Wild Speculation Wednesday: Ernst & Young Big Brother Edition

Because we don't feel like we spread enough paranoid delusional theories here, we're sharing this post we found at RevolutionRadio.org:

It is surely the biggest Big Brother project yet conceived. India is to issue each of its 1.2 billion citizens, millions of whom live in remote villages and possess no documentary proof of existence, with cyber-age biometric identity cards. The Government in Delhi recently created the Unique Identification Authority, a new state department charged with the task of assigning every living Indian an exclusive number. It will also be responsible for gathering and electronically storing their personal details, at a predicted cost of at least £3 billion.

What's even better is that an Ernst & Young partner worked on one of the pilot "schemes" as the Times Online puts it. So obviously this causes us to speculate about the following:

1. How involved is E&Y in this current plan to identify every single human being in India?
2. Will they also secretly somehow implant tracking chips by issuing 10-key calculators to every person when the cards are issued?
3. Will the Two-Minute Hate be directed at the other Big 4 firms?
4. And the most obvious question: How is Goldman Sachs involved?

India to issue all 1.2 billion citizens with biometric ID cards [Times Online]

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Tell Us How You Really Feel: Goldman Sachs/Tim Geithner Conspiracy Edition

We'd like to give Maxine Waters credit for spawning the whole Goldman Sachs-running the universe conspiracy theory but we simply can't give her credit for a number of reasons that we won't get into here (okay, one: she's incapable of forming a coherent sentence).

Matt Taibbi is getting lots of attention for his "vampire squid on the face of America" analogy etc. etc. Hyperbole? Poss.

But when you have old Reagan soldiers calling you out...hard to say...is thing gaining real traction? Is Maxine Waters a benefactor of "better to be lucky than good"? We won't believe it...

Former US Assistant Secretary Of The Treasury: "Geithner Works For Goldman" [Zero Hedge] Sphere: Related Content

The Plot for Next Season's 24 is Set

I'm quite certain that this could not have been an auditor/tax professional as it probably would have required actually leaving work, which we all know, rarely happens at E&Y, KPMG, et al.

If, it turns out, this person who got the Wilbur flu had left the office and accordingly acquired said flu, I'm sure we'll be reading about her dismissal in the next few days.

...Or Jack Bauer will attempt to get a clue from her about who infected her with the virus only to have her die immediately at the point when she's about to confess to her involvement in the development of a swine flu bio-weapon after a little coaxing from Agent Bauer.

You may now return to your regularly scheduled swine flu coverage.

Ernst & Young Closes Down Section Of Times Square HQ Where Swine Flu Staffer Worked [Clusterstock] Sphere: Related Content

Links 4/15/2009 - Happy Tax Day!

Yeah. Good luck with that. [Zero Hedge]

I've got believe this is grounded in some truth. Practice makes perfect! [The Onion]

I itemized for the first time every in 2008 and it was because I paid so much tax to NYS and NYC [Zero Hedge]

Bernie Madoff's auditor may have a fan. Or at least a sympathizer. [Skeptical CPA] Sphere: Related Content

Back and to the Left...

You may remember me commenting on the anger in many circles about the funds that counterparties to the AIG credit default swaps were receiving. My basic point was that not just anyone was investing in these things. Contrary to popular belief (i.e. Congress), there are plenty of people that work at investment banks that know what the hell they're doing

Dealbreaker expands on this subject by stating that conspiracies theories spring up like mariujuana plants in a Santa Cruz closet when "AIG" is added to any otherwise normal settlement of these derivatives.

In other words, Goldman Sachs is making money hand over fist on the unwinding of these transactions with hedge funds but once AIG gets dropped in as the writer, the second gunman on the grassy knoll theories start coming out (including, as DB notes, Zero Hedge, read here).

The whole point is, when AIG starting unwinding these CDS's with taxpayer money, said money went to banks (JPM, BoA, GS, etc.). Does it suck? Of course but I'm not sure if deserves the Maxine Waters conspiracy theory treatment. Sphere: Related Content

They're Conspiring to Conspire

It comes as no surprise today that Bernie Madoff's auditor is facing charges of securities and investment advisor fraud.

