Items Tagged with 'Lee Farkas'


  • Federal judge finds PwC negligent in Taylor, Bean & Whitaker/Colonial Bank audits

    Lawsuit brought by FDIC after Colonial Bank’s failure
    One of the most prominent ghosts of the financial crisis is back in the news again: Taylor, Bean & Whitaker. Late last week, a federal judge ruled that PricewaterhouseCoopers was “negligent” in its role as the auditor of Colonial Bank, which funded many of TBW's mortgages before it became one of the largest bank failures in the country's history.
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  • PwC settles $5.5 billion lawsuit over Taylor, Bean & Whitaker audits

    Accused of failing to recognize malfeasance in TBW, Colonial Bank accounts
    The ghost of Taylor, Bean & Whitaker struck again Friday, as PricewaterhouseCoopers agreed to settle a $5.5 billion lawsuit that accused the company of failing in its audits duties by not discovering the accounting malfeasance that led to one of the most spectacular crashes to come out of the housing crisis.
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  • Freddie Mac settles with Deloitte in $1.3 billion suit over Taylor, Bean & Whitaker

    Is this long, bloody era finally over?
    The court battle between Freddie Mac and Deloitte & Touche over allegations of fraud involving the spectacular collapse of Taylor, Bean & Whitaker is now over after the two sides agreed to dismiss Freddie Mac’s $1.3 billion lawsuit against Deloitte. Freddie Mac initially sued Deloitte & Touche in 2014, accusing Deloitte of "gross negligence" in its auditing of TBW.
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  • Waxman Questions Use of TARP Funds

    As the U.S. Treasury begins dispersing the first $125 billion of taxpayer funds to nine key commercial banks under the TARP program, Henry Waxman (D-CA), chairman of the House Committee on Oversight and Government Reform, said Tuesday that his committee will investigate executive compensation at banks receiving federal funds.
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  • Banks Need to Lend, Says White House

    Let's back up a little bit: first there was the $700 billion in the U.S. Treasury's Troubled Asset Resolution Program, or TARP. The idea, at the outset, was to clear bad assets off of bank balance sheets and enable to them to focus on moving forward. The program took a twist roughly a week ago, and has since seen a good chunk of its funding put directly towards recapitalizing banks -- with the idea that banks would in turn start lending.
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