Andrew Cuomo To File Fraud Charges Against Ernst & Young For Lehman Repo 105 Involvement

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Mon, 12/20/2010 - 10:36 | 818464 eigenvalue
eigenvalue's picture

All the Big 4 accounting firms are equally corrupt, not simply EY. 

Mon, 12/20/2010 - 11:01 | 818502 Popo
Popo's picture

This is a complete non-story.  What, are we supposed to believe that someone is going to jail?  

Whatever... There is no consequence for breaking the law.   Ergo, there is no law.

But please continue to pay your taxes.  

Mon, 12/20/2010 - 11:04 | 818509 GrouchoNotKarl
GrouchoNotKarl's picture

How the fuck does New York City function? Is it one big cess pool of corruption? Or is it incompetency?

Mon, 12/20/2010 - 11:42 | 818566 Popo
Popo's picture

The former. Enabled by the latter.

Mon, 12/20/2010 - 11:46 | 818574 SWRichmond
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Mon, 12/20/2010 - 11:37 | 818555 unununium
unununium's picture

The banksters hate every one of these people.  That is your first clue they are on to something.

  - Andrew Cuomo

  - Ron Paul

  - Alan Grayson

  - Marci Kaptur

  - Elliot Spitzer

  - Steven Rattner could clean up Wall St

  - Mark Pittman (RIP)

  - Matt Taibbi


Mon, 12/20/2010 - 11:39 | 818559 unununium
unununium's picture

 - Elizabeth Warren

 - Julian Assange

help me out here...

Mon, 12/20/2010 - 11:48 | 818576 SWRichmond
SWRichmond's picture

Tyler Durden

Mon, 12/20/2010 - 11:55 | 818593 velobabe
velobabe's picture

WilliamBanzai the 7th!

Mon, 12/20/2010 - 12:57 | 818687 Calculated_Risk
Calculated_Risk's picture

Anyone "earning" less than $10 million/yr.

Mon, 12/20/2010 - 10:37 | 818466 Sig Sauer
Sig Sauer's picture

i guess its deja vu all over again for all the Andersen people, who mostly moved en mas to E&Y.  

Mon, 12/20/2010 - 12:28 | 818630 Logans_Run
Logans_Run's picture

Yeah, considering that I am former Andersen (left just before the ship went down), I was thinking the same thing. How interesting!

Mon, 12/20/2010 - 10:38 | 818470 eskin1
eskin1's picture

Soo..... do we e-mail bomb those partners? 

Mon, 12/20/2010 - 10:56 | 818494 Panafrican Funk...
Panafrican Funktron Robot's picture

This question strikes me as rhetorical.

Mon, 12/20/2010 - 10:39 | 818471 cossack55
cossack55's picture

Does NY state have legal recourse to the guillotine?  If not, I would suggest they adopt it soon.

Mon, 12/20/2010 - 11:49 | 818577 SWRichmond
SWRichmond's picture

too humane.  gibbet.

Mon, 12/20/2010 - 10:44 | 818479 Oh regional Indian
Oh regional Indian's picture

And so there were three?

Con-solidation, thy name is tyranny!


Mon, 12/20/2010 - 10:43 | 818480 Mitchman
Mitchman's picture

They'll settle with a slap on the wrist fine and go on from there.  As usual.

Integrity.  What's that?

Mon, 12/20/2010 - 10:55 | 818492 Widowmaker
Widowmaker's picture

Civil civil civil.

Nothing but a little fine with no admission in the perverted halls of US justuce for sale.

Mon, 12/20/2010 - 11:03 | 818507 Popo
Popo's picture

The lesson, in case anyone has missed it:  Cheating works.  Breaking the law works.  Everyone should be doing it.  

Mon, 12/20/2010 - 11:13 | 818519 Cursive
Cursive's picture

Word. In USSA.20xx, if you ain't cheatin, you ain't winnin. We lost the Republic decades ago.

Mon, 12/20/2010 - 11:20 | 818531 Hansel
Hansel's picture

Yup.  People who want to attempt to lead some kind of moral life are s.o.l.

Mon, 12/20/2010 - 11:50 | 818582 SWRichmond
SWRichmond's picture

My wife absolutely hates it when I say "I don't want our children to be the last moral people on the planet, they will be horribly taken advantage of..."

Mon, 12/20/2010 - 11:19 | 818526 Widowmaker
Widowmaker's picture

Everyone IS doing it -- the problem is that it is your friends, neighbors and family, which translates into complacency and the rule of law becomes meaningless headlines.


