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But to quote Buffett again, who once ridiculed a different group of defunct financiers: “To make money they didn’t have and didn’t need, they risked what they did have and did need. And that’s foolish. It is just plain foolish. If you risk something that is important to you for something that is unimportant to […]

As long as the SEC clings to the position that there were no errors in those companies’ financial statements, it can’t allege there was anything wrong with the firms’ audits. That helps shield the auditors from potentially crippling liability in private securities litigation. It also limits the SEC’s ability to accuse any of the companies’ […]