Thursday, December 20, 2012

Auditor: “material weaknesses” at Bailey Bros. Building and Loan

Matt Phillips is a former MarketBeat honcho.*

From Quartz:

Report of Independent Registered Public Accounting Firm to the Shareholders and Board of Directors of the Bailey Bros. Building & Loan Association

We have audited the Bailey Bros. Building & Loan Association (the Building & Loan) internal controls and financial reporting as of Dec. 31, 1945. The management of the Building & Loan is responsible for maintaining such controls, along with assessing their effectiveness and conformity with prevailing accounting and financial standards. Our responsibility is merely to express an opinion.

Here's what we were posting on September 15, 2008:

"Don't look now but there's something funny going on over there at the bank, George..."

The DJIA was down 504 points after the failure of LEH and the the rapine of  Mother Merrill.
Fannie and Freddie were in conservatorship and I was sleeping in the office.  The next day AIG became a subsidiary of the U.S. Treasury.
The failure of Washington Mutual, the largest S&L was still to come.
Good times.

*On June 30, 2010 we were saddened by the news:
MarketBeat's Matt Phillips Does Not Win the 2010 Bulwer-Lytton Contest
Back in May I thought Mr. Phillips was a shoe-in, I mean he won the prestigious Climateer Line O'the Day and everything..
Like the Germans in May 1940, a Five Star, Weekend Special, hit the ATM, lock:

Climateer Line of the Day: MarketBeat does Bulwer-Lytton Edition (ACN)
MarketBeat's Matt Phillips has a walk-off home run. Game over.
From their post "Accenture for a Penny: MarketBeat’s Investigation Continues!":
Like a rottweiler on a slightly undercooked leg of lamb, MarketBeat refuses to let go of its probe of the depths of Thursday’s Flash Crash, particularly the momentary trades that priced ostensibly healthy companies such as Accenture at one cent....
That makes "It was a dark and stormy night" read like Blake in comparison... has announced the 2010 winners. The winner was bad but the runner-up was atrocious...