Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

A Member of the Law Professor Blogs Network

Thursday, March 27, 2008

Bankruptcy Report on New Century Criticizes KPMG

A report by the bankruptcy court examiner into the collapse of New Century Financial, one of the largest subprime lenders before its bankruptcy, criticizes its auditor KPMG for enabling certain "significant improper and imprudent practices."  It also says that the auditor acquiesced to the client for fear of being replaced.  A spokesperson for KPMG stated it strongly disagreed with the findings.  NYTimes, Inquiry Assails Accounting Firm in Lender’s Fall; WSJ, KPMG Aided New Century Missteps, Report Says.

http://lawprofessors.typepad.com/securities/2008/03/bankruptcy-repo.html

News Stories | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef00e5518e90058834

Listed below are links to weblogs that reference Bankruptcy Report on New Century Criticizes KPMG:

Comments

Post a comment