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KPMG May Dodge One Bullet, Only to Face Another





Woo. I didn't realize the money involved in this scandal is this big. KPMG has to be punished, but I don't want to see it to close the door like Arthur Andersen.

From New York Times:

According to a 2003 report by the staff of the Senate subcommittee on investigations, four tax shelters sold by KPMG and using a series of loans and other transactions were intended solely to produce huge tax losses to offset legitimate capital gains and were therefore a sham.

Four shelter plans sold by KPMG from 1997 to 2001, at times using a telemarketing center in Fort Wayne, Ind., brought in $124 million in fees, the Senate report said, adding that one of the shelter vehicles reduced federal tax receipts by $1.4 billion.

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