The Bail Out Business - EY, Deloitte, KPMG and PWC

YouKnowWhatIMeanLike

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The real winners of the bail out business are ....

EY, Deloitte, KPMG and PWC

who knew, the Big Four and countless of consultants and a coterie of financial advisors have reaped in billions of tax payer money to device schemes to rescue private banks. Mostly with little success if you take a look at the situation in Greece.


The Committee for the Cancellation of the Third World Debt (CADTM) has compiled a report to highlight the transfer of wealth from public to private companies all paid for by the tax payer.

CADTM - The Bail Out Business
 
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YouKnowWhatIMeanLike

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The real winners of the bail out business are ....

EY, Deloitte, KPMG and PWC

who knew, the Big Four and countless of consultants and a coterie of financial advisors have reaped in billions of tax payer money to device schemes to rescue private banks. Mostly with little success if you take a look at the situation in Greece.


The Committee for the Cancellation of the Third World Debt (CADTM) has compiled a report to highlight the transfer of wealth from public to private companies all paid for by the tax payer.

CADTM - The Bail Out Business
more from the report:

Ireland: Irish Bank Resolution Corporation (former Anglo Irish Bank
and Irish Nationwide Building Society)


* State loss: €36.1 billion
* Audit firm before the bail out: Anglo Irish, EY/Irish Nationwide, KPMG
* Financial advisor: Merrill Lynch
* Responsible for the liquidation of the Irish Bank Resolution Corporation (IBRC): KPMG

The country spent roughly €66.8 billion recapitalising its failing banks between 2009 and 2014. In 2014 it was estimated that €43.1 billion of that is irrecoverable due to the decrease in value of nationalised banks, and it remains to be seen whether the remaining €23.7 billion will be fully recovered. According to Eurostat, the irrecoverable losses up to October 2016 amount up to €46.6 billion.
 

Sister Mercedes

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What is FG's relationship with KPMG? They seem to get every piece of government liquidation business.
 

DeBanksofDeLee

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The real winners of the bail out business are ....

EY, Deloitte, KPMG and PWC

who knew, the Big Four and countless of consultants and a coterie of financial advisors have reaped in billions of tax payer money to device schemes to rescue private banks. Mostly with little success if you take a look at the situation in Greece.


The Committee for the Cancellation of the Third World Debt (CADTM) has compiled a report to highlight the transfer of wealth from public to private companies all paid for by the tax payer.

CADTM - The Bail Out Business
What bailout? it was a stitch up start to finish rich get richer by ripping of tax payers money that should be spent on hospitals or railway or youth club schools etc and not some langers yacht in st Tropez or German gambling debts.
but ************************ like this will never change, funny how the right wing never objected to socialism when its for the rich.
 

im axeled

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funny enough i was expecting the usual coirte to be on here, telling us how well off we are and how well the bailout has been managed, plus how much more there are in recoverable moneys
 

im axeled

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how come this thread is so short of posters, hint to the thread starter, you must mention the shinners for the comments to increase
 

Mad as Fish

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more from the report:

Ireland: Irish Bank Resolution Corporation (former Anglo Irish Bank
and Irish Nationwide Building Society)


* State loss: €36.1 billion
* Audit firm before the bail out: Anglo Irish, EY/Irish Nationwide, KPMG
* Financial advisor: Merrill Lynch
* Responsible for the liquidation of the Irish Bank Resolution Corporation (IBRC): KPMG
With this sort of thing happening all over the world is it any wonder that people get p!ssed off and yearn for a change, even if it is Trump or Brexit!
 

Watcher2

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Its how the thing works. Remember WorldCom, Enron, Arthur Anderson? Well, it was the likes of Arthur Anderson (and the other firms) that created the schemes that Enron employed that brought them down. The result? Sarbannes Oxley which drives a lot of business for the same firms. SOX audits and compliance is big business.
 

ON THE ONE ROAD

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they made money auditing the likes of irish nationwide each year and giving them a clean bill of health and then cleaning up the problems they missed. we'd all be millionaires if we could do that model.
 

Sister Mercedes

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After Anderson collapsed because of Enron I think regulators decided to go easier on audit firms because they didn't want them going bust and everyone losing their jobs. We seem to have over corrected and now they face no sanction at all.
 

stopdoingstuff

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10-15% of my work is from people who initially went to them for advice and either got burned or overcharged.
 

Zapped(CAPITALISMROTS)

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daxxdrake
That is how Capitalism works. The big accountancy firms are akin to the civil service machinery that facilitated the Nazis in the 30s and 40s.:mad:
 

ON THE ONE ROAD

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After Anderson collapsed because of Enron I think regulators decided to go easier on audit firms because they didn't want them going bust and everyone losing their jobs. We seem to have over corrected and now they face no sanction at all.
did they get any penalties in this state. That question can come across at rhetoric but don't mean it that way. Is the only penalty damage to reputation?
 

gerhard dengler

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PWC, KPMG and EY are franchises.

For example PWC in this country, shares only the same franchise name with it's counterpart in the U.K. and everywhere else.
Essentially each are local partnerships.
 

Morgellons

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they made money auditing the likes of irish nationwide each year and giving them a clean bill of health and then cleaning up the problems they missed. we'd all be millionaires if we could do that model.
You have to have the right clothes and accent, though. Heck, you might even say it's genetic.
 
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PWC, KPMG and EY are franchises.

For example PWC in this country, shares only the same franchise name with it's counterpart in the U.K. and everywhere else.
Essentially each are local partnerships.
I worked for Deloitte at one stage and found the division I was in to be no more than a bodyshop. I quit the contract at the first opportunity.They paid well, though.
 

Patslatt1

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After Anderson collapsed because of Enron I think regulators decided to go easier on audit firms because they didn't want them going bust and everyone losing their jobs. We seem to have over corrected and now they face no sanction at all.
UNLIMITED LIABILITY

Auditors have unlimited liability for negligence in audits. The audits in in Enron failed probably because Enron's massive financial derivatives contracts were relatively new at the time,with the derivatives risks poorly understood not only by auditors but by the financial mathematicians-quants-who devised the derivatives.

In financial trading before the crash, quants didn't realise that their models were based on time periods that were too short and that financial crises occur way more often than probability theory would suggest.
 

mr_anderson

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I worked for Deloitte at one stage and found the division I was in to be no more than a bodyshop. I quit the contract at the first opportunity.They paid well, though.

Not accountancy, but I've worked for a number of large companies in the financial services industry who would be perceived as the 'best in the business'.
Mediocre would be how I'd describe them.
What I find is that you get certain individuals who are excellent, but the main core of the company is nothing but average.
So unless you're dealing with the brilliant person, the level of service you encounter is no better than that of a two-bit operation.

Follow the worker and ignore the company name, would be my advice.
Great workers tend to go out on their own at some stage, so they are often found at the helm of a small, tightly-run enterprise.
 


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