Replies to post #193855 on DD Support Board and Research Team

[BullNBear52]

Not sure if it was during and/or after...but a given being after..eh?

It happened just about the same time. AA collapsed on 2002 which lead to The Sarbanes–Oxley Act.

https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act

Too many auditing firms were signing off on BS that consulting firms were feeding their clients.

At the time I was working for a hospital which was audited by KPMG. When we met with them they said they were writing a management letter to the board that we were not aggressive enough in our investments.

I suggested to them that they cut that part out unless they were willing to mention Orange County's BK.

They were so dumb that they didn't realize we owned a large percentage of a Physician's practice that was eventually sold to UHC and we reaped a $135M profit. Not bad for a small non-profit hospital.

Edit: The IRS was so pissed they said you can't take it all at once so we had to set up a foundation to give money away.