-minuses” also and those folks did not get bonuses.

Also got a tip that compensation discussions are set to begin in the Northeast for the ERS and Tax practices soon so we recommend watching Leaving Las Vegas or The Reader immediately prior to your meetings to cushion the blow.

Deloitte Settles American Homes Lawsuit

Barry Salzberg.jpgDeloitte becomes the first accounting firm, to our knowledge, to settle a sub-prime lawsuit by burying the hatchet with American Home Mortgage Corporation.
The total settlement was for $37.5 million of which Deloitte’s share was $4.75 million. We’re guessing that Barry Salzberg wasted more money on Rogaine last year.
We should mention that Deloitte and their fellow defendants decided to settle prior to the judge hearing their motions to dismiss the case. We thought this was a little strange so we decided to consult with some experts.
Their take was that the settlement seemed a little premature but made the points that 1) It’s often cheaper to settle early and B) if your company’s name is associated anything “sub-prime” you’re more or less responsible for the whole damn financial crisis.
Another Significant Subprime-Related Securities Lawsuit Settlement [The D&O Diary]

Follow up Rumor: Green-dotter Merit Increase Edition

DTa.jpgAfter hearing speculation last week that Green-dotters were getting froze out, we got some potential details on the lucky few of you in the Northeast:
Get the scoop, after the jump

I’ve been told by a reliable source that merit increases will be available for 1s and 2s, but not for the majority of 3s and def not for 4s or 5s. On the AIP (bonus) side of the house, >50% of 3s and all 1s and 2s will get them. Of course, the actual amount will be smaller, I’ve also heard ~2% pool.

So, if you find yourself lucky enough to be on the good side of a particularly well connected senior partner, you might see a bump for all your trouble. Since performance rating cuts are all the rage these days, sources tell us the number of 1 and 2 will be scarce. We’d advise serious ass kissing but at this point you’re probably just getting the jump on next year (if you’re around).

Deloitte is Baiting the New Hires

iphone.jpgOn a day like today, we never thought we’d be telling you about a firm actually spending money but color us surprised.
Deloitte will start issuing iPhones to partners, principals, and directors starting Monday, according to a tip we received and will be available to “eligible personnel on Monday, September 14.”
So the obvious question is who the hell is eligible? The trend seems that senior associates haven’t been getting squat so our money would be on the new hires getting the new toys gadgets business tools in order to write down everyone’s order for take out but we’ll keep our fingers crossed for you SA’s.

Do You See What Happens?

accountant.jpgThe PCAOB was kind enough to issue a couple of examples this week of what happens when you don’t take your role as auditor seriously.
We wouldn’t dream of putting them both in one post so we’ll give you one in the morning to ponder and save the second for later right about the time you’re ready to flip out, so hang in there.
We’ve also done you the courtesy of reading (sort of) both of the orders so that you can remain fully chargeable (not counting the time you take to read this post of course):
Thomas Linden was a partner in the Chicago office of Deloitte and lead engagement partner on Navistar Financial Corporation (NFC). At the 11th hour, prior to filing the fiscal year 2003 10-K, the engagement team realized that assets, revenues, and net profits were overstated by $19.7 million.
Check out the rest, after the jump


Having a typical over-confident management team, NFC had already taken the liberty of announcing the fourth quarter earnings prior to filing the 10-K.
Because Tom Linden was a Big 4 Partner and thus impervious to any challenge he encounterd, he took the following action (all our emphasis):

• Initiated an increase of approximately 50 percent in Deloitte’s planned tolerance for misstatements in NFC’s reported financial results
• Authored, with the assistance of a member of the NFC engagement team, an NFC auditwork paper that inaccurately characterized the reasons for and circumstances surrounding the increase
• Failed to evaluate adequately the risk that NIC’s financial statements were materially misstated due to error or fraud
• Otherwise failed to act with the requisite due professional care and professional skepticism