Mon, 12/20/2010 - 14:17 | 818942 adissidentishere
adissidentishere's picture

durka durka

Mon, 12/20/2010 - 10:57 | 818495 Haywood Jablowme
Haywood Jablowme's picture

So when's KPMG going on the hit list?  Another fine day on fantasy island...


Mon, 12/20/2010 - 10:57 | 818497 doomandbloom
doomandbloom's picture

CNBC is running a slide show on 'Old professions make a comeback'...these include farmer, buther, shoemaker, barber..etc...


Unfortunately i am skilled in neither...wonder what I will do if the Financial services sector goes down....

Mon, 12/20/2010 - 11:50 | 818584 SWRichmond
SWRichmond's picture

wonder what I will do if the Financial services sector goes down....

Make something useful?

Mon, 12/20/2010 - 11:56 | 818594 unununium
unununium's picture

Replay what happened at the end of the Roman Empire as the West transitioned to the Dark Ages, including inflationary collapse in the A.D years which led to a drastic reduction in long-distance commerce due to reduced levels of trust in transactions and travel safety.

Mon, 12/20/2010 - 12:30 | 818631 TruthInSunshine
TruthInSunshine's picture

Whoredom is going to be a real comeback kid, too.

Thank The Ben Bernank, The Tim Geithner, The Congress & The Barack Obama, with their 'making 0.01% of the country wealthier' campaign with government bailouts/backstops/guarantees, and subjecting everyone else with no lifeline to the government teat to austerity, bitches.

*When I refer to whoredom above, I mean 'old school' whoredom, as in sex. Whoredom of the Crony-Capitalism style has already made a massive comeback.

Mon, 12/20/2010 - 10:58 | 818499 Cursive
Cursive's picture

FYI, "Andersen" not "Anderson". Just remember it rhymes with "sin" not "son". 10 to 1 odds that Hilary Hansen screwed her way to the top. That's the path for most female partners.

Mon, 12/20/2010 - 11:19 | 818525 velobabe
velobabe's picture

i guess she didn't make any of them wear condoms, cause she has three small children†

Mon, 12/20/2010 - 11:04 | 818506 bugs_
bugs_'s picture

Bill SHLICK - why oh why couldn't his parents name him Richard?????


Mon, 12/20/2010 - 11:08 | 818515 williambanzai7
williambanzai7's picture

Mon, 12/20/2010 - 11:10 | 818517 virgilcaine
virgilcaine's picture

How many Lehman's are still out their.. Hundreds?

Mon, 12/20/2010 - 11:12 | 818520 Jake3463
Jake3463's picture

Wake me up when they are criminal and Pricewaterhouse the Goldman Sachs of accounting is facing charges.

Mon, 12/20/2010 - 11:24 | 818535 vas deferens
vas deferens's picture

Maybe Andrew Cuomo has some balls?  Give the new guy a chance.

Mon, 12/20/2010 - 11:46 | 818545 Widowmaker
Widowmaker's picture

Bullshit, if he had balls (he's a complacent pussy like the rest) he would be going after living companies (where the crooks are), not distracted trying to expose the dead one's.

He's a fraud for the masses too.  Doing anything for the sake of not being seen doing nothing - just like the rest of the "illegal" system of incompetence and rewarded failure.

The last thing enforcement wants to do is get in front of the problems - its political.

Mon, 12/20/2010 - 12:02 | 818551 Futurist
Futurist's picture

Ernst & Young not them AGAIN! These were the auditors of Equitable Life in the UK in the 1990s. These 'auditors' did not seem to be able to spot that the mutual insurer Equitable Life was insolvent. (Note even the UK treasury and the FSA knew that!) They were allowed to carry on trading until the year 2000 when the GAR issue blew up. (GAR Guaranteed anuity Rate). Equitable Life wrote pension policies with a Guaranteed Annuity of around 12/13%. As rates fell this threatened to sink the insurer so they tried to cover it up. Even by buying dodgy re-insurance (which didn't pay out). If you thought all this crony capitalism is a recent thing you are wrong. As a note over Equitable, Ernst and Young managed to carry on as usual and even graduate to repo 105. It would not surprise me to see them with a £5 fine and trading into the next millenium. You can find the Equitable background here:

As a note after avoiding compensation to the policyholders and pensioners who have lost a significant portion of their pensions (50% for example). The UK parliament found (after avoiding it for 10 years) 'regulatory failure' and compensation is to be paid. In the grand tradition of 'fairness and transparency' to normal working people the independently proposed compensation (£4.2billion) will be reduced because of these difficult financial times by 85%! Yes that is only 15p paid in any £1.00. No so much a haircut as a scalping. After all one has to shovel £850 billion of public money into those deserving banks, they might fail...

