KPMG’s social story

by admin on September 28, 2011

in Innovation,Progressive practices


This week I’m in Las Vegas  – yeah, I know, someone has to do it – visiting a user conference run by a company most people who read AccMan will never have heard of. The conference is TUCON and the company is TIBCO.

By way of positioning, TIBCO provides the technology ‘plumbing’ that powers some of the largest businesses on the planet including NASDAQ, FedEx, Vodafone, much of Wall Street, the banking world, telco utilities and so on. It provides the tech that allowed slot machine gaming house Harrahs to become one of the largest casino operators in the world. TIBCO recently won a $21 million deal with the US government. The tech helps government understand and prevent cyber threats.

TIBCO is a company for which I have long held a soft spot in part because what they do ‘just works’ and because they were the first company to define and build technology that has shaped what it means to run a real time business. That’s a word you hear a lot in cloud pitches but it is TIBCO’s pioneering work and design ideas that make possible much of what we see today.

Yesterday, I got to meet with Chris Robinson, CIO of KPMG Asia Pacific. We talked about KPMGs implementation of TIBCO tibbr. You can think of tibbr as an industrial strength Twitter, Facebook, Chatter, Yammer on world class steroids where what you use to run your business is integrated into the activity stream of those participating in social communication channels.

I wanted to know why KPMG would invest in what many people see as technology toys. In the above video, Chris talks about the many needs KPMG has identified as it adjusts to the 21st century.

Among other things, he says that the payback in terms of improved talent retention and the ability to actively connect KPMG alumni back to the mothership provides more than enough ROI to justify the spend. And that’s just the start. In their case, KPMG is using its rollout as a pilot that demonstrates value to the larger global practice. Oh yes, and for the naysayers out there – it is being used as a secure communication connection between KPMG and its clients.

It was a pleasure to speak with Chris who demonstrates a practical understanding of both the opportunities and challenges inherent in applying social tools to the modern professional services businesses.

Bonus link – if you want to understand what this might mean in the context of the on-demand, real time world then you might enjoy the edited highlights I pulled together from the keynote given by TIBCOs CEO, Vivek Ranadivé.

Comments on this entry are closed.

itsinsider September 28, 2011 at 2:34 pm

High five, my man. 

Anonymous September 28, 2011 at 10:19 pm

 
 
KPMG KPMG KPMG KPMG KPMG KPMG
 
FRAUD FRAUD FRAUD
 
TAX SHELTER TAX SHELTER TAX SHELTER TAX SHELTER
 
If you don’t believe me (you are stupid) but then you must believe the U.S. Government as quoted by the Financial Times:
 
“The US government, in recent court filings, contends Stars was a highly complex tax shelter transaction used by the American banks to generate foreign tax credits. In court papers, government lawyers allege that BB&T and Wells Fargo deals were a “sham”. In Wells Fargo’s case, they assert Stars was designed so that the US bank’s “entire economic profit would be totally and exclusively sourced from US foreign tax credits”. Wells Fargo, in court papers, says its deal was a lawful reduced-cost loan.”
Of course the sham STARS transaction described above is one of the strategies Bob Bennett of Skadden Arps told the Department of Justice KPMG would stop doing for its best corporate clients like Wells Fargo if the DOJ would leave KPMG alone on its corporate tax fraud and help the DOJ indict KPMG partners and employees who worked on individual transactions.  Of course Bob Bennett of Skadden Arps was more than happy to lie for KPMGand help the DOJ sentence these individual partners to lives of butt raping and death to save KPMG’s corporate tax fraud business since it generated hundreds of millions on fees.
Keep in mind KPMGers, STARS absolutely no chance of making profit and was only done to generate tax benefits, meanwhile there are KPMGers whose family members have died and who have been butt raped by angry …….. who hate whites in a U.S. prison notwithstanding the investments they worked on made (according to the U.S. Government) millions in profits and had a 90% probability of making a profit all due to the massive lies told by KPMG (at least according to Joseph Loonan KPMG.’s chief counsel in a March 3, 2005 email wherein he tells fat pig Bob Bennett of Skadden ‘Arps everything being told to the DOJ about the KPMG partners whose family members died and who were butt raped in prison were LIEs).   
KPMGers you think I am crazy, so be it, every word written here is true and if you work for KPMG or Well Fargo you are at risk, KPMG will lie, cheat, steal and cuase the death of your loved ones to save itself, irrefutable fact.  See below.
 
