Any guesses on what conspiracy theory spouting Michael is up to these days?
He's attacking Sirius XM again. Let's all be thankful that we have him to hold the share price down.
KPMG BUSTED! Sirius accountant Busted!
Written by Michael Hartleib Friday, 03 April 2009 21:48
KPMG hit with a 1 billion dollar suit in a New Century Financial case. This is just the tip of the iceberg. What they did in the New Century Financial case pales in comparison to what they have done in the Sirius XM situation. If you wonder why James Rhyu and Adrianne Calderon left or will be leaving this should remove the blinders from you eyes.
Wake up! and smell the Rip Off!
The reason that James Rhyu left and the reason that Sirius lost their accounting firm and their chief accounting officer is because they were going to be issued a
‘Going concern notice”, which means the company, is bankrupt without additional capitol. KPMG gave them what they needed to commit what was nothing less than accounting fraud. They provided documents and financials to the NASD which were used to convince the NASD to grant an exemption to their rule 4350 (I) which led to the true owners of Sirius XM radio losing 40 percent of their company to John Malone of Liberty Media who is a friend of Mel Karmazin.
All of this is in breach of the boards and the audit committee’s fiduciary duties which will be exposed in forthcoming litigation.
Fasten your seat belts, as things are about to get very interesting!! Thank you Herman!
COVER-UP! Just breaking . . . Sirius XM auditors KPMG (yes, the same firm who gave the NASDAQ the opinion needed to permit a 40% stock transfer to Liberty Media without a proper shareholder vote) has been slapped with a massive lawsuit for, among other things, "grossly negligent audits," "failed its public watchdog duty," "helping cover up "catastrophic" problems at New Century -- including accounting and financial errors."
The suit demands at least $1 billion in damages. "KPMG did not act like a watchdog. Instead, KPMG assisted in the misstatements and certified the materially misstated financial statements," the At one point, KPMG "did the unthinkable for a public auditor," the complaint alleges. It issued a audit report on New Century's 2005 financial results before its audit was complete, "falsely enabling" New Century to file its annual report with the U.S. Securities and Exchange Commission.
Here is the link to the news report:
PLEASE SEE MY POST ENTITLED "READ BETWEEN THE LINES" FOR A CLEARER PICTURER OF WHAT IS HAPPENING INSIDE SIRIUS XM. THE TIME-LINE POSTED THEREIN IS A PROSECUTORS DREAM!