WASHINGTON – Regulators on Monday charged the Chinese affiliates of five top accounting firms with violating securities laws, alleging they refused to produce audit documents in connection with accounting fraud investigations into Chinese companies.
The Securities and Exchange Commission began proceedings against the Chinese units of Deloitte & Touche; Ernst & Young; KPMG; PricewaterhouseCoopers and BDO.
The Motley Fool - Americans have reacted to the financial crisis of 2008 in a number of ways -- curbing spending, cutting back on debt, and pulling money out of the stock market. Actively managed equity mutual funds have been one of the biggest casualties of investor wariness, with hundreds of billions of dollars leaving the coffers of these funds, presumably for the safe haven of bonds and bond funds. And while few would deny the general shift in investor preference toward bonds in recent years, there may be some more subtle forces at play here.