http://www.forbes.com/sites/francine...om-coming-out/
Snippet:
Is this just sloppy scanning? It’s no coincidence to me that auditor PricewaterhouseCoopers may also be playing a role in keeping uncomfortable or incriminating information from the public about its audit clients. PwC audits MF Global as well as Bank of America, Goldman Sachs, JP Morgan, and Barclays. (See latest record fine against PwC for looking the other way at customer funds commingling at JP Morgan. PwC is also under investigation for similar sins at Barclays.) The largest audit firms routinely request confidential treatment of their reports and contract details such as engagement partners, whether as a vendor to the government or as a defendant in a contentious lawsuit.
There’s also a very strong interest on all sides of the MF Global mess in not leading anyone to third-parties such as bankers like JP Morgan, lawyers, and PwC, the auditors, too soon. Is there something in PwC’s secret audit reports and internal controls discrepancy reports for the broker/dealer for 2010 and perhaps 2011, that someone, anyone should have paid attention to earlier?
Here we are, more than two months after the forced liquidation of the MF Global broker dealer - it’s important to note this was no voluntary bankruptcy filing but a liquidation forced on MF Global by the Securities Investor Protection Corp – and the missing $1.2 billion of customer funds has not yet shown up.
The customer assets are gone, but no one in the officialdom - the two bankruptcy trustees, the CFTC, the SEC, or the Department of Justice – wants to admit just yet that the bankruptcy estate and, therefore, the customers will come up short.
No one but the CME Group will say that out loud. The CME Group timeline of events, updated most recently as sworn testimony by Terry Duffy to Congress, is the only reliable timeline out there.
http://www.cmegroup.com/clearing/fil...g-12-15-11.pdf
Snippet:
Is this just sloppy scanning? It’s no coincidence to me that auditor PricewaterhouseCoopers may also be playing a role in keeping uncomfortable or incriminating information from the public about its audit clients. PwC audits MF Global as well as Bank of America, Goldman Sachs, JP Morgan, and Barclays. (See latest record fine against PwC for looking the other way at customer funds commingling at JP Morgan. PwC is also under investigation for similar sins at Barclays.) The largest audit firms routinely request confidential treatment of their reports and contract details such as engagement partners, whether as a vendor to the government or as a defendant in a contentious lawsuit.
There’s also a very strong interest on all sides of the MF Global mess in not leading anyone to third-parties such as bankers like JP Morgan, lawyers, and PwC, the auditors, too soon. Is there something in PwC’s secret audit reports and internal controls discrepancy reports for the broker/dealer for 2010 and perhaps 2011, that someone, anyone should have paid attention to earlier?
Here we are, more than two months after the forced liquidation of the MF Global broker dealer - it’s important to note this was no voluntary bankruptcy filing but a liquidation forced on MF Global by the Securities Investor Protection Corp – and the missing $1.2 billion of customer funds has not yet shown up.
The customer assets are gone, but no one in the officialdom - the two bankruptcy trustees, the CFTC, the SEC, or the Department of Justice – wants to admit just yet that the bankruptcy estate and, therefore, the customers will come up short.
No one but the CME Group will say that out loud. The CME Group timeline of events, updated most recently as sworn testimony by Terry Duffy to Congress, is the only reliable timeline out there.
http://www.cmegroup.com/clearing/fil...g-12-15-11.pdf
