"John Vandevelde, a lawyer for Mr. Kenneally, said his client was never a senior officer of the firm and 'always relied on the fully informed advice of the outside auditors.' ... A court-appointed examiner looking into [NC's] collapse found in 2008 that KPMG, the company's accountant, 'contributed' to some of the accounting and financial reporting strategies. At the time, KPMG said it strongly disagreed with the report's conclusion. KPMG declined to comment further Monday. ... 'This shows our focused effort to pursue and scrutinize those who dealt in or sold or created mortgage-related structures regardless of vehicle they used,' said Robert Khuzami, the SEC enforcement director", Kara Scannell at the WSJ, 8 December 2009: http://online.wsj.com/article/SB10001424052748704825504574582102923058362.html.
No Morrice. You had to put a "former" NC executive in as US Treasury Secretary. Well Schaprio, when will you try to get similar restitution from Lloyd Antoinette Blankfein and David Viniar at Vampire Squid (VS)? I last commented on NC on 13 April 2009: http://skepticaltexascpa.blogspot.com/2009/04/kpmg-sued.html.
I'll believe Khuzami when I see VS's officers get the same treatment.