Professor Elam

Tuesday November 6 2012

Lawyers preresenting customer of MF Blogal added PricewaterhouseCoopers to a civil lawsuit. The suit alleges PwC did not adequately audit MF Global's internal controls.

PwC plans to 'vigorously difend itself' which is interesting considering that MF Global did indeed collapse. CEO Corzine was at a loss to explain why. 

Treasurer Edith O Brien has been mum on what happened. Now she is added to the list of defendants.

One of the things I learned as a Bankrutpcy Trustee is that in such cases the lawyers are likely the only ones to gain anything from such cross actions. Pity the customers.