BusinessCompany NewsDeloitte warned of Bear Stearns problems

Deloitte warned of Bear Stearns problems

Auditors raised questions about fair value estimates on two hedge funds

Bear Stearns auditor Deloitte warned that there were problems with the bank’s
fair value accounting in an audit released last year.

Deloitte said there were problems in two of Bear Stearns’ hedge funds,
WebCPA
reported
, revealing that many of the valuation estimates may not have
corresponded with reality.

‘These values may differ from the values that would have been used had a
ready market for these investments existed, and the differences could be
material,’ said the audit.

The collapse and sale of the US investment bank is causing turmoil on global
stock markets, and there is already talk of investor lawsuits in relation to the
bank.

Further Reading:

Read the WebCPA
piece

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