NEWS MEDIA REPORTS

• "Restatements Still Bedevil Firms", The Wall Street Journal, Feb. 12, 2007
  [Restatements of publicly-traded companies equaled 1599 in 2005 and 1876 in 2006.]
   
• "Stung by Subprime", The New York Times, April 2, 2008
  ["Many of the world's largest banks have suffered billions in losses...because of their exposure to subprime loans in the United States.]
   
• "GE to Adjust Accounting in Bid to End Probe", The Wall Street Journal, February 19, 2008
  ["The formal investigation has prompted GE to twice restate its financial statements and to make three disclosures over accounting errors since 2005.]
   
• "Daimler 1st German firm to enter Wall St.", Daily News, Sept. 18, 1993
  [Daimler-Benz AG reported a first-half loss of 949 million marks, or $579 million, Friday, adopting U. S. accounting rules as it prepared to become the first German company listed on the New York Stock Exchange. ... Using German rules, which allow firms to dip into reserves to bolster results, Daimler had a profit of 168 million marks, or $102 million, for the first six months of 1993. ... Daimler enjoyed windfall profits in the early 1980s and saved a portion of those earnings as reserves 'for difficult times, and now we have such times,' he [Chairman Edzard Reuter] said."]
   
• "Financial Restatements:  Update of Public Company Trends, Market Impacts, and Regulatory Enforcement Activities", United States Government Accountability Office (report GAO-06-678), July 2006
  ["While the number of public companies announcing financial restatements from 2002 through 2005 rose from 3.7 percent to 6.8 percent, restatement announcements identified grew about 67 percent over this period.]
   
• "The FBI's Ten Most Wanted Fugitives", April 1, 2008 (www.fbi.gov)
  [No white collar criminals.]
   
• "Criminal referrals by FBI plummet", Los Angeles Times, March 7, 2008
  ["Last year, the FBI made 2,300 referrals to the Justice Department in white-collar investigations, an 82% decline from 2001.  White-collar referrals peaked at 20,900 in 1993.]
   
• "F. B. I. Chief Admits 9/11 Might Have Been Detectable", The New York Times, May 30, 2002
  [White-collar crimes falls to 7th priority.]
   
• "Mind the GAAP", The Wall Street Journal, November 9, 2007
  [Ernst & Young endorses IFRS, the lesser standards which have 1/10 the guidance as GAAP.]
   
• "Loopholes Let Bank Rewrite Calendar", The New York Times, Mar. 7, 2008
  ["While the London-based International Accounting Standards Board writes the rules, there is no international organization with the power to enforce them and ensure that companies are in compliance.]
   
• "Accountant And S.E.C. Reach Deal In Enron Case", The New York Times, January 29, 2008
  [Seven years later.]
   
• "Deloitte & Touche Will Pay $312 Million in S&L Cases", The New York Times, March 15, 1994
  ["The agreement, which is the second largest won by Government agencies pursuing professional firms in the wake of the savings and loan scandal, resolves all pending and future Federal litigation against Deloitte & Touche in the matter.  In [sic] 1982 [1992], Ernst & Young agreed to pay $400 million to settle Federal allegations of improper accounting."]
   
• "Accounting Firm Settles Federal Charges", The New York Times,     August 10, 1994
  [KPMG received a relatively light slap on the hand [$186.5 million]. ... Last year, Arthur Andersen & Company paid $82 million.]
   
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