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November 29, 2010

Comments

David Albrecht

Jim,

As always, you've put together a fine essay.

Big 4 survival is always at risk. If a prosecutor (federal or state in the U.S.) were to charge a firm with a felony, that firm might fold. A second felony charge would sink it for good. The SEC charged Goldman Sachs with fraud, and we all know what happened with Arthur Andersen.

It is only administrative policy that keeps future charges at bay.

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