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Thread: KPMG SA CEO, 7 others quit on #GuptaLeaks fallout

  1. #16

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    Quote Originally Posted by NarrowBandFtw View Post
    Would be poetic justice.
    It would seem that way but that would also leave many innocent people unemployed and all those families affected which is not justice. I would rather see those who are directly involved brought to justice.

  2. #17
    Super Grandmaster konfab's Avatar
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    Quote Originally Posted by saturnz View Post
    more evidence that the private sector is as corrupt as the public
    Except really bad things happen to the private sector people who are corrupt because shareholders are ruthless.. Capitalism takes over and they get chopped up and liquidated.

    With the public sector, they just get their buddies in Parliament to approve of a R10bn loan that is stolen from taxpayers. And nothing happens.

    Maybe if we didn't have a government that didn't involve itself in every facet of society we would have the type of system where crime doesn't pay.

  3. #18
    Super Grandmaster Solarion's Avatar
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    Quote Originally Posted by konfab View Post
    I hear the ghost of Arthur Andersen in the background...
    ENRON......indeed.
    "The things I talk about are things that were always difficult for me to wrap my head around but became very important to me as a developer." - Jeremy Bytes

  4. #19
    Super Grandmaster konfab's Avatar
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    Quote Originally Posted by purpleheart View Post
    It would seem that way but that would also leave many innocent people unemployed and all those families affected which is not justice. I would rather see those who are directly involved brought to justice.
    What happened when AA went down is that it was chopped up and bought by its competitors.

  5. #20
    Super Grandmaster NarrowBandFtw's Avatar
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    Quote Originally Posted by purpleheart View Post
    It would seem that way but that would also leave many innocent people unemployed and all those families affected which is not justice. I would rather see those who are directly involved brought to justice.
    It is still justice, KPMG, the legal entity, willingly made a huge mistake / committed crimes against a nation. The only justice for that would be the end of the entire KPMG.

    Sure there will be regrettable side effects, those side effects are still KPMG's doing though, the newly unemployed can direct their righteous wrath directly at KPMG.
    none so blind as those who refuse to see

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  6. #21

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    Bell Pottinger has already been basically destroyed because of their involvement in corrupt activities here. Maybe the same will happen to KPMG? We can only hope.

    KPMG South Africa is probably finished. They have destroyed any trust in them. Only Guptas and ANC members will trust them now.

    And this should affect KPMG head office too.

  7. #22

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    Quote Originally Posted by saturnz View Post
    more evidence that the private sector is as corrupt as the public

  8. #23

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    Quote Originally Posted by konfab View Post
    Except really bad things happen to the private sector people who are corrupt because shareholders are ruthless.. Capitalism takes over and they get chopped up and liquidated.

    With the public sector, they just get their buddies in Parliament to approve of a R10bn loan that is stolen from taxpayers. And nothing happens.

    Maybe if we didn't have a government that didn't involve itself in every facet of society we would have the type of system where crime doesn't pay.
    I guess the government is controlled by the public sector then?
    Quote Originally Posted by Beerisgood View Post
    Godammit if I meet you I'll eat your eyes out for dinner.

  9. #24
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    AA did not change much. At that point the auditing firms realised that one idiot director misbehaving in Ghana could bring down a firm if the fine was big enough, as auditing firms were jointly and severally liable. In other words each partner collectively carries the cost of any failure by any other partner. So one large one went the the UK government and said we want to amend the rules so that we are individually liable, not collectively. UK laughed in their face and said no, it will keep you honest. So then they went to one of those channel islands, Guernsey I think, and said hey Guernsey, we will move our HQ to you if you change this one little law for us. Guernsey said sounds awesome and lucrative, thing is we don't even know how to draught a law like that. Big auditing firm says no prob, we will write it for you, which they do. Guernsey passes the law. Auditing firm being backstabbing bastards they are go back to UK government and says hey, if you don't change the law we move our HQ and tens of thousands of jobs out of London and into Guernsey. The law is already in place there. UK folds and passes law too.

    Now what is happening now is what I find fun. They managed to get around the law, but they have underestimated the public backlash. What happened to Bell Pottinger is testament to the fact that companies cannot willy nilly cross the line. Even if there is no fine that sinks a company, the loss of confidence will do that for you. If KPMG loses enough SA clients it will have to shut down its SA operation and will potentially even lose some international business. This, the public and other decent companies holding them accountable is a grass roots up-swelling against corruption that is so much more effective than the law, as it is fierce, and financial in nature. Got to say I am loving how this is playing out. Every country in SA must be suddenly looking very carefully at any connections to shamed individuals, and getting rid of those links. The banks must be thanking their lucky stars that they moved early on cutting accounts to the Gupta's! KPMG despite doing so fairly early as well seems to be finding they where already too late, but then they where culpable already at that point and unlike the banks where actively assisting to cover up and validate the Gupta's antics via either dishonest or incompetent auditing.
    Those who do not learn from history are doomed to repeat it.

  10. #25

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    Quote Originally Posted by saturnz View Post
    more evidence that the private sector is as corrupt as the public
    You forget probably the most important thing. In the private sector you have a choice who you do business with and can boycott those that you think are corrupt. Try doing the same for the public sector.

  11. #26
    Super Grandmaster konfab's Avatar
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    Quote Originally Posted by saturnz View Post
    I guess the government is controlled by the public sector then?
    They are one and the same given the public sector is accountable to parliament and is controlled by the executive.

  12. #27
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    So that SARS forensic may have been ordered by their capturers to tar Pravin?
    “Stupidity was as necessary as intelligence, and as difficult to attain.”

  13. #28

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    Demand for auditing work will still remain the same. Even if KPMG tanks, the other firms will absorb their staff and just take a bigger chunk of the market share. So if I put my cynical hat on: nothing will change. The same employees will be working in the same industry.
    "Knowledge is a mirror"

  14. #29

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    A small change of words, but thanks Johnny Cash.

    Greed is a burnin' thing
    And it makes a fiery ring
    Bound by wild desire
    I fell into a ring of fire

    I fell into a burnin' ring of fire
    I went down, down, down
    And the flames went higher
    And it burns, burns, burns
    The ring of fire, the ring of fire
    TimeDesign, the recommended school timetabling/scheduling program for the Free State Department of Education.

  15. #30
    Super Grandmaster supersunbird's Avatar
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    Quote Originally Posted by ShaunSA View Post
    Who are easily bought off with wedding invites.
    And who seem to think all is above board for a company to pay for a wedding, which is a private affair obviously...
    Quote Originally Posted by saor View Post
    saor is a dumbass

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