tag:blogger.com,1999:blog-2611021408437270881.post5356884545762093328..comments2024-03-18T23:59:39.885-07:00Comments on Skeptical CPA: Incentives Count-For Bankers Too?-2Independent Accountanthttp://www.blogger.com/profile/07800220849565219709noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2611021408437270881.post-10439622315465291462008-04-16T13:59:00.000-07:002008-04-16T13:59:00.000-07:00Hello again i.a.,I was being humorous as well. The...Hello again i.a.,<BR/><BR/>I was being humorous as well. The real problem is that there is no risk. Managers bet OPM, then collect fees. If the whole thing blows up they get huge severance checks and the gubbermint picks up the mess. It is the wild west out there, and Wall Street isn't fit for decent folk. Best of everything. [/buzz saw]Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2611021408437270881.post-52040394159756166772008-04-16T09:38:00.000-07:002008-04-16T09:38:00.000-07:00BS:I was being facetious. CPAs are no more capabl...BS:<BR/>I was being facetious. CPAs are no more capable of doing "risk assessment" than Alice's Mad Hatter. I was criticizing the SEC, PCAOB, AICPA for "feel goodism" for the public. It's the capital markets that assess risk, not CPAs. In my opinion. CPAs pay lip service to this and create workpapers to indicate they did something to make Mark Olson & Co. happy. So?<BR/>That I saw the collapse coming is explained in part at my 9 January 2008 post and by some interactions with clients, each of whom thought he could become a millionaire by investing in real estate. I thought, "this is the same nonsense people were saying about tech stocks in 2000". I was right this time. So? The public errs to trust any regulator to do this. Or me.Independent Accountanthttps://www.blogger.com/profile/07800220849565219709noreply@blogger.comtag:blogger.com,1999:blog-2611021408437270881.post-21156102656668089382008-04-16T09:18:00.000-07:002008-04-16T09:18:00.000-07:00@i.a. wrote: The idea of regulators doing risk ass...@i.a. wrote: <I>The idea of regulators doing risk assessments is laughable. Why not have CPAs do it?</I><BR/><BR/>You have my vote, now get to it. :)Anonymousnoreply@blogger.com