KPMG: Supporting GE's Tax Strategy For 102 Years

Take a minute to read this at Forbes:

Francine McKenna - Forbes Accounting Watchdog

Comments

[john]

KPMG commits $1.9 billion gaffe?! Who says bigger is better!?!

http://www.accountingweb.com/blogs/briggsie/barefoot-accountant/kpmg-partner-commits-nearly-2-billion-gaffe

[snip]

Allco was one of the high-profile collapses during the global financial crisis. It was placed in liquidation after it was discovered in May that it could not repay more than one billion dollars in loans. In November, 2008, receivers were appointed after Allco Finance Group became insolvent.

How did Whittingham excuse this error as the partner presumably in charge of this audit? BusinessDay reports Mr. Whittingham saying that he had relied on managers for aspects of the audit.

Now this gets interesting,

GE eyeing some Allco Finance assets: report

http://www.earthtimes.org/articles/news/186636,ge-eyeing-some-allco-finance-assets-report.html

[snip]

and this...

Allco Expands Global Wind Farm Operations

http://www.windtech-international.com/project-and-contracts/allco-expands-global-wind-farm-operations

[snip]

Allco Wind Energy has entered into partnership arrangements with two German developers WPD AG and JUWI GmbH. Under these agreements, Allco will acquire wind energy in Germany and France with a total of 112MW, for completion in 2007 and 2008:

3 wind farms in Germany, with a total installed capacity of 60MW, have been acquired from WPD, with the acquisition of a fourth project to be completed later in 2007, taking the overall installed capacity to 64MW. Wind Turbine Generators are supplied by Vestas and Siemens.


Comment: First Wind/UPC/ Evergreen et.al need to be looked at NOW regarding their business dealings with GE among 'other things'.

[john]

GE selects contractor to dredge PCBs from Hudson

http://online.wsj.com/article/AP8711cd40c82e484a8cbc3e52e1a26873.html

[john]

GE Plan Will Tap Solar Power

http://online.wsj.com/article/SB10001424052748704013604576248581703500362.html

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