Friday, February 6, 2009

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

Wednesday, February 4, 2009

A - Always, B - Be, C - Closing

The title is obscure but relevant...

Being unemployed at this particular point in history has some strange advantages that I otherwise would not have predicted when I first found myself unemployed back in November. The primary advantage is the fact that since I don't have a job I no longer have to worry about losing it.

Strange outlook you say? On the double-entry contrary...The general mood with my friends who remain in the trenches is that they feel like they are auditing for their professional lives. My former firm (i.e. the one that sounds like a radio station) and in all likelihood, the remaining three of the Final Big Four, in their infinite wisdom have put the figurative (and sometimes literal) gun to the heads of the remaining professionals that are in their employ.

This has several indirect consequences, most significantly that any remnants of the minuscule work/life balance that existed prior to the unprecedented layoffs that have occurred have evaporated in to thin flipping air.

The irony is that this was the biggest selling point of the team (and many others I imagine) that I worked on last year. Hours were limited so that you can have a life. My colleagues that remained on that team have basically said, “Yeah, well, that's basically over”.

The worst part about that is after everything slows down (March/Aprilish) it's likely that one in five will get the axe. “Thanks for all your hard work the past six months, here's your 30 days of severance.”

Of course, this will all be done in classic accountant passive-aggressive fashion:

Partner/Manager in January/February: You're a crucial part of this team. We're really depending on you this busy season. You need to step it up for us.

Partner/Manager in March/April: We don't think your future is with this firm.

This conversation will likely take place after the recipient of 30 days severance and a future of paying COBRA premiums worked between 60-70 hours (and often more than that) a week arguing over whether a memorandum has too many bullet points, if lies conversations about the ubiquitous fraud at the client being audited has actually been discussed, and if the daily two hour meeting discussing the lack of progress should be at 10 am (too early) or 3pm (still suffering from lunch coma).

Hey! But they're still great places to work! Just ask Fortune magazine....

Who's filling out these questionnaires anyway? Sphere: Related Content

Tuesday, January 20, 2009

Live Blogging the Inaugaration

Elizabeth Alexander, poet.

Shots of people leaving. RUDE.

Antonin Scalia wearing his funny hat.

Poem continues...

Bush 41 is wearing a Daniel Boone type hat. Along with that purple scarf he's looking quite hip.

Poem ends.

Benediction. This means it's over soon.

Joe Biden looks like he's not sure if he should have his head bowed and eyes closed.

Still praying...

"the complex arena of human relations"

Still praying...I don't remember benedictions being this long. He did invoke every "color" in the end of prayer. Pretty funny.

National Anthem. I hope he puts his hand on his heart...

Done. What a relief. Fox News won't have much to say afterwards, except maybe criticize him for flubbing the oath. I'm sure Sean Hannity will question whether or not he's ready to be President.

Stars and Stripes Forever. Everything ends with John Philip Sousa. Sphere: Related Content

Live Blogging the Inaugaration

"Humbled by the task before us". Hmmmmm.

I understand why he flubbed the oath. His strength isn't to repeat when spoken to, just give a speech. Makes sense.

First applause.

"Chosen hope over fear" The buzz continues.

First scripture quote. More like a paraphrase.

Second applause.

He's wearing a flag pin. What a relief.

People in LA laugh at themselves when seen on TV. A break in the seriousness is always welcome.

Third applause.

NYC! Everyone there looks cold.

Michelle's brother yawning! Hilarious.

Short applause.

Fourth sustained applause.

Fifth applause.

Sorry, I was interrupted by a phone call.

"New era of peace"

"Wrong side of history" that's a Clinton line.

They just showed Senator Burris of IL behind Obama. Too funny. I wonder if Blajoevich is there...

"this is the price and promise of citizenship"

Sixth applause. Some standing.

Speech ends with the usual sign off. Waving.

18 minutes 10 seconds.

W. clapping politely He gets an embrace from Obama. Sphere: Related Content

Live Blogging the Inaugaration

John Roberts administrating the oath to Obama.

Obama didn't vote to confirm Roberts. AWKWARD.

Wow, he's nervous. Flubbed twice. He is human.

Hail to the Chief...Waving...Waving...21 gun salute...waving...Flags. Guns still going...

30 ROCK!

Speech time. Sphere: Related Content

Live Blogging the Inaugaration

Aretha Franklin. With a BIG bow on her hat.

Biden taking the oath.

John Paul Stevens wearing a bowtie and bad glasses.

Jill Biden holding the Lincoln Bible. That thing must weigh as much as a Thanksgiving Tom. Biden is kissing his kids. Oh the love...

More music. Yo Yo Ma gets the biggest reaction. Probably due to Seinfeld. John Williams. Damn, does that guy write everything?

BO and JB look like they're enjoying themselves. Did anyone tell them the mess that they're getting in to?

OH good, they look more serious there.

The pianist gets music and the other musicians don't? Does that seem unfair? Sphere: Related Content

Live Blogging The Inaugaration

Still praying... Sphere: Related Content