Tuesday, March 10, 2009

It's Chapter 11 Bankruptcy Protection For Humongous Accounting Firm

Which shows you it's small firms like mine that you can count on to do your financial reporting/tax return preparation heavy lifting:
Bearingpoint has labored under some kind of corporate curse since it spun out of KPMG during the heady days of the dotcom boom, our sister site, AccountingWEB.co.uk reports. Its public offering in February 2001 raised $2 billion. Most of the profits from the listing went to the accountancy wing, leaving the consultancy with thin cash resources to build its infrastructure. With Internet start-ups luring away its people, KPMG lost $26.9 million on a turnover of $2.37 billion that year, but that didn't stop an an expansion program that included the purchase of remnants of Andersen's consulting operation following that firm's demise.

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