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April 04, 2008


Francine McKenna

Jim, As usual, brilliant. Even Paul Volcker couldn't save Andersen. The whole proposal assumes the audit firms agree that they are actually regulated and that the regulators have some power over them. Only a potential indictment for criminal activities seems to scare the dickens out of them, a la KPMG and the tax shelter mess. The audit firms are to the PCAOB as the airlines are to the FAA - customers not entities to be monitored.

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