Sunday, August 10, 2008

Toothless SEC-6

"Prudential Financial Inc. agreed to settle a [SEC] lawsuit alleging that it had engaged in improper accounting of sham reinsurance contracts with General Reinsurance Corp., the SEC announced Wednesday. No fines were imposed on [Prudential], which didn't admit or deny the SEC's allegations", WSJ, 7 August 2008.

Another SEC triumph. I wonder if Mark Olson's PCAOB did anything to PriceWaterhouseCoopers, Prudential's CPAs? Why ask?

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