KPMG: "Rogue Partner"
First it was "rogue traders"; now it seems we've got "rogue partners" skulking around out there.
KPMG resigned as auditor on Skecher and Herbalife because the Partner in charge of both accounts is now accused of insider trading violations by the SEC. The guy was fired immediately upon the SEC's announcement of suspected impropriety. KPMG labled the man a "rogue partner" - a relatively new term, far as I know.
The question is, how does a guy get to a position of authority like that at a firm like KPMG if he's a "rogue"? Traders you can understand. In the investment industry, guys come and go as traders. And from time to time, if supervision is loose, a trader gets too much money to trade and winds up losing a bundle. They can even take a firm down if the trade is big enough (witness the demise of the venerable UK firm, Barings).
But a Partner at a firm like KPMG doesn't just sit at a desk with a screen and trade money. It takes time to become a Partner - and a lot of skill and experience. And you've got to wonder how his superiors didn't suspect anything.
A guess: the guy's activities reflect the loosening of integrity and moral values that's infected our whole society (assuming he's guilty). If that's the case, we may see more of these "rogue partners" in the future.
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KPMG resigned as auditor on Skecher and Herbalife because the Partner in charge of both accounts is now accused of insider trading violations by the SEC. The guy was fired immediately upon the SEC's announcement of suspected impropriety. KPMG labled the man a "rogue partner" - a relatively new term, far as I know.
The question is, how does a guy get to a position of authority like that at a firm like KPMG if he's a "rogue"? Traders you can understand. In the investment industry, guys come and go as traders. And from time to time, if supervision is loose, a trader gets too much money to trade and winds up losing a bundle. They can even take a firm down if the trade is big enough (witness the demise of the venerable UK firm, Barings).
But a Partner at a firm like KPMG doesn't just sit at a desk with a screen and trade money. It takes time to become a Partner - and a lot of skill and experience. And you've got to wonder how his superiors didn't suspect anything.
A guess: the guy's activities reflect the loosening of integrity and moral values that's infected our whole society (assuming he's guilty). If that's the case, we may see more of these "rogue partners" in the future.
More...
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