Phoenix Associates Land Syndicate (fka PBLSQ)

[OverDraught]

So true. I have in my possession a copy of the audited FS of United American Bank of Knoxville for FY 1982. It has a "clean" opinion from the auditor, Ernst & Whinney, dated January 25,1983. Two weeks later the bank was closed by the FDIC.

It was the beginning of a series of twenty-nine bank failures caused by the fraud and deceit of the notorious Butcher brothers, Jake and Cecil. As for E&W, a Big Eight firm, it too ceased to exist.

Bottom line: Audited statements are useless if you don't know what is really going on in the company.

OverDraught