> The reason for this urgent email concerns breakdowns of internal controls and and resulting significant but possibly unrecognized financial losses existing within our organization. An accountant wrote that. That is accountant-speak for "Get to the emergency room immediately"
-
-
Show this thread
-
If I had written it, and I have the benefit of hindsight, rewrite that and make it the first sentence: "Internal controls have broken down in residential mortgage underwriting. We face an unrecognized financial loss which may be large enough to imperil the firm."
Show this thread -
"But Patrick, there's a lot of legal risk there." That is not Dangerous Professional thinking. Dangerous Professional is *way* past worried about legal risk: if he's wrong he's fired and if he's right then legal risk is so far down on the priority stack that it needs no cycles.
Show this thread
End of conversation
New conversation -
-
-
Do we know what happened as a result of the memo?
-
We have some data points. Citi did too little too late to stave off problem, and came within a whisker of being nationalized. The author got effectively fired. I believe he got a book deal out of it and lectures as an academic / speaker on business ethics.
- 1 more reply
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.