Published with the Capitalist@Work by City Unslicker on
Friday, March 12, 2010
"E&Y, the global accountancy firm have not come out well of the investigation into the Lehmans debacle. Their Audit for 2007 is under severe questioning as to how the company was allowed to remain a going concern. Lehman itself will see one or two of its exectuvies in Court I would think, the issue of this Repo 105 looks like a tool for accounting fraud of similar nature to what Enron was doing in 2002. In fact, the cases do look similar, no doubt Nick Drew will comment on this later.If E&Y goes the wya of Andersen then we will be left with very few large global accounting firms indeed, just PWC, Deloitte and KPMG.Also it is interesting in reading the various reports how Citi and JP Morgan helped to bring Lehmans down by removing collateral at key times; and people say Wall Street is one big gang....What though it most noticeable it the lack of criticism for the Fed and the the US Government for allowing the regulatory frameowkr and market environment to become so distorted.I really want to see some people in jail for Fraud over this. I don't accept that we can have this huge financial crisis based on such mismanagement and grred and yet no one end up in jail. Same in the UK, it is sad to see hwo due to the complexity of the problem, no prosecutions are being brought."
Posted by CityUnslicker
Labels: Economics, Politics
Thursday, 18 March 2010
Tuesday, 9 March 2010
The benefits of name partner
name partner – partner whose name is included in the official name of partnership
Most desired when you join a law firm as attorney is to become partner, if name partner better, or perhaps the best. The true is that once you are a full partner, you must pay your own benefits; once your name is part of the brand, you must share the resources with firms’ attorneys and staff that is not part of the management or profit sharing decisions. They are only those saying “we are from --your name included -- law firm. Shortly, when you are a law firm partner, you are a part-owner of the firm. Bear in mind, however, that you also reap the rewards of high profits when times are good. Of course, you also share the risks/losses when times are bad. This sharing of loss is almost never borne in mind when promoted to partnership, only benefits and profits are expected In life, that means that when a law firm goes belly that all risks pass, jointly and severally, to the partners. That means that if a true partnership law firm goes belly up, the associates get fired--but the partners can lose everything.
Most desired when you join a law firm as attorney is to become partner, if name partner better, or perhaps the best. The true is that once you are a full partner, you must pay your own benefits; once your name is part of the brand, you must share the resources with firms’ attorneys and staff that is not part of the management or profit sharing decisions. They are only those saying “we are from --your name included -- law firm. Shortly, when you are a law firm partner, you are a part-owner of the firm. Bear in mind, however, that you also reap the rewards of high profits when times are good. Of course, you also share the risks/losses when times are bad. This sharing of loss is almost never borne in mind when promoted to partnership, only benefits and profits are expected In life, that means that when a law firm goes belly that all risks pass, jointly and severally, to the partners. That means that if a true partnership law firm goes belly up, the associates get fired--but the partners can lose everything.
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