When financial institutions fail, the clean-up involves examining the actions (and inactions) that lead to the failures. Questions arise as to whether the failure involved breaches of fiduciary duty including breach of independence, loyalty and care.
In headlines today are the severe allegations against KPMG in its role as independent auditor for New Century Financial which was a massive failure resulting in New Century's bankruptcy. Employees, shareholders and other interested parties are looking at the reports and possible evidence of wrongdoing to consider whom to sue. It's not a question of "if" lawsuits will be brought, but "when."
The super-rich here in the U.S. with assets worldwide are sitting on needles and pins. Supposedly, we are to be told any day about the details of the pact made between the IRS and UBS. However, the "meat" of the deal varies widely depending on the source.
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