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business newsQuick Hits: KPMG Under Fire
Questionable accounting of questionable loans.
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New Century Financial created billions of dollars worth of subprime mortgages reason dictates should have never seen the light of day. Now The New York Times is reporting the bankrupt lender was also cooking the books.It should come as no surprise that its auditor, KPMG, is being accused of facilitating the fuzzy math. After all, what are accountants for? It seems the government's attempt to sanitize corporate America has yet to take.
KPMG vehemently denied the accusations, just like Bear Stearns (BSC) defended its capital position only days before it collapsed. Just like Federal Reserve Chairman Ben Bernanke claimed the subprime mess was contained. Just like Treasury Secretary Hank Paulson supports a strong dollar. Just like the housing market has reached bottom. Again.
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