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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ridingycurve who wrote (69519)	9/8/2006 3:55:03 PM
From: tizztizz	Read Replies (2) \| Respond to of 110194

when the banks hire their own auditors, go out to fancy dinners and lunches with the auditors and hire auditors to plush corporate jobs, do you really think the auditors will force banks to take write-downs on bad loans? The whole system is rigged and corrupt. Sarbanes Oxley is a huge joke and has been a giant piece of pork for the public accounting firms. They now get to charge much larger fees which can be re-invested in "client relations" (i.e. 2 martini lunches, $200 bottles of wine at dinner, then strip clubs with lots of lap dances for the CFO and Controller).