Ernst & Young

Two To Go
July 16, 2009

There are two sub-groups in the financial services industry that have yet to face the music. But I wouldn't be a bit surprised if executives in these groups are experiencing bouts of panic in the night. One sub-set is the auditing firms of which Ernst & Young, Peat Marwick, KPMG and Deloitte are the top four. Then there are perhaps a half dozen below them and another ten below them. Many of these accounting combines are in trouble with various legal agencies for giving tax advice to companies and executives on how actually to break or evade the laws.