Monday, April 2, 2007

That Thump You Hear...

... is the canary falling dead on the floor of the coal mine.

When the auditors tell a company to piss off, said company is likely in a world of hurt.

Grant Thornton Resigns as Auditor at Fremont, Accredited
from Housingwire

Grant Thornton LLP resigned Monday as the auditor for Fremont General Corp., an FDIC-insured lender ordered by federal regulators to stop subprime lending, and San Diego-based Accredited Home Lenders Holding Co.

The auditor cited “significant events” at Fremont as the reason behind a recent decision by Thornton to expand the scope of its financial audit of the lender’s internal documents, and said that Fremont had failed to provide the information needed to complete its review.

By the time May rolls around, we'll all be living in a different world - the long run that Keynes talked about...

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