The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

In a new column, Jonathan Weil makes the case that if MF Global could sneak by auditors, so can Goldman Sachs:

Six months ago the accounting firm PricewaterhouseCoopers LLP said MF Global Holdings Ltd. and its units “maintained, in all material respects, effective internal control over financial reporting as of March 31, 2011.” A lot of people who relied on that opinion lost a ton of money.

MF Global filed for bankruptcy on Oct. 31. This week the trustee for the liquidation of its U.S. brokerage unit said as much as $1.2 billion of customer money is missing, maybe more. Those deposits should have been kept segregated from the company’s funds. By all indications, they weren’t.

What’s the point of having auditors do reports like this? And are they worth the cost? It’s getting harder to answer those questions in a way the accounting profession would favor.

Advertising

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Jeff Danziger lives in New York City. He is represented by CWS Syndicate and the Washington Post Writers Group. He is the recipient of the Herblock Prize and the Thomas Nast (Landau) Prize. He served in the US Army in Vietnam and was awarded the Bronze Star and the Air Medal. He has published eleven books of cartoons, a novel and a memoir. Visit him at DanzigerCartoons.

Roe V. Wade being overturned can impact midterm elections

YouTube Screenshot

The fate of abortion rights is now in the hands of voters after the Supreme Court on Friday overturned decades of settled precedent in its ruling in Dobbs v. Jackson Women's Health Organization that abortion is not a right under the U.S. Constitution.

Now that state legislatures are able to pass bills that restrict abortion, the outcome of elections for governors, attorneys general, and state lawmakers will determine whether abortion remains legal and how draconian bans will be.

Keep reading... Show less
{{ post.roar_specific_data.api_data.analytics }}