Saturday, December 26, 2009
The Big 87654 Repeat S&L Crisis
Francine McKenna (FM) has a 7 December 2009 post at her re: The Auditors about CPAs' performance in the current financial crisis. Read FM's comments about AIG-Goldman Sachs credit default swap (CDS) accounting. My conclusion: Goldman told PriceWaterhouseCoopers (PWC) to have AIG change its CDS accounting and PWC did as instructed. I never called FM's assessment "harsh". Here's links to FM's post: http://retheauditors.com/2009/12/07/they-werent-there-auditors-and-the-financial-crisis/ and my my 13 May 2009 post on AIG-PWC: http://skepticaltexascpa.blogspot.com/2009/05/pricewatergates-waterloo.html.