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BUSINESS
By New York Times News Service | March 27, 2008
A sweeping five-month investigation into the collapse of one of the nation's largest subprime lenders points a finger at a possible new culprit in the mortgage mess: the accountants. New Century Financial Corp., whose failure just a year ago was the start of the crisis, engaged in "significant improper and imprudent practices" that were condoned and enabled by auditors at the accounting firm KPMG, according to an independent report commissioned by the Justice Department. In its scope and detail, the 580-page report is the most comprehensive document yet made public about the failings of a mortgage business.
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BUSINESS
By Scott Dance, The Baltimore Sun | March 6, 2014
Tax giant KPMG LLP has acquired Cynergy Systems Inc., a Baltimore-based company that builds and designs software and mobile applications, for an undisclosed sum. Through the acquisition, KPMG sought to add more services for companies looking to use software systems to improve efficiency, productivity or sales, said Stephen Chase, a principal with KPMG. Cynergy builds and designs systems used in industries including health care, telecommunications, financial services and video games, and provides training to companies on how to use them.
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BUSINESS
By Andrea K. Walker and Andrea K. Walker,SUN STAFF | May 9, 2002
KPMG Consulting Inc. said yesterday that it has signed a letter of intent to acquire up to 23 independent consulting units from Andersen Worldwide for $284 million. If McLean, Va.-based KPMG follows through with the transaction, it will issue up to 6.5 million shares of stock over three years to Andersen partners who join the firm. The agreement was signed as a division of Andersen Worldwide, beleaguered Arthur Andersen LLP, sheds assets and lays off employees as it continues to defend itself against a federal criminal indictment for shredding Enron Corp.
NEWS
By Yvonne Wenger, The Baltimore Sun | August 2, 2012
Henry Rodwell III smiled as a professional photographer snapped a rare portrait of him with his son, whose birth had prompted the single father to break his addiction to heroin and change his life. Rodwell was one of nearly 1,000 homeless and low-income men, women and children who came to Thursday's Project Homeless Connect at M&T Bank Stadium, an outreach event that intended to connect them with health, housing and employment services. Amid the resume assistance, legal consultations, diabetes screenings, HIV screenings and dental exams, Rodwell saw an opportunity to build on his momentum to create a stable home for his three-year-old, Henry IV. He left with bags packed with corn on the cob, plums, books and T-shirts.
BUSINESS
By BLOOMBERG NEWS | February 14, 1998
LONDON -- KPMG Peat Marwick LLP and Ernst & Young LLP yesterday canceled plans to merge and create the world's largest accounting and consulting firm, saying regulatory hurdles got in the way.The cancellation comes a week after the European Commission began an extended antitrust probe of the proposed merger, which would have created a firm with sales of $18.1 billion."
BUSINESS
By ANDREA K. WALKER and ANDREA K. WALKER,SUN REPORTER | February 17, 2006
Two outside auditors found evidence early on of the irregularities that later enveloped U.S. Foodservice Inc. in a billion-dollar accounting scandal, but ignored several red flags and didn't pass on what they uncovered, the Securities and Exchange Commission contended yester- day. The federal regulatory agency released a report yesterday that accused Kevin M. Hall, 51, and Rosemary K. Meyer, 35, both partners at the Baltimore office of the accounting firm...
BUSINESS
By NEW YORK TIMES NEWS SERVICE | April 20, 2005
KPMG, one of the nation's top accounting firms, was censured yesterday by the Securities and Exchange Commission, which accused the firm of helping executives at Xerox Corp. to manipulate and distort the company's financial statements from 1997 through 2000 by issuing audits stating that Xerox's reports were consistent with accounting rules when they were not. KPMG, which settled the case with regulators, also agreed to make extensive changes in its business practices to prevent securities-law violations.
BUSINESS
By BLOOMBERG NEWS | May 10, 2001
FREMONT, Calif. - Avant! Corp. fired KPMG LP after the nation's third-largest accountant warned that the software maker lacked the ability to detect inaccuracies in its own financial reports. Avant! fired KPMG on April 13, just 11 days after the company filed its annual report with the Securities and Exchange Commission, according to an SEC filing yesterday. KPMG signed off without reservations on the 2000 financial statements for the maker of software used to design computer chips. But on April 23, KPMG notified the SEC that it had warned Avant!
BUSINESS
By New York Times News Service | July 17, 2007
A federal judge dismissed charges yesterday against 13 former employees of the accounting firm KPMG, delivering a blow to prosecutors who once heralded the case as a showpiece in the government's crusade against questionable tax shelters. Judge Lewis A. Kaplan of U.S. District Court in Manhattan ruled that he had no choice but to dismiss the charges because the government had strong-armed KMPG into not paying the legal fees of defendants and violating their rights. The ruling severely hobbles a case - once billed by the government as the largest criminal tax case ever - that was filed in 2005 amid a government crackdown on questionable tax shelters.
