More bad news for KPMG as Market News and Investment Information | Reuters.co.uk: says David Greenberg, former partner with KPMG and accused of setting up dodgy tax schemes involving $2.5 billion in lost tax has finally got bail – assuming he can stump up the bail money. In the US, bail bonds are usually 10% of the amount set.
According to Reuters:
In the two bail hearings, prosecutors had argued Greenberg showed a pattern of hiding his finances by setting up entities in family members’ names. They also said he boasted in January 2005 to a co-conspirator of having a secret bank account worth up to $20 million in his ex-wife’s name.
Either this guy is Walter Mitty or a complete numb nuts. If he was ‘boasting’ how come other partners didn’t get to hear about it. Even in a firm like KPMG, that sort of stuff would travel pretty damned quick? Or prosecutors are embellishing the ‘truth.’ You decide.
As an aside, Greenberg thinks he’s innocent because no-one in and around this murky affair has been prosecuted for a crime. Got news for you buddy – you’re It.
PS/UPDATE – The FT reports that Deutsche Bank are in line for a slapping as well over the sale of KPMGs dodgy tax schemes – apparently they’re setting aside €250 million:
…to deal with “certain legal exposures” stemming from “tax-oriented transactions” that took place in the US between 1997 and 2001.
Don’t you just love it when PRs get to mince words?
Technorati Tags: KPMG
