http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8042354/Auditors-face-probe-over-client-assets.html
Yours was counted as theirs and they paid through the nose for accounts to look the other way, to make sure nobody was any the wiser, for the illegal deeds the banks were doing.
Look up Repo 105, it's a good start at seeing the dirt they were doing.
All aided and abetted by....the financial system of the world.
Just because everybody is doing it, doesn't make it legal.
MERS makes a good case point for that.
The Accountancy & Actuarial Discipline Board (AADB) yesterday said it had begun a second probe into Ernst & Young's role as auditor to Lehman Brothers International (Europe) – the bank whose collapse in September 2008 triggered a global financial meltdown.
The accountancy watchdog is also scrutinising PriceWaterhouseCoopers over its audit role at JP Morgan Securities, the US bank the FSA fined a record £33.3m in June for failing to ring-fence client cash balances from those held by its parent, JP Morgan Chase.
Both AADB investigations relate to the FSA's clampdown on banks and other financial institutions over their segregation of client assets. The FSA action is likely to embroil further financial services companies and their auditors, which are yet to be named.
The issue of segregating client assets has become the subject of a furious legal battle in the wake of the Lehman collapse.
Administrators to Lehman's European wing have faced the tortuous problem of dividing up more than £2.1bn of client monies, which the bank failed to segregate properly.
