Posts Tagged ‘New York State Society of Certified Public Accountants’

Who Will Pay for Bad Mortgages?

September 28, 2011

Chidem Kurdas

The good news is that the US economy continues to grow despite panic rounds caused by the European debt crisis. The not so good news: housing losses continue to drag the economy while regulators, banks, investors and homeowners battle over who will bear the brunt of the real estate bust.

The problem is how to allocate the losses, said Joseph Tracy, executive vice president at the Federal Reserve Bank of New York, (more…)

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Madoff Joke: Whistleblower Travails

February 2, 2011

Chidem Kurdas

Financial fraud typically comes to light because someone complains. But as Harry Markopolos found out when he went to the US Securities and Exchange Commission with evidence against Bernard Madoff, complaining may not put an end to a scheme.  And then people say you’re a joke! (See below.)

Indeed, the whistleblower’s lot is typically not a happy one, in the experience of Sherron Watkins, the accountant who detected that little accounting issue at Enron.  (more…)