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Thread: CAHWT occupies Price Waterhouse Coopers

  1. #1

    Default CAHWT occupies Price Waterhouse Coopers

    I hear the Campaign against Home and Water Taxes has occupied Price Waterhouse Coopers in the IFSC in protest against the home tax.

    30 people taking part. More info at thejournal.ie

  2. #2

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    I didn't realise that PWC was an elected body.
    Redacted.

  3. #3
    Dylan2010
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    Quote Originally Posted by EvotingMachine0197 View Post
    I didn't realise that PWC was an elected body.
    they probably googled Tax and went for the first result back

  4. #4
    Politics.ie Member dizillusioned's Avatar
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    Quote Originally Posted by EvotingMachine0197 View Post
    I didn't realise that PWC was an elected body.
    Maybe the "waterhouse" confused them???

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    Quote Originally Posted by dizillusioned View Post
    Maybe the "waterhouse" confused them???
    As much of CAHWT are D12/D22/D24 uneducated working-class-type thickos, I wouldn't be surprised. The plebs of the plebs. petunia

  6. #6
    Politics.ie Member stopdoingstuff's Avatar
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    Why?
    Faoi mhóid bheith saor

  7. #7
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    PWC are a lynchpin of ongoing self-serving global financial corruption. Seems like as good a place as any to occupy:

    Controversies
    Willie Nelson

    In 1990, the US Internal Revenue Service seized most of the assets of Willie Nelson, claiming he owed $32 million in back taxes, including penalties and interest. He sued Price Waterhouse, contending that they put him into tax shelters that were later disallowed by the IRS.[34] The lawsuit was settled for an undisclosed amount.[35]
    American International Group Inc.

    BusinessWeek said that PwC was American International Group Inc.'s auditor through years of "questionable dealings." AIG on 30 March 2005 said that deals with a Barbados-based insurance company, for instance, may have been incorrectly accounted for over the past 14 years, because an AIG-affiliated company may have been secretly covering that insurer's losses.[36]

    BusinessWeek said that PwC appears to have "dropped the ball" on the deals between AIG and Berkshire Hathaway Inc.'s General Re Corp. General Re transferred $500 million in anticipated claims and premiums to AIG. BusinessWeek asked: "Did the auditor do its job by verifying that AIG was assuming risk on claims beyond the $500 million, thus allowing AIG to account for the deal as insurance? That's Accounting 101 in any reinsurance transaction."[36]
    ChuoAoyama Suspension

    From 2000 to 2006, PwC's affiliate of assurance service in Japan was ChuoAoyama Audit Corporation (中央青山監査法人 Chūō-Aoyama Kansa Hōjin?). In May 2006, the Financial Services Agency of Japan suspended ChuoAoyama from provision of some statutory auditing service for two months following the collapse of cosmetics company Kanebo of which three of the firm's partners were found assisting with accounting fraud for boosting earnings by the company of about $1.9 billion over the course of five years. The accountants got suspended prison terms up to eighteen months from the Tokyo District Court after the judge deemed them to have played a "passive role" in the crime.[37] The suspension was the first ever imposed on a major accounting firm in the country. Many of the firm's largest clients were forced to find replacement auditors before the suspension began that July.[38]

    Shortly after the suspension of ChuoAoyama, PwC acted quickly to stem any possible client attrition as a result of the scandal. It set up the PricewaterhouseCoopers Aarata, and some of ChuoAoyama's accountants (but most of the international divisions) moved to the new firm. ChuoAoyama resumed operations on 1 September under the Misuzu name. However, by this point the two firms combined had 30% fewer clients than did ChuoAoyama prior to its suspension.[39] Misuzu was dissolved in July 2007.[40]
    Tyco settlement

    In July 2007, PwC agreed to pay US$229 million to settle a class-action lawsuit brought by shareholders of Tyco International Ltd. over a multibillion-dollar accounting fraud. The chief executive and chief financial officer of Tyco were found guilty of looting $600 million from the company.[41]
    Satyam case

