Will Ernst & Young Survive The Lehman Fiasco?

[Bozita]

http://www.businessinsider.com/will-ernst-and-young-survive-the-lehman-fiasco-2010-3

Will Ernst & Young Survive The Lehman Fiasco?
John Carney | Mar. 12, 2010, 2:22 PM | 1,520 | 23
Tags: Wall Street, Litigation, Lehman Brothers, Accounting, Bankruptcy

Ernst & Young is standing behind the work it did for Lehman Brothers.

But the example of what happened to Enron accountants Arthur Andersen should have E&Y very worried.

In both its public statement released today and in interviews with the bankruptcy examiner, E&Y says it agreed to the
Repo 105 transactions only in theory. It apparently never blessed or even evaluated any particular transaction, much
less audited them or assessed the impact of them on the balance sheet.

The examiner says that the firm may nonetheless have committed professional
malpractice.

-snip-

“Enron brought down Arthur Andersen,” Felix Salmon notes. “Will Lehman do the same for E&Y?”

-snip-

more...

[OregonBlue]

1. I hope not and I hope it also brings down little Timmy Geitner.

[cutlassmama]

4. That'd be awesome. They were involved in some savings and loan

"glitches" back in the day too.

[Last_Stand]

2. Oh Happy Day...

http://www.youtube.com/watch?v=MaIq9o1H1yo&feature=player_embedded#

[Bozita]

5. WOW! ... Thanks for that.

[Last_Stand]

6. You're being sarcastic right?

Everyone I send that to HATES me afterward...LOL

:evilgrin:

[Bozita]

9. Not at all. The examiners report coupled with that video? ... Well, it's surreal.

[WCGreen]

7. My brother worked for Ernst and Whiney back in the 80's for

about two years...

He hated it then...

I almost went the same route but chose to concentrate on taxes so I would be free to spend time working for campaigns.

[AllentownJake]

3. The corporate death penalty is in order here

This in conjunction with their tax practices law breaking say that the culture at the firm is toxic and it should be removed from existence.

[taught_me_patience]

8. Sounds like they deserve huge bonuses

Geitner will make sure they do.