NEWS
By Hanah Cho, The Baltimore Sun | March 22, 2012
Baltimore ranked sixth in a survey of the least-costly U.S. cities in which to do business, tax firm KPMG reported Thursday. KPMG's study — which reviewed 27 large metropolitan regions — examined 26 cost factors in each market, including labor, taxes, real estate and utilities, in 19 industries over a 10-year period. The tax firm cited Baltimore's lowest suburban office lease costs and low property-based taxes as reasons for its high rank. Cincinnati topped the list, followed by Atlanta; Orlando, Fla.; Tampa, Fla.; and Dallas-Fort Worth.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | July 7, 2012
Ronald A.J. Wilson, a retired accounting executive and Vietnam veteran, died June 30 from complications of pneumonia at Dartmouth-Hitchcock Medical Center in Lebanon, N.H. The former Roland Park resident was 67. The son of a chemist and hospital volunteer, he was born and raised in Port Washington, N.Y., where he graduated from high school. After earning a bachelor's degree in 1966 from Harvard University, Mr. Wilson enlisted in the Marine Corps and served one tour of duty in Vietnam.
NEWS
By Hanah Cho, The Baltimore Sun | March 22, 2012
Baltimore ranked sixth in a survey of the least-costly U.S. cities in which to do business, tax firm KPMG reported Thursday. KPMG's study — which reviewed 27 large metropolitan regions — examined 26 cost factors in each market, including labor, taxes, real estate and utilities, in 19 industries over a 10-year period. The tax firm cited Baltimore's lowest suburban office lease costs and low property-based taxes as reasons for its high rank. Cincinnati topped the list, followed by Atlanta; Orlando, Fla.; Tampa, Fla.; and Dallas-Fort Worth.
BUSINESS
By JAY HANCOCK | August 1, 2008
The consulting firm KPMG planted hypothetical companies in different places and concluded that metro Baltimore boasts the second-lowest business taxes of any major U.S. city. I asked real Baltimore business people paying actual taxes whether this sounded on the up-and-up. "What dope are they smoking?" asked Bert Wilson of South River Consulting. "It's hard to believe," said Robert O.C. Worcester of Maryland Business for Responsive Government. "Ha ha ha. I don't have their data in front of me, but I find it extremely hard to believe," said Scott MacDonald of Maryland Thermoform Corp.
BUSINESS
By New York Times News Service | March 27, 2008
A sweeping five-month investigation into the collapse of one of the nation's largest subprime lenders points a finger at a possible new culprit in the mortgage mess: the accountants. New Century Financial Corp., whose failure just a year ago was the start of the crisis, engaged in "significant improper and imprudent practices" that were condoned and enabled by auditors at the accounting firm KPMG, according to an independent report commissioned by the Justice Department. In its scope and detail, the 580-page report is the most comprehensive document yet made public about the failings of a mortgage business.
BUSINESS
By HANAH CHO | January 30, 2008
Denise Wysocki, a Baltimore-based audit manager at KPMG, spent 18 months at the accounting and auditing firm's Madrid, Spain, office, learning Spanish and gaining valuable experience abroad. All before she turned 30. A growing number of young professionals are no longer waiting until they hit a career midpoint to seek postings overseas. Many, like Wysocki, want international experience almost immediately after college. A survey last year of 44,064 undergraduate students found that 80 percent want to work internationally, according to Universum, an employment research company.
NEWS
January 20, 2008
Chasing Daylight: How My Forthcoming Death Transformed My Life By Eugene O'Kelly The former CEO and chairman of the accounting juggernaut KPMG, who was diagnosed with brain cancer at 53, writes about his "forthcoming death" as one would expect an accountant to: methodically. He charts his downward spiral, from symptoms to diagnosis to the process of dying, in this poignant and posthumously published book. The narrative recounts the steps Kelly took to simplify his life - how he learned, for instance, "to be in the present moment, how to live there at least for snippets of time."
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | November 8, 1997
Maryland's insurance commissioner should consider requiring a proposed new holding company that would control the Blue Cross plans of Maryland and the District of Columbia to be incorporated as an insurance company, assuring regulatory control, a consultant's report recommends.Also, the report says, the commissioner should develop a method for valuing the assets of the two Blue Cross plans and for allocating the assets if the insurers ever convert to for-profit status.KPMG Financial Services Consulting submitted its recommendations yesterday to Steven B. Larsen, the Maryland insurance commissioner.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | November 19, 1999
Rite Aid Corp. disclosed yesterday that the Securities and Exchange Commission has begun a formal investigation into the troubled drugstore chain and that its former auditor quit because it could not trust information from management.In a filing late yesterday with the SEC, the Camp Hill, Pa.-based retailer said it had been been notified of the probe into dealings that forced it to revise its financial statements and slash past profit figures by $500 million. Company officials said they intend to fully cooperate with the investigation but offered no further details.
BUSINESS
By New York Times News Service | July 17, 2007
A federal judge dismissed charges yesterday against 13 former employees of the accounting firm KPMG, delivering a blow to prosecutors who once heralded the case as a showpiece in the government's crusade against questionable tax shelters. Judge Lewis A. Kaplan of U.S. District Court in Manhattan ruled that he had no choice but to dismiss the charges because the government had strong-armed KMPG into not paying the legal fees of defendants and violating their rights. The ruling severely hobbles a case - once billed by the government as the largest criminal tax case ever - that was filed in 2005 amid a government crackdown on questionable tax shelters.
BUSINESS
By ANDREA K. WALKER and ANDREA K. WALKER,SUN REPORTER | February 17, 2006
Two outside auditors found evidence early on of the irregularities that later enveloped U.S. Foodservice Inc. in a billion-dollar accounting scandal, but ignored several red flags and didn't pass on what they uncovered, the Securities and Exchange Commission contended yester- day. The federal regulatory agency released a report yesterday that accused Kevin M. Hall, 51, and Rosemary K. Meyer, 35, both partners at the Baltimore office of the accounting firm...
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