KPMG the firm of liars, thieves and murders is at again (well it never stopped), check out the Wells Fargo financials below, there is more accounting fraud contained in this document than one can imagine.
 
 
Let me be absolutely clear, nothing in this post is untrue and no one is being threatened, the only thing any of you dopes have to fear is KPMG itself (and the U.S. Government when KPMG gets done lying to the Feds about you).
 
 
KPMG’s fraud is so egregious I would be extremely afraid if I worked at KPMG on Wells Fargo because everyone knows for a fact, if something goes wrong, like the DOJ or Congress gets pissed about all the special purpose vehicles used by Wells Fargo to hide billions of losses or the myriad of fraudulent tax shelters used by Wells Fargo (more fully described below), KPMG will not only turn you over to the U.S. Government to be ass raped for life and expose your family to the potential of yours or their suicide due to the unimaginable public embarrassment from the lies KPMG will invariably tell about you, KPMG will bend over backwards to help the DOJ destroy your life.
 
KPMGers your lives will be completely and forever destroyed, so bad that you will crave death every day just so you do not have to remember the horrors inflicted on you by the U.S. Government due to the massive lies KPMG will tell about you when it needs to.
 
The likes of Dennis Malloy, Michael Hamersley, Joseph Loonan, fat pig Bob Bennett of Skadden Arps, will lie to the DOJ so much about the fraud (described below) being perpetrated at Wells Fargo (regardless of who approved the fraud at KPMG).
 
 KPMGers working on Wells Fargo, KPMG will put you in prison via the DOJ to be butt raped by violent angry …… who hate whites (yes, the DOJ will put you in a room that is 10 by 10 with 23 angry ……. who will rape you nonstop for days (while the guards laugh and watch or worse)).   Of course, the DOJ does this so you will turn into a lying rat like Dennis Malloy, Michael Hamersley, Joseph Loonan….and the DOJ will tell you the butt raping will stop if you lie about your fellow KPMGers who have helped you perpetrate the fraud at Wells Fargo.
 
 The lies told by KPMG may be so humiliating and disgusting your family members may commit suicide like Jane did (Japanese style, leaving a bloody disgusting mess for your other family members to find).
 
For sure this will happen to you KPMGers.
 
 It will go something like this, Congress will get so pissed about all the fraud being perpetrated at the Banks it will need some heads.  The DOJ will go to KPMG and say give us some heads or else.  KPMG will hire a firm comprised of liars and thieves who only care about making millions in fees off the mess, Skadden Arps.
 
 
Skadden will put one of their partners like Peter Morrison on the case since he is just like fat pig Bob Bennett who has already done this for KPMG, fat pig Bob Bennett is one of the greatest liars of our time, Peter Morrison is just like fat pig Bob Bennett, a very good liar.  If or when KPMG hires Peter Morrison, he will lie to the DOJ so much your life and your families (geez, the DOJ will likely threaten your relatives and send agents with guns to their houses based on how good a liar Peter Morrison is) will forever be destroyed.
 
 
 
 
 
 
 
 
 
 
 
This is how easy, it will be to prove the fraud, go to page 52 of the Wells Fargo annual report:
 
Off-Balance Sheet Transactions with Unconsolidated
Entities
 
We routinely enter into various types of on- and off-balance
sheet transactions with special purpose entities (SPEs), which
are corporations, trusts or partnerships that are established for
a limited purpose. Historically, the majority of SPEs were
formed in connection with securitization transactions. For
more information on securitizations, including sales proceeds
and cash flows from securitizations, see Note 8 (Securitizations
and Variable Interest Entities) to Financial Statements in this
Report.
 
Newly Consolidated VIE Assets and Liabilities
 
Effective January 1, 2010, we adopted new consolidation
accounting guidance and, accordingly, consolidated certain
variable interest entities (VIEs) that were not included in our
consolidated financial statements at December 31, 2009. On
January 1, 2010, we recorded the assets and liabilities of the
newly consolidated VIEs and derecognized our existing
interests in those VIEs. We also recorded a $183 million
increase to beginning retained earnings as a cumulative effect
adjustment and recorded a $173 million increase to other
comprehensive income (OCI).
 
