Beware of defensive auditing

first_img continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Greetings from Albany, New York where I now know the answer to the following question: Can ten degrees feel like a heat wave at 7 a.m.? Yes, it can.Here is another question for you: Can a recent victory by the FDIC actually make things more expensive and difficult for not only banks but credit unions? To me the answer is yes.Colonial Bank was victimized by a major fraud between 2002 and 2009 in which some of its key employees conspired with its major customer to allow it to overdraw the bank’s line of credit and then cover up this fact. By the time the fraud was discovered, $2 Billion had been lost. During much of this time the accounting firms PricewaterhouseCoopers LLP and Crowe Horwath LLP were responsible for auditing the bank. The FDIC brought a lawsuit in 2012claiming that but for their accounting negligence, the fraud would have been discovered sooner. Among the arguments advanced by the accounting firms in defending themselves was that the bank and the FDIC were effectively trying to get them money to pay for actions committed by the bank’s own employees. Late last week, the Court ruled that the bank could not win a lawsuit against the accountants but the FDIC could. This is a big deal and will presumably be appealed.last_img read more

Trump niece describes ‘malignantly dysfunctional family’ in new book

first_img“He short-circuited Donald’s ability to develop and experience the entire spectrum of human emotion,” Trump writes. “Donald requires division. It is the only way he knows how to survive – my grandfather ensured that decades ago when he turned his children against each other.”The book, due out next Tuesday, is the first Trump biography written by a family member. Reuters obtained a copy of the book. The president’s brother Robert has tried unsuccessfully, so far, to block its publication. The court battle continues but is not expected to halt publication.White House press secretary Kayleigh McEnany said on Tuesday that it was a “book of falsehoods.” Its publication comes as Trump, a Republican, seeks a second term in the Nov. 3 presidential election.Mary Trump has a troubled history with her uncle, who clashed with her father, Fred Jr., before he died at age 42 after a battle with alcoholism. Topics : Mary and her brother also engaged in a protracted legal battle over Fred Sr.’s estate after his death in 1999. She writes she secretly helped New York Times reporters on a 2018 investigation that outlined how Trump and his siblings avoided millions of dollars in taxes.Speculation about Trump’s mental state is common among his political detractors. Mary Trump brings a different perspective, however, because she has a PhD in psychology and decades of first-hand experience with Trump and his broader family.”I have no problem calling Donald a narcissist … but the label gets us only so far,” she writes, adding that the president might also suffer from other pathologies that prevent him from accepting responsibility for his actions and empathizing with others. She writes that he also may suffer from learning and sleep disorders.”He knows deep down that he is nothing of what he claims to be,” she writes. “He knows he has never been loved.”center_img In a new book, a niece of President Donald Trump applies her training in psychology to conclude that the president likely suffers from narcissism and other clinical disorders – and was boosted to success by a father who fueled those traits.In “Too Much and Never Enough: How My Family Created the World’s Most Dangerous Man,” Mary Trump writes of a “malignantly dysfunctional family” dominated by a patriarch, Fred Trump, who showed little interest in his five children other than grooming an heir for his real-estate business.Ultimately, he settled on Donald, she wrote, deciding that his second son’s “arrogance and bullying” would come in handy at the office, and encouraged it.last_img read more

Fort Pierce officer will not face charges in fatal police- involved shooting

first_imgA Fort Pierce police officer will not face criminal charges in a fatal police shooting after a grand-jury found that his actions were justified.25-year-old Officer Steven Graziano was issued a “no true bill,” and released of all charges against him Friday in the shooting death of 51-year-old Jesus Lainez.According to the incident report, officer Graziano arrived to a home near 100 Alma Court shortly before midnight on a Thursday in December and witnessed Lainez attacking another person with a weapon. During the altercation, Graziano pulled out his gun and shot Lainez several times. Lainez was pronounced dead at the scene, while the victim was taken to a hospital in critical condition.On Friday authorities told reporters that Graziano has since returned from his administrative leave, which is standard procedure after the use of lethal force and has been assigned to the Community Policing Bureau as a patrol officer.last_img read more