Word: firms
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...KPMG, PricewaterhouseCoopers, BDO Seidman and McGladrey & Pullen all gave clean bills of health to the numerous funds that invested with Bernard Madoff and his asset-management firm. Clients say the large accounting firms signed off on statements that said the Madoff investment vehicles had billions of dollars in assets as well as an unlikely track record showing years of always-positive returns. The billions have vanished, and the impressive returns now look to have been made up. See the top 10 financial collapses...
...surprising that the auditors for these various funds didn't identify that the underlying assets were not there," says Christopher Wells, a partner at the law firm Proskauer Rose who specializes in hedge funds. "You would think that is something they test...
...audited, Ascot Partners. Investors in Ascot, which was managed by GMAC chairman J. Ezra Merkin and invested all its money with Madoff, lost a reported $1.8 billion. New York Law School said its endowment fund had $3 million in Ascot. It's the first suit to name an accounting firm in connection with the Madoff case...
...that the environmental community is pleased with President-elect Barack Obama's newly appointed green team would be an understatement. "You see this smile on my face?" asked Paul Woods, CEO of the biofuel start-up Algenol, giving a tour last week of one of his firm's field laboratories in Florida. "It's not going away. Everyone is really excited by this...
...commissioner of New Jersey's department of environmental protection, has experience and approachability. She served under Browner in the Clinton-era EPA, and though she is not as well known as Browner or Chu, what she lacks in name recognition she makes up for in workplace recognition, with the firm support of her boss, Governor Jon Corzine. Politico and ProPublica report that some New Jersey environmentalists believe she's too close to industry to be effective, but that might not prove a negative as she assists in the massive work of beginning to regulate U.S. greenhouse-gas emissions from utilities...