Okay, so the last two are boring but the first two kinda, sorta give us this impression of what happened:
Dude finds out the numbers are bunk, client isn’t cool with telling their analysts (who NFC told that they had a kick ass quarter) that said numbers are bunk, so Dude up and decides to ABBACADABRA make the tolerance for misstatement 50% higher than it was for the entire audit (read: that’s a lot).
Then, after probably putting the proverbial (or possibly literal) gun to head of the “member of the NFC engagement team”, they wrote a workpaper that supposedly explained why the tolerance was all of sudden 50% higher but the rationale was something to the effect of “because we said so”.
So for all that tomfoolery (snap!), Linden gets fined $75,000 and can’t be associated with a registered accounting firm for two years and which point he can petition to be to be reinstated. Yow-za. To better times, Tom.
ORDER MAKING FINDINGS AND IMPOSING SANCTIONS In the Matter of Thomas J. Linden, CPA, Respondent. [PCAOB]

Rumor of the Morning: No raises for SA’s at Deloitte

Big D is the now officially in the toilet frozen pay camp, as we have received a tip that senior associates in the Northeast region will not receive raises this year. On the less-bleak side, B. Salz and his fellow partners are doling out bonuses out of 2.2% pool which will probably amount to barely enough to pay for one night of your now three day drinking binge.
Rumor is that the disappointing word for associates should come down tomorrow but if you’ve got the scoop for us early or have more details on the cold news let us know at tips@goingconcern.com.

Firm Watch: Deloitte

DTa.jpgThe last of the Big 4 Horsemen of the Bean Counter Apocalypse is Big D-period. Catch up on the rest of the usual suspects: Radio Station, P. Dubya, and E&Y to get the gist of this little exercise.
Deloitte’s got a pretty similar list as the rest of the firms but with a couple twists so let’s get down to brass tacks:
Get the details, after the jump


Losing Clients – We’ve heard that firms are low-balling their RFP’s so it’s no surprise that some clients are switching but Deloitte seems to have had worse luck than others. UAL, Heelys (for the kids), Bear Stearns, Merrill Lynch, and Washington Mutual have all disappeared from D-period.
Lawsuits – Believe it or not, the Parmalat debacle is not a done deal, as some lawsuits against the US and Internationalfirms are still out there as a judge ruled in January that the agent/agency issue was worth a closer look.
Madoff Exposure – All week we’ve been referring you to the list of Feeder Fund Lawsuits over at D&O Diary. In a small water into wine moment, Deloitte does not appear on the list once. Nice bullet dodge Big D.
Overtime Lawsuits in California – Deloitte is listed as the defendant in three of the cases.
Layoffs, performance reviews, etc. – So, as we saw yesterday, this is where Deloitte’s sitch gets, pret-tay, pret-tay, pret-tay ugly. Layoffs were reported in both December and March nationwide. The performance stealth cuts are common here too and more may occur. All this is going on while an out-going CEO is talking to the press about how bad things have been in the last five years and the UK CEO is having Scrooge McDuck pool parties.
Miscellaneous – The worst drug dealers in the world used to work for Big D.
So that does it for Deloitte, God bless ’em. And that does it for the Final Big 4. We’ll throw in GT and BDO in for good measure but if you want to throw some more jabs at the big boys, email us at tips@goingconcern.com. You’ve got until around high noon tomorrow before we’ll start coming up with our completely unfair and unscientific ranking.

Deloitte UK CEO Does All Right For Himself

john connolly.jpgApparently Deloitte was feeling a little left out of the populist outrage because after the news that Big D UK reported shrinking revenues yesterday, today we learn out that John Connolly, Big D CEO across the pond, earned £5.22 million this past year.
Not too shabby even though that’s a little less than his earnings last year of £5.69 million, according to the London Evening Standard.
Big John should probably send some biscuits over to the Royal Bank of Scotland for the payday as RBS paid Deloitte nearly £59 million this past year, up from the £31 million in the year prior. RBS has received billions of bailout funds from the UK government, so some crazy taxpayer wrath headed in the direction of Big D would not be outside the realm of possibility.
Deloitte boss rakes in £5.2m after the bailout of RBS [London Evening Standard]

Deloitte UK Reports Shrinking Revenues

DTa.jpgBig D’s UK revenue was down 2% to £1.93 bil for the latest fiscal year, marking the first time a Big 4 firm has reported declining revenues in six years.
Partners are still doing okay though, as they will receive £601 million. That’s an average of £883,000 per partner. Not too shabby, even though that’s down over 7%.
Leaders within the firm are expecting another rough year ahead for the economy but are still planning for “growth not contraction”. We’re not sure how that fuzzy math will work but whatevs.
Oh, and little D’s, don’t worry, you got a shout-out from John Connolly the UK CEO: “our success will continue to be the product of our exceptionally talented people being relentlessly committed to our clients, to market leading, innovative service and to an obsession with quality”.
Relentlessly committed. Obsession with quality. Sounds like they must have re-instituted the tradition of shipping the criminals lesser performers down under.
Deloitte revenue drops in `extremely tough’ market [Accountancy Age]
Deloitte’s UK revenues shrink 2% [FT.com]

