The Briefing Room
General Category => Economy/Business => Topic started by: endicom on June 20, 2018, 02:33:27 pm
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Market Watch
Francine McKenna
June 20, 2018
The auditor of some of the world’s largest banks including Citigroup, Credit Suisse and Deutsche Bank was tipped off before a regulator inspected them.
It’s been previously reported that KPMG executives were able to extract from the regulator, the Public Company Accounting Oversight Board, confidential information ahead of inspections, and use that information to correct their work and at least in one instance, withdrawn an opinion. But MarketWatch now has court documents that, for the first time, names the audit clients caught up in the scandal.
The Justice Department in January brought criminal charges five former KPMG executives and one former regulator for allegedly taking advantage of advance notice of regulator inspections. Court filings made June 8 by lawyers for two of the KPMG partner defendantsspells out the audit clients caught up in the scandal. They’re mostly financial companies: Citigroup C, +0.82% , Credit Suisse CS, +1.08% , Deutsche Bank DB, -0.58% , Banc of California BANC, +0.26% , BBVA BBVA, +0.29% , Ambac AMBC, -0.54% , Phoenix Life, and NewStar Financial as well as industrial companies Air Products & Chemical APD, -1.30% and C&J Energy Services CJ, -0.94%
More... https://www.marketwatch.com/story/the-auditor-of-citi-credit-suisse-and-deutsche-bank-was-tipped-off-before-regulatory-inspection-2018-06-20 (https://www.marketwatch.com/story/the-auditor-of-citi-credit-suisse-and-deutsche-bank-was-tipped-off-before-regulatory-inspection-2018-06-20)
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Just taking their lead from Libby Schaff.
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Who watches the watchers?
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Who watches the watchers?
The lookers?