The company was due to restate its 2000 to 2002 earnings at the end of September, after accounting problems were uncovered in June 2003. A restatement is expected to run into billions of dollars, the FT reported.
Also in June the company’s former chief executive Leland Brendsel and its previous president and chief operating officer David Glenn were both fired because of their connections to the accounting inquiry.
Freddie Mac’s debt to bondholders exceeds $500bn and the problems with its accounts has rocked the US financial services market.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements