” Where were the attorneys and accounting professionals?” That was the withering evaluation of one United States judge after years of scams and deceptiveness went unnoticed throughout the 1980s cost savings and loan crisis, in spite of a well-stocked entourage of audit, legal and compliance specialists who may have been anticipated to raise the alarm.
It’s an appropriate concern again as guard dogs attempt to punish a mainly overseas and patchily-regulated cryptocurrency market– worth $3 trillion at the peak– and as Binance and other platforms attempt to draw the line under the FTX scandal by attracting the reliability of outdoors consultants. Wall Street’s leading regulator is cautioning financiers to be “careful” of how crypto companies promote the typically narrow work done by accounting companies and is thinking about enforcement actions, according to the WSJ.
