Word: kpmg
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Dates: during 2000-2009
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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...
...Madoff. Unlike Madoff's, all the firms running feeder funds had well-known accounting firms listed as their auditors. So, for instance, when investors put money in the Rye Select Broad Market fund, one of the largest Madoff feeders, its statement said that their investments had been audited by KPMG...
Starting in 2000, the IRS went after records from American Express, MasterCard and Visa to track the spending of U.S. citizens using credit cards issued in Antigua, the Bahamas and the Cayman Islands, leading to hundreds of audits and criminal investigations. In a landmark 2005 case, the accounting firm KPMG admitted its employees had criminally generated at least $11 billion in phony tax losses, often routed through the Cayman Islands, which cost the U.S. $2.5 billion in tax revenue...
...Switzerland, the most famous tax haven of all, that remains the global leader in attracting cash from overseas. The number of tax exiles living there shot up from 2,394 in 2003 to 4,175 in 2006, according to consulting firm KPMG, and they poured around $917 million into its tax system in 2006 alone. The central government lets foreigners negotiate how much tax they pay directly with whichever of the country's 26 cantons they move to; an annual lump sum is calculated, based on five times the rental value of the expat's Swiss home. Rates average around...
...observations form the basis of an executive-education program he designed for Judge, and they likewise infuse the consulting work De Rond does for companies, including BT and KPMG. De Rond's insights have helped KPMG, for example, as it constantly assembles teams of consultants from around the world. "They're all talented individuals, and getting them to pull the oars in the same direction sounds simple, but it's tough to do because they have to rewire their DNA," says Steve Hollis, head of markets for KPMG Europe. De Rond's advice to factor a social element into...