On 3/1/11 9:04 AM, Wayne.B wrote:
On Tue, 01 Mar 2011 08:28:08 -0500,
wrote:

Surely you are not trying to let the so-called "Wall Street financial
community" off the hook for its major role in bringing down our economy.

Assuming that you are talking about the recent collapse of the housing
market, the financial community was absolutely one of the major
facilitators. There's lots of blame to go around however, starting
with misguided government policy which got the whole thing rolling.
No one was complaining when the party was in full swing. People
will be writing books about it for a long time to come, just like the
great depression of the 1930s.



I'm talking about the on-going collusion between the wall street banks,
brokers, investment bankers, accounting firms, et cetera, and
corporations, and, of course, the collapse of the housing market.

Among other things, itt seems to be getting rarer and rarer to see a CPA
firm "quit" a client over accounting disputes. That means that the CPA
firms are in fear of losing their clients, not that they are doing the
tough job they should be doing.

About 10 years ago, a former client of mine got into a dispute with its
big accounting firm. After three months of arguing, the accountants said
they would have to put a fairly derogatory note in the annual statement.
There was a lot of pressure on both sides. The CPAs ended up by
resigning the account. The "new" CPAs were far more compliant.