For comprehensive coverage on E&Y, check out Francine McKenna’s blog, re: The Auditors. Her latest post: The Case Against Ernst & Young: NY AG Cuomo Sues Over Lehman answers many questions and provides links to more detailed commentary.
The only thing I wanted to point out was that many articles point out that E&Y will most likely settle and likely avoid demise ala Arthur Andersen. Check out Fortune/CNN’s article, Ernst and Young: Too big to fail, for more info on why the accounting industry, its clients, and regulators do not want to see the Big 4 reduced to the Big 3.
Below are more links related to the financial crisis of 2008 and the role of accountants. Sign of things to come for the accounting industry?
Older links from March 2010 (Valukas report on Lehman bankruptcy leaked):
- Accounting Fraud, Short Sellers & the SEC
- BofA Says Its Lehman-Style Balance Sheet Manipulation Is A-Okay
Newer links from December 2010 (Cuomo files civil-fraud suit):
- Ernst & Young — Cuomo Initiates Settlement Talks With Filing
- Survey Says: Cuomo Should Slap Ernst & Young With Lehman Fraud Charge
- Merrill Story Has Fresh Dirt On Wall Street’s Shell Game
- Lehman Brothers Whistleblower Matthew Lee Again in Spotlight
- The Difficulty of Proving Financial Crimes
