July 15, 2010 |
David Axene was flat on his back in a hospital bed with a swollen left leg. His kidneys had shut down. His blood pressure had plunged. Doctors pumped him with potent antibiotics to stave off a deadly infection. Yet there he was sifting through spreadsheets on his laptop, cradling his cellphone to his ear, waving off doctors to finish another conference call. California's top insurance watchdogs had hired Axene to scour Anthem Blue Cross' files for any flaw in the voluminous paperwork that accompanied its rate hikes of up to 39%. Anthem's plan to impose higher premiums March 1 had outraged consumers and politicians alike.
March 12, 2010 |
In the months before Lehman Bros. collapsed in late 2008, setting off the global financial crisis, the investment bank used an accounting trick to make it appear to have greater liquidity than it did, a court-appointed examiner alleges in a report unsealed Thursday. A number of top Lehman executives, including former Chief Executive Richard Fuld, knew of the alleged manipulation and could be held liable for it, according to the report by Anton Volukas, who was appointed by the federal judge overseeing Lehman's bankruptcy to investigate the causes of the firm's demise.
September 17, 2008 |
The federal government has named chairmen to oversee mortgage finance companies Fannie Mae and Freddie Mac, which were seized this month. The Federal Housing Finance Agency said it named John Koskinen as Freddie Mac's non-executive chairman. Koskinen is a corporate restructuring expert. The housing agency named Philip Laskawy, formerly head of accounting firm Ernst & Young, to the same role at Fannie Mae.
April 4, 2008 |
The gig: As director of human resources for Ernst & Young's Pacific Southwest area, Wolfe works to attract new talent and to motivate employees at the professional services firm, which employs 130,000 people worldwide. Wolfe, who is based in Los Angeles, says her role is to help build "a good work environment where everybody is able to maximize their potential." Education: Bachelor's and master's in music, CalArts; master's in organizational development, Pepperdine University.
July 29, 2007 |
Andy Sale may be the only accountant who brags about wearing handcuffs. If you don't count John Nendick. Sale is in charge of the Ernst & Young team that totes up the Emmy ballots every year in a windowless, secure room in the accounting firm's downtown Los Angeles office. He and colleague Nendick arrive at the award show every year with a flourish, in tuxedos and with silver briefcases cuffed to their wrists.
May 31, 2007 |
A former top Internal Revenue Service lawyer and three other Ernst & Young partners fraudulently reduced taxes for Americans making $10 million or more, an indictment unsealed Wednesday alleges. The four current and former partners of the giant accounting firm were arrested Wednesday and charged with fraud and other crimes relating to tax shelters that were devised beginning in 1998, according to the indictment unsealed in U.S. District Court in New York.
May 3, 2007 |
Ernst & Young, one of the four biggest U.S. accounting firms, didn't catch errors that were probably relevant to companies' financial statements and failed to perform some required procedures in the audits it conducted, the federal regulator that oversees accounting firms said Wednesday. The Public Company Accounting Oversight Board's findings arose from its 2006 review of the firm's audits. The board was created under the 2002 Sarbanes-Oxley law.
November 2, 2006 |
U.S. consumers may spend 6.5% more during the holidays than a year earlier as lower gasoline prices and a jump in the stock market encourage buying, accounting firm Ernst & Young said. Demand for Apple Computer Inc.'s iPods and high-definition televisions will drive spending in November and December, New York-based Ernst & Young said. In 2005, holiday sales increased 6.7%, the firm said. The season accounts for a fifth of sales at retailers such as Wal-Mart Stores Inc.
July 18, 2006 |
Ernst & Young has named Peter H. Griffith to vice chairman and managing partner of the firm's Pacific Southwest area. Griffith, based in the downtown Los Angeles office, succeeds Tony Anderson, who was named vice chairman and managing partner of the firm's Midwest area, based in Chicago. Griffith, formerly Ernst & Young's global treasurer, will oversee more than 2,000 professionals in Southern California, Arizona, Colorado, Hawaii, Nevada and New Mexico.
December 25, 2004 |
Accounting firm Ernst & Young agreed to pay $125 million to the Federal Deposit Insurance Corp. over the collapse of a Chicago bank three years ago, the FDIC said. Superior Bank FSB's failure cost the FDIC about $700 million, making it one of the largest federally insured financial institutions to fail in a decade.