yeah, I'm not quite sure how you got that out of the article. The entire article is solely about Lehman and more specifically Repo 105 and E&Y audit on Lehman. There is no talk about E&Y issues in the past. I can see how it is one sided, however it is filled w/ statements and facts from a 2200 page report, not too mention they state that there is clearly illegal conduct on the part of Lehman.
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Also, are you aware of Senator Kaufman's reaction to this? Here is one excerpt:
\n"Mr. President, last Thursday, the bankruptcy examiner for Lehman Brothers Holdings Inc. released a 2,200 page report about the demise of the firm and which included riveting detail on the firms accounting practices. That report has put in sharp relief what many of us have expected all along: that fraud and potential criminal conduct were at the heart of the financial crisis."
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"Kaufman calls for a "a thorough investigation, both civil and criminal, to identify every last person who had knowledge that Lehman was misleading the public about its troubled balance sheet and that means everyone from the Lehman executives, to its board of directors, to its accounting firm, Ernst & Young. Moreover, if the foreign bank counterparties who purchased the now infamous "Repo 105s" were complicit in the scheme, they should be held accountable as well."
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http://www.zerohedge.com/article/senator-kaufman-makes-stand-against-criminality-exposed-lehman-examiner-report-questions-cor
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This is simply not the media trying to make this the next Enron/Arthur Anderson scandal. hell, this is barely even in the mainstream media. This is on a much bigger scale than Enron. Don't get me wrong, I'm sure there are plenty of excellent employee's at E&Y, such as yourself. However, I don't doubt for a second that there is fraud and corruption in not only E&Y, but nearly all of the biggest public accounting firms.
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And, if it isn't fraud/corruption on the part of accounting firms, is incompetence any better?
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AUD is the only portion of the exam I have passed so far. I have never actually worked an audit, so therefore, I only know theory. I know the real world is usually much different than ideal theory of how something is supposed to work, so it is possible that I have a skewed viewpoint. If I were an E&Y employee, I would keep a very close eye on the story. I doubt this thing is going to go away quietly.\n
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AUD - 81, BEC - 74, 80, FAR - 82, REG - 81
Done!