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Deloitte Touche Sued For $7.6Bn In Mortgage Fraud In Us

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...could this happen to Auditors here ....?.... :unsure:

Giant accounting and consulting firm Deloitte Touche Tohmatsu has been accused of failing to detect fraud during audits of a mortgage firm which failed during the US housing crash.

A trust overseeing now-defunct Taylor, Bean & Whitaker (TBW), and one of the company's subsidiaries, have filed complaints in a Florida court.

They are claiming a combined $7.6bn (£4.9bn) in losses.

TBW shut down after federal agents raided its headquarters in August 2009.

http://www.bbc.co.uk/news/business-15069976

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Yes this will be many, many years of legal battles, ending in many firms going down, and the lawyers getting 100% of the money left. But I think it has to happen. These auditors signed off on basically outright fraud, and thought that they were above the law with their disclaimers.

A lot of investors around the world are afraid now to invest in America and Britain because past statements were shown to be falsifications.

Lets say you see a great company which is trading at just 5 times earnings, and is a growing company with lots of revenue. It seems like a great buy. But now throw in that there is a good chance that report of 5 times earning is completely make believe and the company is actually losing money.

That is what someone investing in the US stock market is faced with. This company might have made 2 billion last year.. then again it might get revised down to a loss of 5 billion 5 years from now.

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Ultimately this will turn into a field day for the lawyers, they'll drag millions of fees out of these battles.

True if the Dale Farm fiasco is anything to go by.

If a bunch of gypsies can keep public prosecutors tied up in knots for years what chance do we have of seeing bankers sent to jail?

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True if the Dale Farm fiasco is anything to go by.

If a bunch of gypsies can keep public prosecutors tied up in knots for years what chance do we have of seeing bankers sent to jail?

...this is about the Auditors who were fooled by the bankers ....or maybe they just weren't good enough despite their high fees....what about the shareholders who have been failed ...?....and now us as taxpayers.... :rolleyes:

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True if the Dale Farm fiasco is anything to go by.

If a bunch of gypsies can keep public prosecutors tied up in knots for years what chance do we have of seeing bankers sent to jail?

...this is about the Auditors who were fooled by the bankers ....or maybe they just weren't good enough despite their high fees....what about the shareholders who have been failed ...?....and now us as taxpayers.... :rolleyes:

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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