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New Century Bankruptcy Examiner Says...

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New Century Bankruptcy Examiner Says KPMG Aided Fraud

New Century "engaged in a number of significant improper and imprudent practices related to its loan originations, operations, accounting and financial reporting processes,'' Missal wrote in the report. He said "KPMG contributed to certain of these accounting and financial reporting deficiencies by enabling them to persist'' and in some cases "precipitating'' a departure from "applicable accounting standards.'' "This is really the embryo of the credit crisis,'' Missal said today in a phone interview. "The theme of the report is how easily the loans were originated, how exceptions were made, how they used bad appraisals. There were no appropriate internal controls and KPMG failed to look at these things skeptically.''

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i was reading that today, it seems everyones at it.

It would appear the whole financial industry is rotten to the core, this was shown with Enron, nothing has improved, in fact it seems to be getting worse <_<

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i was reading that today, it seems everyones at it.

Oh yes!!! Everyone HAS been "at it" as you say.... I have said for about 3 years now --

LIAR LOANS/MORTGAGE FRAUD is ENDEMIC.

I understood this crystal clearly in late 2003 after seeing the BBC Money Programme -- DETAILS BELOW

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Shades of Arthur Anderson.

But let's just think for a second about the status quo. Look at the chancers on the apprentice. Look at the benefit cheats. Look at the white van men with cash-in-hand pay the salaried marvel at. Look at the commissioned conmen behind the loans desk. Look at the idols of our society - the "celebs for nothin", the air-bag kickers. Look at the public sector workers on company director fees who refuse to work overtime. Look at the gangmasters, the pushers (who hasn't got one?) the MPs who refuse to disclose their expenses and the profiteers who want to buy an apple for a pound and sell it for £1.50.

Now look at the balance sheets of banks with all that on your mind and a cold beer waiting for you at the bar. What you gonna do with that pen? ;)

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Shades of Arthur Anderson.

But let's just think for a second about the status quo. Look at the chancers on the apprentice. Look at the benefit cheats. Look at the white van men with cash-in-hand pay the salaried marvel at. Look at the commissioned conmen behind the loans desk. Look at the idols of our society - the "celebs for nothin", the air-bag kickers. Look at the public sector workers on company director fees who refuse to work overtime. Look at the gangmasters, the pushers (who hasn't got one?) the MPs who refuse to disclose their expenses and the profiteers who want to buy an apple for a pound and sell it for £1.50.

Now look at the balance sheets of banks with all that on your mind and a cold beer waiting for you at the bar. What you gonna do with that pen? ;)

Yes! Jeez......... this country is in such a dire mess.......

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As an accountant it does frustrate me when these stories come out of the woodwork. Since Enron, the vast majority of auditors are very strict with their clients on implementing accounting standards appropriately, especially when there is an impact on net assets or P&L.

This even goes to the extent of pissing clients off but they understand in the end...

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Shades of Arthur Anderson.

But let's just think for a second about the status quo. Look at the chancers on the apprentice. Look at the benefit cheats. Look at the white van men with cash-in-hand pay the salaried marvel at. Look at the commissioned conmen behind the loans desk. Look at the idols of our society - the "celebs for nothin", the air-bag kickers. Look at the public sector workers on company director fees who refuse to work overtime. Look at the gangmasters, the pushers (who hasn't got one?) the MPs who refuse to disclose their expenses and the profiteers who want to buy an apple for a pound and sell it for £1.50.

Now look at the balance sheets of banks with all that on your mind and a cold beer waiting for you at the bar. What you gonna do with that pen? ;)

Poke Gordon Brown in the eye :)

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  • 294 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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