|
 |
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
On MF Global Anniversary Something Still Missing Rest assured, “We were duped” will be the auditor’s defense when, and
if, they are ever called to answer questions from the SEC, PCAOB, or a Senate/Congressional investigative committee. More likely
the audit firm has been working behind the scenes to “help” regulators and the trustees makes sense of the transactions
they were supposed to have been questioning while the firm was still viable. Most likely, in exchange for the promise of no
prosecution, the firm has agreed to tell them where the bodies – the $1.6 billion – is buried and point
fingers at executives that lied to them or witheld information so the case against management will be stronger. That’s how it works. Whether civil, criminal, or private litigation, the auditors who are supposed to be standing
up for shareholders and, in this case, customers who have a big stake in MF Global’s viability, are instead most worried
about their own liability. And the lawyers play along. That’s how it was done at AIG and
Huron, more PwC audit clients.
MF
Global – and PFGBest – were futures commission merchants, or FCMs, with broker-dealer subsidiaries. The
ten futures commission merchants, or FCMs, with the most customer segregated assets under their control, almost $117 billion,
as of June 30, 2012 according to reports filed with the CFTC, are audited in four cases by PwC. The rest are audited by one
of the other Big Four audit firms. (A Big Four auditor obviously didn’t help safeguard customer funds any better at
MF Global where the auditor is also PwC.) Large
banks have been sanctioned recently for commingling their broker-dealer customers’ funds with their own. JP Morgan, and its auditor PwC, and Barclays were fined in the UK for
not safeguarding the funds of brokerage customers. MF Global : 99 Problems And Auditor PwC Warned About None
As a news agregator website this site primarily serves to gather for research and educational
purposes in one single place news and information specifically pertinent to major global corruption in business and government.
The news items, views, editorials and opinions summarized or reported on this website are taken from the general media and
reputable blogs, websites, etc., and are exclusively the responsibility of the original sources and/or authors. In accordance
with Title 17 U. S. C. Section 107, any copyrighted work on this website is distributed under fair use without profit or payment
to those who have expressed an interest in receiving the included information for nonprofit research and educational purposes
only. Ref: http://www4.law.cornell.edu/uscode/17/107html
a jimwes website
|
