KPMG: Say it ain't so.

[superboyac]

http://www.washingtonpost.com/business/ex-kpmg-partner-pleads-guilty-in-california-insider-trading-case/2013/07/01/60f31a1e-e270-11e2-8657-fdff0c195a79_story.html

Ex-KPMG partner pleads guilty in insider trading case; authorities say he was plied with cash

By Associated Press, Updated: Monday, July 1, 12:26 PM

LOS ANGELES — A former partner at the giant accounting firm KPMG LLC pleaded guilty Monday to a securities fraud charge that authorities said involved providing insider information to a friend who plied him with cash, a Rolex watch and other luxury items.

Another big one.  This doesn't help the suspicions of those (like me) who find it hard to believe that these financial companies that handle massive transactions play completely by the rules.  Hopefully, this is an isolated incident.

[Stoic Joker]

Hopefully, this is an isolated incident.

I'm sure it is, as the truly experienced crooks on Wall Street never get caught. This guy is just -- trying to help a buddy out -- low hanging fruit. Hell he was probably gifted to an SEC investigator by someone higher on the food chain to pay a turn-your-head-and-cough debt.

[IainB]

Hopefully, this is an isolated incident.

I'm sure it is, as the truly experienced crooks on Wall Street never get caught. This guy is just -- trying to help a buddy out -- low hanging fruit. Hell he was probably gifted to an SEC investigator by someone higher on the food chain to pay a turn-your-head-and-cough debt.

Yes, an ex-KPMG colleague of mine was overheard to say that, after the several tax fraud/corruption/malpractice cases against the global Big 5 auditors (now the Remaining 4, and of which KPMG is one), though KPMG did not change it's initials, the meaning of those initials was changed in the Articles of Association from the original "Klynveld Peat Marwick Goerdeler" to "Keep Plundering Money Greedily", so as to be more aligned with current professional best practice.

In similar vein, I heard a senior banking executive joke that, after the '80's property/financial crashes, "LOMBARD" came to stand for "Lots Of Money But A Real Dope". There were some rather more rude versions than that, I gather.

[superboyac]

Hopefully, this is an isolated incident.

I'm sure it is, as the truly experienced crooks on Wall Street never get caught. This guy is just -- trying to help a buddy out -- low hanging fruit. Hell he was probably gifted to an SEC investigator by someone higher on the food chain to pay a turn-your-head-and-cough debt.

Yes, an ex-KPMG colleague of mine was overheard to say that, after the several tax fraud/corruption/malpractice cases against the global Big 5 auditors (now the Remaining 4, and of which KPMG is one), though KPMG did not change it's initials, the meaning of those initials was changed in the Articles of Association from the original "Klynveld Peat Marwick Goerdeler" to "Keep Plundering Money Greedily", so as to be more aligned with current professional best practice.

In similar vein, I heard a senior banking executive joke that, after the '80's property/financial crashes, "LOMBARD" came to stand for "Lots Of Money But A Real Dope". There were some rather more rude versions than that, I gather.

[jgpaiva]

"Keep Plundering Money Greedily"

Interestingly, this thread is now the first google hit for those keywords