EY thinks it can split and cash in while ringfencing audit liability

The idea that the SEC or PCAOB or UK's FRC are vetting the deal or will quash it is naive. EY will muck it up before that's even necessary.

Ernst & Young’s plan to spin off its consulting arm, and IPO, is not only repetitive, it is coming from a position of weakness not strength.

Mark A. Weinberger came to EY when EY acquired Washington Counsel, P.C., in 1996, which Weinberger had co-founded. In May 2000, the firm was renamed Washington Council Ernst & Young. Weinberger ran EY's national t…