Apr
24
At the end of last year I looked at how the Fannie Mae scandal had turned into litigation city with the mortgage giant suing its auditor KPMG and regulators going for the group's former leaders.
Now, as expected, KPMG has hit back. It is suing Fannie Mae for "fraudulent deception", reports Bloomberg.
Whereas Fannie Mae reckons KPMG is guilty of "accounting malpractice", the auditors have accused Fannie Mae of not disclosing information and of "repeatedly, systematically and intentionally" misleading them.
Just your standard corporate catastrophe – one side blaming the other. This will take years to sort out.
no comment untill now