Seeking clarity: Omnicom, BAC and FleetBoston, Alteryx, BRK, and Circle
There's more than one answer to these questions, but here are some of my opinions.
There's more than one answer to these questions
Pointing me in a crooked line.
And the less I seek my source for some definitive
Closer I am to fine.
Songwriters: Emily Ann Saliers / Amy Elizabeth Ray
Today, after the paywall, I'll talk more about the Big 4 global audit firms and M&A, including a really interesting story about the 20+ year old merger of Bank of America and Fleet Boston. I'll also update you on what’s happening at Alteryx, provide some new commentary on Berkshire Hathaway, and dig into the regulatory arbitrage inherent in the Circle — and Chime— business models.
Stay tuned for a link after the 4th of July holiday to the Shareholder Primacy podcast, where I was a guest of The Activist Investor Michael Levin. We talked about the PCAOB, current litigation against auditors, Omnicare, the KPMG case related to SVB, and the request for Certiorari at the Supreme Court for the BDO-AmTrust case. Finally, we find out that two native Chicagoans, who started at “Big 8” firms around the same time, have essentially the same idea on how to solve the problem of auditor independence! Coming soon.
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That’s a wrap for June! Unless something big happens in the accounting/audit industrial complex, I am taking next week off. See you after the 4th!