Category Archives: accounting

KPMG Sued for $1 Billion Over New Century Meltdown

Two separate lawsuits were filed yesterday against Netherlands-based Big Four accounting giant, KPMG International, and its U.S. subsidiary, KPMG LLP, alleging that KPMG conducted “reckless and grossly negligent audits” that contributed to the collapse of top subprime lender New Century … Continue reading

Posted in accounting, auditing, bankruptcy, causes of the crisis, incentives, KPMG, lawsuits, loss causation, negligence and recklessness, New Century | Leave a comment

Focus of New Regulation Should Be On Securitization

The election of Barack Obama as the presumptive 44th President of the United States promises to usher in an era of increased regulation of the financial markets pursuant to Obama’s platform of economic reform. So far, many commentaries on the … Continue reading

Posted in accounting, Alt-A, banks, Barack Obama, broader credit crisis, causes of the crisis, lenders, mortgage market, regulation, securities, securitization, subprime | Leave a comment