"I have spoken to some Big Four partners this week who are saying they plan to test large balances by actually sending someone to the bank to look at the balance on the computer screen. "
Thought this was a very interesting statement by Paul Gillis. He doesn't identify these Big 4 partners as Deloitte, nor does he identify the audit as being CCME's, but it wouldn't be surprising if that's who he's talking about.
He also discusses Deloittewatch.com: "After the cajoling by Deloittewatch.com, I think we can expect that there will be few stones unturned in this audit. I am confident that Deloitte will not sign unless they are comfortable with all of the issues raised by investors." By "investors" he means "criminals" - JMHO.
To the extent the shorts gained some advantage by attacking during the audit, I think they lose something after the audit is completed. This will be one heckuva thorough audit, and while the shorts will still try to attack the results even Rick Pearson will have to stand up for Deloitte and declare CCME fraud-free after the 10K is released.
Actually, that would be asking too much of Rick, it's sooo hard to stand without a spine...
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