Professor Elam

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Category: Ethics

  • Mattel and PwC Hid Accounting Issues

    thursday Nov 7, 2019 Mattel and its auditor of 45 years PwC apparently hid errors for rhe last two quarters of  2017.  They did not disclose to the CEO and the audit committee. A whistleblower revealed this. Those two quarters will be restated. The chief Financial Officer gets teh boot as well.  There is a…

  • Can’t Anyone Behave? MCD CEO Resigns

    MCD lost their CEO this weekend, look how many have had to jump ship Under Armour shares sink as Investigation continues   I never run out of new material for the ACCT 5308 Ethics class.  

  • Consultant Addmits to Tax Fraud

    Thursday Oct 10, 2019 Duane Gordy admits to tax fraud. He under reported gross income by $1.8 M costing the Us Govt$120,494. State Senator Carlos Uresti authored a billl in  2013 allowing counties to collect fees for roads destroyed by oil field traffic. Gordy created a firm to help counties do that, collecting a lot…

  • Rogue Trader Causes $320 M Loss at Mitsubishi

    Friday Sept 20 2019 A Rogue Trader at Mitsubishi causesd a $320 M loss in oil fututures. While that is small in comparison to Mitsu overall profit, how embarassing an internal control failure.  

  • KPMG Cchief Auditor Convicted and Sentenced

    Thursday Sept 12 2019 See page B 10 ij today's WSJ for the story on yet another KPMG ethical failure. The top auditor bribed and or stole information about which audits the PCAOB would examine. It is rare for a Big Four auditor to get jail time but he is sentenced to one year and…

  • T Boone Pickes Dies at Age 91

    Thursday Sept  12 2019 T Boone Pickens is described as a corporart raider. Except he never succeeded in taking over any firm. Here is a list of links to learn about the up and down career  of a famous Texan. James Stewart's prize winning account of Drexel and the Take Over Mania https://www.amazon.com/Den-Thieves-James-B-Stewart-ebook/dp/B008TRU7PE/ref=sr_1_1?crid=170DFGPTZGD2D&keywords=den+of+theives&qid=1568293726&s=books&sprefix=den+of+theives%2Caps%2C356&sr=1-1   Drexel…

  • Ghosn Tech Fund

    Labor Day Weekend Sept  1 2019 Details on Ghosn's actual misdeed are coming out. Once again, why, he had millions himself, why get involved with a third party?

  • YES Strategy at UBS Credit Suisse Bring Losses, Lawyers Advertising for Clients

    Weekend August 25, 2019 Investment lawyers are trolling for clients in yet another welath management fiasco. YES stands for Yields Enhancement Strategy. The scheme was first marketed at Crediit Suisse and then at UBS. Here is a further explanation of the 'Iron Condor' scheme. If it involves, wealth management color coded graphs images of giant…

  • The Big Four Cozy Club

    Weekend July  20 2019 In ACCT 5308 Ethics we note that the Too Big to Fail Firms now regularly pay fines without any admission of guilt and no on loses their job. We are atarting to see calls for a break up ofthe Big Four. SARBOX prohibited firms from being consultants and auditors. And so…

  • PCAOB Provides Rules on Auditor Independence

    Weekend July 20 2019 PCAOB has issued guidelines on auditor independence. The new guidelines address specific questions about auditor independence and whether lack of such can be cured.