Deloitte has agreed to a one-year suspension from soliciting new consulting work from hundreds of financial institutions and will pay $10m to New York as the state begins an unparalleled crackdown on independent consulting firms.
New York's Department of Financial Services cited Deloitte's “misconduct, violations of law, and lack of autonomy” in its review of anti-money laundering practices at Standard Chartered.
This is, of course, in the USA.
This is, of course, the firm Dave Hartnett joined recently.
This is, of course, the form where Bill Dodwell works, the man who in February said:
At a time where there is focus on professional ethics, one has to wonder whether there is now a need for an ethical code for campaigning charities.
I think the issue might be one Deloitte might need to address closer to home before demanding that I and some charities be regulated before being allowed to comment on tax.
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Their part in the shortcomings of the Lloyds PPI complaints is worth noting as well.
http://www.bbc.co.uk/news/22851346
The problem, is that the City does not care. As long as the fine is small in relation to Profit it is fine. No reputational damage to the customers Audit Report.
http://www.reuters.com/article/2013/06/17/us-nyse-intercontinental-eu-idUSBRE95G0GM20130617
And then this..
“Before you dismiss the possibility of a 90% drop in the stock market as unrealistic, consider Wiedemer’s credentials.”
http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=1393F-1
I watched the Moneynews video as I was intrigued. As with a lot of US stuff this was purely self promotion and ‘pat on the back’ type rubbish. Luckily I checked the Amazon reviews and they were scathing. They even ‘trashed’ Paul Krugman! Sure, the stock market levels are unsustainable and inflation will rise once QE gets into the mainstream but to a) Sell all your stocks, b) Sell all your real estate c) Liquidate everything and buy gold and d) Employ us to give you investment advice is rubbish. If you say something long enough, then people will start to believe it.
Thought you might like to read this ?..
http://my.firedoglake.com/selise/2011/04/19/james-k-galbraith-the-implications-of-rising-resource-costs-for-economic-systems/
Seems that KPMG were the auditors of the now troubled Co-Op Bank (where i have my negligible amounts of money) – what was an ‘ethical’ bank doing using them?