Summary
The odds 10,000 to 1 are not good for the public's financial health. Every one of the well-known debacle companies had CPA auditors who said the financial statements were just fine. For AIG it was PricewaterhouseCoopers. Lehman Brothers (the largest bankruptcy in American history) had Ernst & Young.
Fannie Mae's fiascos were OK'd by Deloitte & Touche. KPMG was responsible for Countrywide. The $50 billion Madoff Ponzi scheme somehow could not be detected by numerous CPA auditors for its investors.See the full content of this document
Extract
Red Ink ; Big Errors
Is the loss to the investing public $1 trillion, $2 trillion, or more? How many life savings are destroyed? How many pension funds are imploding, including private and public? With the biggest state population California, has had the most to lose.
We all know tha...See the full content of this document
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