 
KPMGers I know your bosses told you it was okay to hide billions in bad debts in special purpose vehicles, I get it, but when the likes of Peter Morrison of Skadden Arps  get done lying to the DOJ about you, it will be off for a life of  butt  raping , destruction of  your family and bankruptcy, all done courtesy of KPMG.
 
 
 
Go to page 209 of the Wells Fargo annual report:
 
 
 
 We have concluded that it is more likely than not that the remaining deferred tax
assets will be realized based on our history of earnings, sources
of taxable income in carry back periods, and our ability to
implement tax planning strategies.
……………………………………………………………………………………………
 
At December 31, 2010, we had undistributed foreign earnings
of $1.6 billion related to foreign subsidiaries. We intend to
reinvest these earnings indefinitely outside the U.S. and
accordingly have not provided $508 million of income tax
liability on these earnings.
………………………………………………………………………………………………………
 
Of the $5.5 billion of unrecognized tax benefits at December
31, 2010, approximately $3.1 billion would, if recognized, affect
the effective tax rate. The remaining $2.4 billion of unrecognized
tax benefits relates to income tax positions on temporary
differences.
 
…………………………………………………………………………………………………………..
 
We recognize interest and penalties as a component of
income tax expense. We accrued approximately $870 million
and $771 million for the payment of interest and penalties at
December 31, 2010 and 2009, respectively. A net expense from
interest expense and penalties expense of $45 million (after tax)
for 2010 and a net benefit from interest income and penalties
expense of $72 million (after tax) for 2009 was recognized as a
component of income tax expense.
…………………………………………………………………………………………………………
 
In September 2006, we filed a federal tax refund suit in the
U.S. Court of Federal Claims related to certain leveraged lease
transactions, which the IRS considers SILO transactions that we
entered into between 1997 and 2002. On February 19, 2010, the
Court of Federal Claims entered an adverse judgment, and on
April 15, 2010, we filed a Notice of Appeal to the U.S. Court of
Appeals for the Federal Circuit. Oral argument was heard on
December 7, 2010, and we expect a decision sometime during
2011. There will be no adverse financial statement impact if the
Court of Appeals affirms the judgment of the Court of Federal
Claims.
…………………………………………………………………………………………………………………
 
 
Oh my goodness, KPMG tax guys I would be very afraid of what KPMG will do to you if things go south on SILO, Darryl Hainor  from KPMG is already under indictment for SILO.  Geez, Wells Fargo and KPMG are so bold they tell the world almost $1 Billion has been accrued to cover  penalties and interest for all of the Wells Fargo tax fraud.
 
Oh well, don’t say I did not warn you, just remember when KPMG hires  someone like Peter Morrison from Skadden Arps to tell massive lies for KPMG (a specialty of Peter Morrison),  it will be off for a life of ass raping, bankruptcy and destruction of your family, all paid for by KPMG.
 
Let me be absolutely clear, nothing in this post is untrue and no one is being threatened, the only thing any of you dopes have to fear is KPMG itself (and the U.S. Government when KPMG gets done lying to the Feds about you).
 
 
 
Wells Fargo & Company Annual Report 2010

 
 
 

dahowlett September 28, 2011 at 10:42 pm

I’m leaving this comment up here just to show everyone how fucked up some people really are. This comment may have some place to go but it is not here. WTF has this got to do with the story I wrote?

Taxman November 24, 2011 at 11:18 pm

Dahowlett: The blogger who posted that comment as “kpmgkilledjane” and who goes by ”Kafka” and may other handles in similar postings is former KPMG tax partner, David Greenberg. 

mir99 November 29, 2011 at 6:31 am

www  dot wfopsreport  dot com    or    fightfeces dot com.

kpmg was warned…listen on POLICE VIDEO !!!!!!!  Warned in writing too. faxed official notification to half their offices.  In Federal Civil.  Horse must be cut up into horsemeat and sold by the pound before it dies and rots.

hosting server January 13, 2012 at 11:58 am

The topic is so interest and so nice useful too..Thanks for sharing this post.

Previous post:

Next post: