The leadership of the Big 4 audit firms in the UK has admitted that they did not issue “going concern” opinions because they were told by government officials, confidentially, that the banks would be bailed out.
Ie. the auditors who's job was to assess whether the banks were going bust, didn't warn that they were going bust, because they knew that the banks would be rescued!!!!
WTF??? My head is hurting. This is like someone left Karl Pilkington in charge!
Update : BTW, I just noticed that word "confidentially" in the above quote. Why confidentially? If the government wanted to signal that it was willing to support the banks, why not do it in public? Instead we have them secretly saying that they'll support them to the auditors so the auditors can then cover up the fact that the banks are in trouble in the first place!
"silence like a cancer grows".
This is why we need wikileaks.