Has the media forgotten ENRON? AIG? How about the recent SATYAM scandal? I rolled my eyes when I learned that Romney's accounting firm is Price Waterhouse.
Price Waterhouse letter to Mr. and Mrs. Romney, found on www.MittRomney.com website:
Letter from PricewaterhouseCoopers
PricewaterhouseCoopers LLP, or its predecessor Price Waterhouse LLP, has prepared you annual federal and state income tax returns for each year during the twenty year period 1990 - 2009. We signed each return as preparer.....
Hmmm, who prepared returns for years 2010 & 2011?
A cursory Google search finds many frauds implicating Price Waterhouse spanning decades. Below are some. Notice the PwC frauds are indicated in other countries as well as the United States.
And we are to believe Price Waterhouse?
Price Waterhouse was in thick with Enron, playing with Other People's Money
Enron bosses reaped £6.2m from four-day Centrica sell-off
Enron Direct was sold by Price Waterhouse Coopers to the utility group Centrica last December for £96.4m. To speed up the process, PWC was prepared to offer each manager £440,000 as an incentive to work the long hours involved in the tendering process.
Mitt and Enron have something else in common:
ENRON'S MANY STRANDS: OFFSHORE BANKING; Enron Footprints Revive Old Image of Caymans
The recent disclosure that the Enron Corporation used nearly 700 partnerships registered in the Cayman Islands to avoid paying federal taxes has revived suspicions. A recently signed treaty to exchange tax information with American authorities has been derided by some American prosecutors as a sham because it would not take effect for a few years, which they said would give tax cheats ample time to find another haven.
And then there's Price Waterhouse and AIG
Accountants Missed AIG Group's Red Flags
May 31, 2005 (washingtonpost.com) -- For years, PricewaterhouseCoopers LLP gave a clean bill of financial health to American International Group Inc., only to watch the insurance giant disclose a long list of accounting problems this spring.
And Price Waterhouse and CLICO
CL Financial – CLICO scandal: Silence from Price Waterhouse Coopers as forensic investigator Robert Lindquist submits report
“No one is questioning the role of Pricewaterhouse Coopers in this Clico fiasco. PwC consistently signed clean Audit reports for Clico and CIB despite knowing about the inaccurate and fraudulent accounting.
CIB’s accounts for the 2007 year end were signed off on December 3rd 2009, less that 45 days before the company crashed. There was no going concern qualification, or subsequent events note that should have been in the audit report.
Surely PwC knew of the company’s predicament when they signed the accounts!”
Price Waterhouse and Satyam
Satyam: Not The Only Case PwC Worried About
Price Waterhouse India must now submit to intensive oversight by an outside monitor and leadership from outside India as a result of its settlement with the SEC and PCAOB.
Both agencies have reserved the right to bring additional charges if Indian courts find that the firm and its partners, as alleged, colluded with company executives in the fraud.
And this
Tax Shelter of Rich and Famous Has Final Date in Court
And PwC and AM International
Big Accounting Firm Charged With Fraud : Price Waterhouse Hit for AM International Audit
NEW YORK — The Securities and Exchange Commission on Thursday charged the accounting firm of Price Waterhouse and three of its partners with fraud in connection with accounting abuses at AM International, the Chicago-based maker of duplicating, word-processing and graphics equipment.
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