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Colonial BancGroup
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08 сентября, 17:47

Auditors aren’t so bad: Box ticked

UK Only Article:  standard article Issue:  Art of the lie Fly Title:  Auditors aren’t so bad Location:  NEW YORK Print section Main image:  20160910_WBP002.jpg Rubric:  The rich world is not suffering an outbreak of accounting fraud IF YOU peer into the world of accounting in any given month, it is easy to get the impression that an epidemic of skulduggery and incompetence has broken out. Consider the month of August. A whistleblower at Monsanto, an American seeds firm, received a reward from the Securities and Exchange Commission, after spotting that the firm was misreporting its earnings for Roundup, a weedkiller. T. Rowe Price, an asset manager, launched a lawsuit against Valeant, a drugs firm which it accuses of fraud and misleading accounting. The list goes on. PricewaterhouseCoopers, one of the Big Four accounting firms, settled a case involving Colonial BancGroup, a lender it audited which went bust after suffering fraud. ...

08 сентября, 17:47

Box ticked

IF YOU peer into the world of accounting in any given month, it is easy to get the impression that an epidemic of skulduggery and incompetence has broken out. Consider the month of August. A whistleblower at Monsanto, an American seeds firm, received a reward from the Securities and Exchange Commission, after spotting that the firm was misreporting its earnings for Roundup, a weedkiller. T. Rowe Price, an asset manager, launched a lawsuit against Valeant, a drugs firm which it accuses of fraud and misleading accounting. The list goes on. PricewaterhouseCoopers, one of the Big Four accounting firms, settled a case involving Colonial BancGroup, a lender it audited which went bust after suffering fraud. The boss of Monte dei Paschi di Siena, an Italian bank, said that he was under investigation as part of a probe into false accounting. Shares in Orbital ATK, an American defence firm, tanked after it said it had made accounting mistakes, and an internet firm called ComScore replaced its top brass amid problems with its numbers. The obvious conclusion is that the accounting industry has failed to clean itself up since 2001-03, when Enron and WorldCom, among...

15 августа, 12:16

Ипотечный кризис может обойтись PwC в $5,5 млрд

Аудиторов обвиняют в том, что они не заметили мошенническую схему основателя TBW Ли Фаркаса с использованием Colonial Bank. Компания PwC давала аудиторское заключение Colonial BancGroup с 2002 по 2008 годы, а в 2009 году эта банковская группа обанкротилась, что стало шестым по величине крахом за всю историю американских кредитных организаций.

20 мая, 19:51

Banks to Face FDIC Suit Over Colonial Failure on Reversal

A divided federal appeals court in New York yesterday revived a Federal Deposit Insurance Corp. (FDIC) lawsuit related to the 2009 failure of Colonial BancGroup Inc. against 11 banks.

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19 мая, 17:17

Clock did not run out on FDIC lawsuit vs big banks - U.S. court

NEW YORK (Reuters) - The U.S. government on Thursday won a victory in its effort to hold big banks liable for selling older toxic debt as a divided federal appeals court in New York revived a Federal...