Today's New York Times states the obvious when talking about the "red flags":

Some of Mr. Madoff’s critics have said that the tiny accounting firm was a red flag, given the size of Mr. Madoff’s legitimate operations. The fact that Mr. Friehling also appeared to be the agent for dozens of accounts with Mr. Madoff’s investment advisory firm, according to a list of customers assembled by the trustee overseeing the firm’s bankruptcy, should have raised more red flags, they said.

Look, I know that many people that invested w/ the Bernster aren't even remotely intelligent about financial matters but c'mon... BILLIONS of dollars audited by Friehling and Horowitz?

It seems reasonable to me that there are some complicit BM (ha!) investors out there that saw that this thing was now what it seemed and said nothing. Or I could be wildly speculating...I'm sure the crack-squad at the SEC will get to the bottom of it. To be continued....

Madoff’s Accountant Is Charged With Securities Fraud [New York Times] Sphere: Related Content

Not Too Big 4 to Fail?

Being unemployed allows me to do lots of reading and thinking. One isn't so dangerous, the other has the potential. Accordingly, I'm going to do some wildly unfounded speculating.

I was speaking to a friend/colleague last Friday whose client is currently being sued for activity related to that guy who Madoff with all the money (I think I owe Paul Provenza for that pun) and wondered what is the end result of all this madness...Is the possibility of a Final Big 4 (FB4) firm failure out there?

My friend's client is certainly not the first (who knows who is) and definitely won't be the last. This clustercluck stretches far and wide. The obvious thought is, who will get to Madoff first? The Russian mob or the Latin American drug cartels? It could be prominent Jews or his own lawyer!

Regardless of what happens to the Master Ponz is somewhat irrelevant. What comes to my mind is that the FB4 could have serious litigation problems on their hands.

When you consider the crooked legitimate clients of the FB4 and their exposure to the funds of Bernard L. Madoff Investment Securities either through feeder funds or direct investments this could end up being one hell of a domino effect.

The parties that lost money (can be searched here) are not pushovers. This will not be taken lightly.

Discuss. Sphere: Related Content

Top 100 Places That Will Drive You to Drink

It’s a little surprising how Corporations boast about the awards they are given by “business” periodicals.  They use these “designations” to recruit potential employees, impress current employees, and something for the bigwigs to feel good about.  The thing is, the “business” periodicals probably hang out with a lot of these corporate bigwigs at cocktail parties and that’s where this whole awards thing started.  

Here’s a hypothetical exchange:

“Business” Peridoical Bigwig:  Hi, I’m Dick, Media-Titan-in-Chief of Crappily Run Business Monthly.

Corporate Bigwig:  Hi Dick, I’m Tim, overpaid, unqualified, badly dressed (not to mention badly out of shape) Chief Bigwig of Crappy Consultants, Inc.

 “Business” Periodical Bigwig: Tim, we’re doing a list in a couple months honoring companies that are overachievers.  We think your company might be a contender for one of the top slots

Corporate Bigwig: I tell you what, Dick, we’ve been providing our employees with electricity for several years now and we think that this progressive thinking has made us one of the best companies to work for.

 “Business” Periodical Bigwig: Wow, Tim.  Letting your employees have access to electricity is really setting the benchmark for other companies.  You really must your employees to be able to see what they are working on.

Corporate Bigwig:  Well Dick, it’s a costly proposition but we feel that treating our employees like people is pretty important and providing them with electricity rather than candlelight is just the first of many new ideas at Crappy Consultants.

 “Business” Periodical Bigwig:  Tim, I’m confident we’ll be able to find a spot for Crappy Consultants on this year’s list.  Now let’s get drunk and hit on some interns!

 Corporate Bigwig: Sounds good Dick!

Now this might seem like a stretch but it’s my position that it’s not.  Should large, liquid companies be given awards for seemingly basic treatment of the employees?  Surely not.  Should reasonable resources, given the company’s capabilities, be made available to the employees?  Hopefully the answer is yes. 

 The problem persists however, that unsuitable technology, inadequate benefits, and overall bigoted treatment of employees is still the norm.

 I’m not saying we should be working 30 hour workweeks but we shouldn’t have to settle for laptops that can’t run more than one program at a time and sitting in chairs that give us crooked spines and sore legs.

Oh, and working for incompetent, self-absorbed, corporate soldiers.  

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