Mon, 12/20/2010 - 11:37 | 818554 TruthInSunshine
TruthInSunshine's picture

No one from Wall Street/Banks/Finance goes to jail - ever - period - no matter what - in modern day Amerika.

Jails are rationed for 19 year olds caught with a dime bag of pot or someone who stole an article of clothing at Target.

The Anthony Mozilos, Dick Fulds, Richard Grassleys, Lloyd Blankfeins. etc., et al. and so on ad infinitum - these people, whose actions adversely and severly impact hundreds of millions (arguably billions), just pay a small % of their ill h gotten gains, and they are free to keep on keepin' on.

And they have every judge and politician and alleged prosecuting attorney in the country over for dinner and swag on a regular basis.

Mon, 12/20/2010 - 11:52 | 818589 SWRichmond
SWRichmond's picture

Absolutely correct

Mon, 12/20/2010 - 11:42 | 818556 Cdad
Cdad's picture


Sometimes I think you enjoy doing things like this.  I think you are smiling right now...knowing how painful it is for me to listen to the Women's Network conference thingy.  And I don't even know what I am doing listening to it anymore because so much of the stuff is such high grade gobbledeegoo that I don't even think my brain synapses are working anymore...which sucks because right now $9 burritos (which might actually be $11 if you include the Norvartis products you need in the cost calculation after you eat one ) are reversing hard, as are stocks priced for dot com breaking down entirely [these things also being known as LEADERSHIP STOCKS]...while certain micro cap energy companies are like becoming all cool again suddenly...and things are coming up roses right now even though my mother never promised me a rose garden.  And now I cannot even think or trade or buy to cover or anything because of gobbledeegoo.


But anyway, I do think E&Y should be very concerned about its employees being so engaged in stuff like "process" and "momentum" and "telecommuting" and "pot smoking [oddly enough]" and "staying home on Fridays", being unfortunate to have Lehman accounting to do at an accounting firm, and thinking about how crappy everything is because of the suffering that comes from the "X" chromosome, suffering which I DO NOT DOUBT AT ALL, btw. 


So I would really like to ask you, personally, not to put another article like this on ZH EVER AGAIN.  I think I would rather live with permanently fraudulent accounting everywhere...well, because that is how all the quarterly reports from the TBTB banks were just a couple of weeks ago, anyway [drawing down loan loss reserves to "beat by a penny" only to then sell bonds up loan loss reserves one day after the report ;)  ]  No one got all bent out of shape about that whole thing.  So why pick on these gals?


As usual, just my thoughts on the matter albeit from my desk today instead of under a big pile of coats in my closet.



Sure is ironic how the DOW is lookin' so sweet...on account of know, considering Saturday's headlines.  LOL...what an IRONIC market.

Mon, 12/20/2010 - 11:59 | 818598 gmrpeabody
gmrpeabody's picture


Mon, 12/20/2010 - 11:58 | 818596 TexDenim
TexDenim's picture

So what is sonny boy running for now?

Mon, 12/20/2010 - 12:01 | 818600 buzzsaw99
buzzsaw99's picture

I wonder which piece of crap bank will win this year's "Entrepreneur of the Year" Award. [/rhetorical]

Mon, 12/20/2010 - 12:12 | 818612 daveM
daveM's picture

This post is great news..... Hopefully Mr Cuomo has a lot more of these actions to initiate.

Mon, 12/20/2010 - 12:21 | 818623 Widowmaker
Widowmaker's picture

Do you want fries with that?

Mon, 12/20/2010 - 12:38 | 818656 Logans_Run
Logans_Run's picture

TD, you infer an interesting point. I am a 30 year veteran of two Big 4 public accounting firms, a niche strategy firm and an international HR consultancy. All I see is the pussification of these firms for the benefit of the women. I started in public accounting back in the 70s when you had to work your ass off in order to make partner. Somewhere along the line we started worrying about the women and allowing them to have their careers and their children and on and on. It has meant the devolution of these firms considering that preference is given to the women and now many times, a more qualified, harder working young man walks because he doesn't want to put up with the pussification.

Mon, 12/20/2010 - 12:48 | 818672 JayQuePublic
JayQuePublic's picture

+1000.....from a harder working not-so-young-anymore man who walked because he didn't want to put up with the pussification of Price Waterhouse

Mon, 12/20/2010 - 13:46 | 818835 Rainman
Rainman's picture

Agree. But I feel even sorrier for the Marines after the DADT fiasco. How would you like to be stuck in a battlefield foxhole with Richard Simmons ??

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