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In one instance, issuance of the 2005 audit report was delayed until the last minute because of concerns expressed by a KPMG hedge accounting SME.
FORBES: By Any Means Possible: Auditors Try To Meet Standards By Faking It
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From 2003 to 2006, the Securities and Exchange Commission caught mortgage giants Fannie Mae and Freddie Mac violating hedge accounting to maximize their executives' compensation.
CNN: Why JPMorgan gets away with bad bets
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But there is no doubt that the summit's action plan includes a long list of financial sector dimensions to be addressed, including: accounting standards, hedge funds, risk disclosures, financial sector assessments, credit rating agencies, risk-management and stress-testing models, international standard setters, sanctions for misconduct, reporting to supervisors in different countries, and more.
FORBES: Magazine Article
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Investors frequently make the mistake of believing the retention of a major accounting firm or law firm by a hedge fund somehow guarantees or suggests that everything is on the up and up.
FORBES: Anatomy of (Yet Another) Hedge Fund Fraud (June 1, 2001)
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We need systems that make positions transparent in a single database and then tag them to exposures in a mutual fund, bonds or a hedge fund so if you want to see the accounting position you can get it across different types of holdings.
FORBES: Why Jamie Dimon And Jon Corzine Couldn't Find Their Money
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Suffice to say that they got this categorization wrong on one such hedge, perhaps due to an aspirin shortage in the accounting department.
FORBES: Ameresco's Hedge Hurts Heads, Ho-Hum
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These recent accounting problems unveiled by Caterpillar recall the Sino-Forrest scandal that hit billionaire hedge fund manager John Paulson.
FORBES: Caterpillar's $580M Headache And The Perils Of Chinese Accounting
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Hedge funds, of course, have become a highly desirable customer segment for Wall Street, accounting for 10% of commodities revenue and 30% of equity trading commissions.
FORBES: Fear And Loathing Along The Hedge Rows