andrew cuomo

Ernst & Young: Too big to fail

December 21, 2010: 11:23 AM ET

Don't look for indictments in Andrew Cuomo's case against the accounting firm.  That could kill the business, and no one wants that.

If you're going to screw up, make sure you're working at a company that regulators aren't going to allow to fail. That's the lesson not only for big financial companies, but for the Final Four big national accounting firms as well.

Take Ernst & Young, which is a target of New York attorney general Andrew Cuomo for its alleged role in helping Lehman Brothers produce misleading financial statements before it collapsed two years ago.

People are baying for criminal indictments of big names for their roles -- make that alleged roles -- in the financial meltdown and ensuing horrible recession. But unless Cuomo or his successor as AG, Eric Schneiderman, have totally lost their senses, they're not going to indict E&Y, the nation's second-largest accounting firm.

They'll try to get it to agree to fines and penalties, as well they should. But it's hard to imagine them indicting the firm. More

  • John Kinnucan: Hero or schmuck?

    The consultant at the center of the FBI's insider trading probe has grabbed the microphone and won't let go. Is it an amateur move? Or a brilliant one?

    Sometimes, it's difficult to figure out the motive behind people's actions. Take Julian Assange, for example. Is he actually an anarchist? Or just a wannabe playboy? It's hard to say. Maybe he's both.

    Then there's John Kinnucan, heretofore-unknown technology researcher and current toast MORE

    - Dec 10, 2010 5:00 AM ET
  • Kickback kingpin Hank Morris pleads guilty

    Hank Morris, the private equity "finder" at the heart of New York's public pension kickback scandal, today plead guilty to a felony violation of The Martin Act.

    As part of the deal, Morris will repay $19 million, accept a lifetime ban from the securities industry and pledge to never again solicit investments from any government entity within New York. He also faces up to four years in prison, with a sentence MORE

    - Nov 22, 2010 1:11 PM ET
  • About time: Cuomo finally sues Steve Rattner

    It seems that Andrew Cuomo has a wonderful sense of theater.

    On the very day that Steve Rattner is all over cable news to discuss GM's (GM) return to the public markets, he has (finally) been sued by the Governor-in-waiting for his alleged role in the New York public pension kickback scandal.

    There actually are three separate actions, with the first two seeking to recover a total of $26 million from the MORE

    - Nov 18, 2010 10:21 AM ET
  • Attack: Paladino hits Cuomo with the Rattner stick

    Well, it had to happen eventually: Steve Rattner has become an issue in the New York gubernatorial race. Take a look at this new ad from Republican nominee Carl Paladino:

    Look, I've been plenty critical of how Cuomo has handled the criminal vs. civil aspects of the New York pay-to-play scandal. Specifically, most of the bribe-takers have been indicted, whereas most of the bribe-givers have been asked to pay penalties. It MORE

    - Oct 25, 2010 10:49 AM ET
  • Ex-BofA chief denies fraud claim

    Ken Lewis shot back at New York's attorney general, saying his fraud suit against Lewis "distorts" the record.

    Lawyers for the former Bank of America (BAC) chief made the comments in legal papers filed Wednesday with New York State Supreme Court.

    New York Attorney General Andrew Cuomo is suing Lewis and BofA's consumer banking chief, Joe Price, over their actions as the bank prepared to take over a faltering rival.

    Cuomo sued Lewis and Price in MORE

    - Aug 20, 2010 3:59 PM ET
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