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Bubblesitter
ParticipantGotta add the accounting firms such as KPMG. This looks to be a replay of Enron like auditing scandals of a few years back. As investors, what kind of financial audit info can we trust? Lack of tranparency and confidence is gonna prolong this credit crunch on Wall Street.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aXebBOZ3eBjQ&refer=news
“New Century Bankruptcy Examiner Says KPMG Aided Fraud (Update4) By Tiffany Kary
March 26 (Bloomberg) — New Century Financial Corp.’s bankrupt estate might have cause to sue its former accountant KPMG LLP and some directors and officers for improper accounting leading up to its bankruptcy, a court examiner said in a report.
The company, once the second-biggest U.S. subprime-mortgage lender, engaged in accounting fraud in 2005 and 2006 before filing for bankruptcy in April 2007, according to the 581-page report by court examiner Michael J. Missal unsealed today.
New Century “engaged in a number of significant improper and imprudent practices related to its loan originations, operations, accounting and financial reporting processes,” Missal wrote in the report. He said “KPMG contributed to certain of these accounting and financial reporting deficiencies by enabling them to persist” and in some cases “precipitating” a departure from “applicable accounting standards.”………”
ParticipantGotta add the accounting firms such as KPMG. This looks to be a replay of Enron like auditing scandals of a few years back. As investors, what kind of financial audit info can we trust? Lack of tranparency and confidence is gonna prolong this credit crunch on Wall Street.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aXebBOZ3eBjQ&refer=news
“New Century Bankruptcy Examiner Says KPMG Aided Fraud (Update4) By Tiffany Kary
March 26 (Bloomberg) — New Century Financial Corp.’s bankrupt estate might have cause to sue its former accountant KPMG LLP and some directors and officers for improper accounting leading up to its bankruptcy, a court examiner said in a report.
The company, once the second-biggest U.S. subprime-mortgage lender, engaged in accounting fraud in 2005 and 2006 before filing for bankruptcy in April 2007, according to the 581-page report by court examiner Michael J. Missal unsealed today.
New Century “engaged in a number of significant improper and imprudent practices related to its loan originations, operations, accounting and financial reporting processes,” Missal wrote in the report. He said “KPMG contributed to certain of these accounting and financial reporting deficiencies by enabling them to persist” and in some cases “precipitating” a departure from “applicable accounting standards.”………”
ParticipantGotta add the accounting firms such as KPMG. This looks to be a replay of Enron like auditing scandals of a few years back. As investors, what kind of financial audit info can we trust? Lack of tranparency and confidence is gonna prolong this credit crunch on Wall Street.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aXebBOZ3eBjQ&refer=news
“New Century Bankruptcy Examiner Says KPMG Aided Fraud (Update4) By Tiffany Kary
March 26 (Bloomberg) — New Century Financial Corp.’s bankrupt estate might have cause to sue its former accountant KPMG LLP and some directors and officers for improper accounting leading up to its bankruptcy, a court examiner said in a report.
The company, once the second-biggest U.S. subprime-mortgage lender, engaged in accounting fraud in 2005 and 2006 before filing for bankruptcy in April 2007, according to the 581-page report by court examiner Michael J. Missal unsealed today.
New Century “engaged in a number of significant improper and imprudent practices related to its loan originations, operations, accounting and financial reporting processes,” Missal wrote in the report. He said “KPMG contributed to certain of these accounting and financial reporting deficiencies by enabling them to persist” and in some cases “precipitating” a departure from “applicable accounting standards.”………”
ParticipantA salute to the Wizards of Wall Street. The high finance gurus who created increasingly complex, opaque finance instruments in recent years. The whole thing is crumbling now.
The Bear Stearns fiasco shows how quickly it can all fall apart.
How many white knights are out there? At some point the White Knight have to save their own skin.
Bubblesitter
ParticipantA salute to the Wizards of Wall Street. The high finance gurus who created increasingly complex, opaque finance instruments in recent years. The whole thing is crumbling now.
The Bear Stearns fiasco shows how quickly it can all fall apart.
How many white knights are out there? At some point the White Knight have to save their own skin.
Bubblesitter
ParticipantA salute to the Wizards of Wall Street. The high finance gurus who created increasingly complex, opaque finance instruments in recent years. The whole thing is crumbling now.
The Bear Stearns fiasco shows how quickly it can all fall apart.
How many white knights are out there? At some point the White Knight have to save their own skin.
Bubblesitter
ParticipantA salute to the Wizards of Wall Street. The high finance gurus who created increasingly complex, opaque finance instruments in recent years. The whole thing is crumbling now.
The Bear Stearns fiasco shows how quickly it can all fall apart.
How many white knights are out there? At some point the White Knight have to save their own skin.
Bubblesitter
ParticipantA salute to the Wizards of Wall Street. The high finance gurus who created increasingly complex, opaque finance instruments in recent years. The whole thing is crumbling now.
The Bear Stearns fiasco shows how quickly it can all fall apart.
How many white knights are out there? At some point the White Knight have to save their own skin.
Bubblesitter
ParticipantA 2nd salute to Govt regulators. Many have staunchly touted free market Laissez-faire policy. Less government regulation is always better. Right.
Quote from today’s cnbc article.
http://www.cnbc.com/id/23606703
“U.S. policy makers, led by Treasury Secretary Henry Paulson, are due to recommend a revamp of rules related to credit markets and mortgage brokers, the Wall Street Journal reported on Wednesday”
Bubblesitter
ParticipantA 2nd salute to Govt regulators. Many have staunchly touted free market Laissez-faire policy. Less government regulation is always better. Right.
Quote from today’s cnbc article.
http://www.cnbc.com/id/23606703
“U.S. policy makers, led by Treasury Secretary Henry Paulson, are due to recommend a revamp of rules related to credit markets and mortgage brokers, the Wall Street Journal reported on Wednesday”
Bubblesitter
ParticipantA 2nd salute to Govt regulators. Many have staunchly touted free market Laissez-faire policy. Less government regulation is always better. Right.
Quote from today’s cnbc article.
http://www.cnbc.com/id/23606703
“U.S. policy makers, led by Treasury Secretary Henry Paulson, are due to recommend a revamp of rules related to credit markets and mortgage brokers, the Wall Street Journal reported on Wednesday”
Bubblesitter
ParticipantA 2nd salute to Govt regulators. Many have staunchly touted free market Laissez-faire policy. Less government regulation is always better. Right.
Quote from today’s cnbc article.
http://www.cnbc.com/id/23606703
“U.S. policy makers, led by Treasury Secretary Henry Paulson, are due to recommend a revamp of rules related to credit markets and mortgage brokers, the Wall Street Journal reported on Wednesday”
Bubblesitter
ParticipantA 2nd salute to Govt regulators. Many have staunchly touted free market Laissez-faire policy. Less government regulation is always better. Right.
Quote from today’s cnbc article.
http://www.cnbc.com/id/23606703
“U.S. policy makers, led by Treasury Secretary Henry Paulson, are due to recommend a revamp of rules related to credit markets and mortgage brokers, the Wall Street Journal reported on Wednesday”
Bubblesitter
ParticipantDow futures this morning are sharply lower. It has certainly been another roller coaster this week on Wall street. The credit crunch seems to be intensifing.
Looks like many investors have become very risk averse.
I’m still a gold bull, looks likely it will very shortly surpass the $1000 threshold. Still much lower than the $2000+ inflation adjusted gold prices during the 70s stagflation period. It has progressively become a larger and larger percentage of my portfolio in the past couple years.
Bubblesitter
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