"To have the congressman vote for the repeal of Glass-Steagall and then to dilute Dodd Frank and then to sign on to a letter that compelled retirement account advisers to have a fiduciary responsibility to their clients and to look out for them a little bit more, to sign a letter against that is just egregious".
Wagoner has called the accounting errors "extremely disappointing and embarrassing," and the company has hired an outside accounting adviser.
Other transactions were implemented -- improperly, we are informed by our accounting advisers -- to offset losses.
With the help of counsel and professional accounting advisers, we have spent the last three months conducting that investigation.
Trusts representing creditors of the defunct commodities broker Refco said yesterday that they had sued its legal and accounting advisers for more than $500 million on behalf of 75 foreign exchange customers.
New York law is vague on the issue of trustee fees, allowing "reasonable" compensation of board members, and James Slaughter, a Goldsmith trustee, said the level of compensation paid by the foundation to its trustees was approved by its legal and accounting advisers.
The investigators wrote that they found the most serious problems "only after a detailed examination of the relevant transactions and, most importantly, discussions with our accounting advisers," both steps that Enron determined would not be part of Vinson & Elkins's investigation.
To make audit committees better financial watchdogs, the act required them to be independent from management and made clear they had the authority to hire their own accounting advisers.
Trust accounts require advisers to be even more diligent in putting the interests of clients ahead of the banks'.
Asked if the market turmoil had led to a re-evaluation of the proposal for private accounts, McCain advisers emphasized that the plan would be optional and that people could choose relatively safe investments.
