Thursday, December 19, 2013

Auditor: “Material Weaknesses” at Bailey Bros. Building and Loan

A bit of inspired genius we linked to last year.
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.