Reuters Photojournalism
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
The SpaceX mission
A privately owned unmanned rocket blasts off on a mission to be the first commercial flight to the International Space Station. Slideshow
Sen Dodd urges Justice probe of Lehman accounting
Senate Banking Committee Chairman Chris Dodd (D-CT) unveils his financial reform substitute on Capitol Hill in Washington, March 15, 2010.
Credit: Reuters/Jason Reed
WASHINGTON |
WASHINGTON (Reuters) - The chairman of the Senate Banking Committee on Friday wrote to the Justice Department urging establishment of a task force to probe possible violations of the law at Lehman Brothers and other firms.
"I am deeply concerned about the facts that have come to light regarding the demise of Lehman Brothers and the accounting manipulation that contributed to it," Senator Christopher Dodd wrote to Attorney General Eric Holder.
"I respectfully ask you to commission a task force to investigate the Lehman situation as well as other companies that may have engaged in similar accounting manipulation with a view to prosecution of employees or agents who contributed to any violations of the law," Dodd wrote.
(Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Public
Accountants
I have worked for a dozen companies over the last 25 years in roles ranging from staff accountant to CFO. In all but one of those, management attempted to cook the books to one degree or another. At one of these companies, a $30 million manufacturer, cheating the Tax Man seemed to be more the point than actually making money; even the CPA was involved. It is a constant battle for management accountants to be able to color within the lines.
CPA’s, unlike myself, are licensed by government, sanctioned, in other words. There used to be a time when there were three esteemed professions – Doctors, Lawyers, and Accountants. While all three still require a state license to practice, only one holds any modicum of respect; and it certainly isn’t the CPA.
CPA’s are supposed to be impartial yet time, and time again, we see them complicit in corporate greed and fraud. I often I think I chose the wrong profession because of the black mark cast on it by Corrupt Public Accountants.
Senator Dodd is not perfect. But here, today, he is to be commended for having the guts to speak out against this widespread corruption inside Wall Street, including its auditors.
His actions directly contributed to our current economic disaster.
Now that he is retiring, he is trying to expunge that sordid legacy. Too little, too late as far as I’m concerned.
He should be tarred and feathered.
Follow Reuters