Subtlety Not a Strong Suit for Some Deloitte Aussies

DTa.jpgRumor out of Deloitte down-under, where, supposedly, some associates got canned because of organizing drug deals on Big D’s premises. Details are pretty scarce but this got us thinking:
More, after the jump


1. They were probably tax associates. They’re an unassuming bunch.
2. Is the pay so bad in Australia that Big D associates are resorting to illegal means of earning supplemental income? Wouldn’t turning tricks be easier?
3. How in God’s holy name did these f’n amateurs get busted? We’re they walking around soliciting potential customers like they were at a Phish concert?
We reached out to a Deloitte spokesperson who said they won’t comment on rumors. If you hear of other extracurricular activities going on at any of the firms, shoot us the scoop at tips@goingconcern.com

Deloitte to Squash Ratings?

Following up on yesterday’s post on KPMG’s slashing of ratings, we checked with a source that gave us the lowdown on the rating system at Deloitte:
“From what I heard, all of the 4s and 5s have already been shown the door. D&T is known to suppress ratings, so I doubt that there will be a lot of 1s or even 2s this year.”
So we asked them to elaborate on “suppress ratings”:
Get the details, after the jump

Your Senior and your manager will give you a rating. Lets say that you are good and they give you a 2. They will need to justify this rating to the entire firm when they have the review meeting (I forget the exact name). Since every Senior thinks that their staff is the shit, a lot of the 2s tend to get pushed down to 3s because if everyone is performing at a higher level, then that is the average. Then, they have a limited number of 2s to fight over…2s get paid more and I think that they get some kind of performance bonus. So they have an incentive to limit the number of 2s given out every year.

Sound familiar to anyone? Discuss.
We’re smack in the middle of performance review time so email us any shady changes, adjustments, throwing people under the bus, etc. going down to tips@goingconcern.com

Deloitte Study: Your Boss Wants to Know About Your Trite Status Updates

facebook at work.jpgA study put out by Big D states that 60% of business executives believe that they have every right to know how you portray yourself and the organization you work for.
And while they’re checking that out, they’ll probably go ahead and sneak a peek at your photos from your friend’s bachelorette party where phallic hats and straws were passed out to anyone who would accept them.
Not surprisingly, the study also states that the majority of 18-34 year old employees want The Man to BTFO of their online social networking. While this demand for privacy may exist, apparently you’re still aware that the power of rumor mill known as the Internet can still take your employer down like Nixon Dick Fuld Arthur Andersen.
While less than 20 percent of the overlords out there actually have Big Brother in place, almost half of employees say that they will still flagrantly update their status as “I hate Mondays” or “The weather is way too nice to be working!”
Deloitte’s 2009 Ethics & Workplace Survey Examines the Reputational Risk Implications of Social Networks [Deloitte Press Release]

UAL Dumps Deloitte for Ernst & Young

DTa.jpgDeloitte has gotten dumped by UAL, the parent company of United Airlines, for E&Y. The change will be effective after D-Period finishes the 2009 fiscal year-end audit engagement. This continues the trend of heartbreak for Deloitte, who was kicked to the curb by Heelys over fees.
UAL claims that it doesn’t have any disagreements with Deloitte which we don’t really believe. They have to disagree on something. White Sox vs. Cubs fans at the very least.
More after the jump


Also, changing your auditor isn’t like changing your underwear (well, it might be hard for some). We’ve got the feeling some top brass at UAL were sick of shacking up with Deloitte. However, the article also states that UAL cited the mandatory rotation of the lead partner, “firms often choose to seek bids for audit work in anticipation of that rotation.” Okay, going out to bid to tease the other firms is one thing but actually opting for a change is quite another.
We’re guessing there’s more to this story, so if you’ve got some inside dirt on this latest break up, let us know at tips@goingconcern.com.
UAL hires E&Y to replace Deloitte as accountant [Reuters]

