Word: seidmans
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Falling prices are only the No. 2 concern on the worry list of 21% of chief financial officers at U.S. oil and gas companies, according to a survey by BDO Seidman, an accounting and consulting firm. The No. 1 concern of 57% of the CFOs was access to capital. While the industry is not as capital-intensive as it once was, Perryman says, it is still intertwined with the health of the financial system. However, in Amarillo, where the energy sector is about 25% of the economy, the talk around the coffee shop is still dominated by the price...
...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...
...Tuesday, New York Law School sued BDO Seidman along with the fund it 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...
...spokesperson from KPMG says that the firm's audit of the Rye Select Broad Market fund conformed to all professional standards and that the firm would vigorously defend its work. A BDO Seidman spokesperson says that his firm is not and has never been the auditor of Madoff Securities. The BDO spokesperson also says that his firm's audit of Ascot Partners met professional standards and that the firm would defend its work. "It is unfortunate that these investors would bring legal action before all of the facts are known and seek to blame others for their own investment decisions...
...That illustrates an important point: the line between the problem's being a credit crunch and the problem's being an economic slowdown is blurring. In late September, BDO Seidman, an accounting and consulting firm, surveyed chief financial officers at 100 large retailers and found that 41% had experienced a tightening of credit by their lenders. That finding was set right next to another: that 37% of retailers planned to reduce inventory purchases for the rest of the year. Sounds like Jane Huelle's Dog Shop all over again...