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Response to marylandblue (Reply #9)

Thu Aug 23, 2018, 09:07 PM

10. Yes, the exodus began earlier...

When the firm was indicted, the exodus began. The writing was on the wall. I think most believed the government would do what they always do...assess a fine and let business return to normal. The stock market was still in shambles after the tech bust, and the country was still healing from 9/11. There was no way a major accounting firm would be given a death sentence, right?

The indictment signaled an ominous future. The amazing thing is that KPMG was also fraught with its own issues at the time, and was in serious danger themselves. AA just jumped off the cliff faster. The implosion of AA was enough to scare the SEC and a Senate oversight committee that another major accounting firm failure was a terrible idea for worldwide finances. So KPMG tucked its tail, paid a hefty fine, fired a few folks, and went back to work.

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TomSlick Aug 2018 OP
marylandblue Aug 2018 #1
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marylandblue Aug 2018 #7
Kensan Aug 2018 #8
marylandblue Aug 2018 #9
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