Our Speculation About the Motivation Behind Deloitte’s Most Recent Survey

heelys.jpgBig accounting firms like doing surveys. We’ve often thought about the motivation behind the constant surveys and further wonder if firms ever josh the numbers around out of a personal vendetta against its rivals, enemies, former clients, etc.
Deloitte’s survey that states that American consumers are planning on spending less this back-to-school season causes us to speculate as to why the Big D would do such a survey? It’s a nice little press release we suppose. Shows that the firm is plugged into the current state of the economy, etc., etc. But then we got to thinking about how Heelys, the obnoxious shoes with wheels, recently dumped Deloitte because their fees were too high in favor of Grant Thornton.
Far be it from us to speculate about the temperament of a Big 4 accounting firm when it has business swiped away by a second-tier firm but isn’t it possible that Deloitte is bitter about the whole sitch? Isn’t it possible that Deloitte is merely putting out this survey as a way to scare consumers out of spending money on back-to-school junk like Heelys?
Back-to-School Shoppers Plan to Spend Less, Save More [Bloomberg]

Heelys Dumped Deloitte for that Slut, Grant Thornton

heelys.jpgWe told you earlier about wheeled shoes company Heelys dumping Deloitte. It was reported that Heelys left because fees were too high but we speculated that the Big D probably wasn’t down with Heelys request to have the entire audit team don the juvenile wheeled shoes.
Heelys has now announced they will be retaining the younger, sexier, less Big 4-ier, firm Grant Thornton as its independent accounting firm.
We find this very similar to the all-too-common situation where the old wife/husband is left behind for the newer, younger, partner who’s young, racy, and willing to experiment a little.
As you might expect, for accounting firms, letting the engagement teams wear shoes with wheels on them definitely qualifies as racy and risque and other firms only wish they had the balls to do something like that.

Heelys hires new accounting firm
[WFAA.com]

Deloitte Throws Up its Hands Regarding Missing Gold

deloitte.jpgThe Royal Canadian Mint (RCM) had a discrepancy between their book inventory of precious metals and the actual count, so natch, they called in a Big 4 accounting firm to do an audit and get to the bottom of this.
Deloitte got the honor of investigating and…wait for it…determined that there is gold missing. 17,500 ounces to be precise, worth about 15.3 million Canadian Dollars (approximately $13.2 USD). Oh, and there’s probably some silver missing too.
In classic auditor fashion, Big D issued a recommendation to the RCM to review its security.

Audit fails to find missing gold
[BBC]

Deloitte May Be the #1 Firm of No Fun

heelys.jpgRegardless of who a client is or what their business is, accounting firms don’t like to lose them. Lost revenue, a little bit of a slap in the face, a promise that wasn’t delivered (which, let’s be honest, really isn’t all that rare).
For whatever reason, we find the story that Heelys, the skate shoe company, having fired Deloitte as their auditor, has to be an especially tough pill to swallow for the Big D.
Why, you may ask? How about the fact that Heelys MAKES SHOES THAT HAVE WHEELS ON THEM which might be something fun.
According to Reuters, Heelys gave Deloitte-period the heave-ho primarily because of cost considerations. That may be true but something tells us that the real reason might have been Deloitte putting the kibosh on Heelys request of the audit team to wear the skate shoes while working at the client’s HQ.
Deloitte, like all Big 4 firms, being the fun killer, likely argued that skate shoes did fall under acceptable attire in its dress code.
It was probably only a matter of time until the Heelys audit committee concluded that they had to find another audit firm with smaller sticks up their asses. Partners on the engagement are now quietly stewing with their decision that may have put their firm solidly in the #1 slot for hating all things fun.

Heelys dismisses accounting firm
[Reuters]

Deloitte: Folding Like a Cheap Lawn Chair?

deloitte.jpgIs it possible that the spinelessness of the FASB is spreading some of the firms?
Motely Foley is reporting that MGM Mirage got the Big D to drop the going concern language from its “financial assessment” which we confirmed with the author, Bob Steyer, that indeed meant the audit opinion.
Doing a little digging on this whole sitch, we found that MGM has done some duct tape repairs to its balance sheet in order to convince its banks and Big D that nothing is fucked.
Deloitte, wanting to be troopers and all, probably just had to step back from the whole thing to get perspective. “Yeah, when you look at it from back here, $14.4 Billion in debt doesn’t really look that bad.”

MGM Back From the Brink — for Now
[Motley Fool]