    In January 2009 PwC was criticised,[42][43][44][45][46][47] along with the promoters of Satyam, an Indian IT firm listed on the NASDAQ, in a $1.5 billion fraud.[48] PwC has written a letter to the board of directors of Satyam that its audit may be rendered "inaccurate and unreliable" due to the disclosures made by Satyam's (ex) Chairman.[49] PwC's US arm "was the reviewer for the U.S. filings for Satyam."[50] Consequently, lawsuits have been filed in the US with PwC as a defendant.[51] Two partners of PricewaterhouseCoopers, Srinivas Talluri and Subramani Gopalakrishnan, have been charged by India's Central Bureau of Investigation in connection with the Satyam scandal. Since the scandal broke out, Subramani Gopalakrishnan retired from the firm after reaching mandatory retirement age; while Talluri remains on suspension from the firm.[52]
    Yukos prosecutions

    In November 2010, The New York Times reported that PwC had been assisting the Russian Government with prosecutions in relation to alleged tax evasion at Yukos stating "...Then, in 2007, with the prospect of parole on the horizon, the same prosecutors — with what appears to be the complicity of PricewaterhouseCoopers, Yukos's longtime accounting firm — indicted the two men (Mikhail B. Khodorkovsky and Platon Lebedev), again, bringing a new round of Kafkaesque charges."[53]

    A cable from the US embassy in Moscow stated that the trial was politically motivated and that a deposition in a US court by PricewaterhouseCoopers may show that PwC was pressured by the Russian government to withdraw its prior Yukos audits. An embassy source noted that if the audits were not properly withdrawn it "would greatly tarnish PWC's international reputation."[54] Russian authorities were investigating PwC for tax evasion, but suspended the investigation once PwC withdrew the Yukos audits.[55]
    Global Trust Bank Ltd and DSQ Software

    India's accounting standards agency ICAI is investigating partners of PwC for professional negligence[43] in the now-defunct Global Trust Bank Ltd. case of 2007. Like Satyam, Global Trust Bank was also based in Hyderabad. This led to Reserve Bank of India banning PwC from auditing any financial company for over a year.[56][57][58] PwC was also associated with the accounting scandal at DSQ Software[59] in India. Following the Satyam scandal, the Mumbai-based Small Investor Grievances Association (SIGA) has requested the Indian stock market regulator SEBI to ban PwC permanently and seize its assets in India alleging few more scandals like "Ketan Parekh stock manipulations."[60]
    Transneft Russia case

    The construction of the ESPO (East Siberia-Pacific Ocean) pipeline by Transneft was estimated to cost in excess of US$13 billion. A leaked report of the Audit Chamber of the Russian Federation indicated that the total amount stolen and siphoned from the company during construction through various mechanisms and schemes reaches up to USD 4 billion.[61] A Moscow Times editorial stated that one of the chamber's auditors attempted "damage control" by saying in effect, "Yes, money was stolen, but not as much the media reported."[62] PricewaterhouseCoopers (PwC) was Transneft's auditor and denied wrongdoing saying "We believe there are absolutely no grounds for such allegations, and we stand behind our work."[61]
    House of Lords inquiry in the UK

    In 2011, a House of Lords inquiry specifically criticized PwC for not drawing attention to the risks in the business model followed by Northern Rock, a client of the firm, which was rescued by the UK government during the financial crisis.[63]
    JP Morgan Securities audit

    In 2012, the Accountancy and Actuarial Discipline Board (AADB) of the UK fined PwC a record £1.4m for wrongly reporting to the Financial Services Authority that JP Morgan Securities had complied with client money rules which protects client funds. The accountants neglected to check whether JP Morgan had the correct systems in place, and failed to gather sufficient evidence to form opinions on the issue, and as a result, failed to report that JP Morgan failed to hold client money separate from JP Morgan's money. It is the greatest penalty administered to a professional accountancy firm in the UK.[64]
    World Bank Favoring for Water Privatization in Delhi

    PricewaterhouseCoopers was found to be unethically favored by the World Bank in a bid to privatize the water distribution system of Delhi, India, an effort that was alleged as corrupt by investigators.[65] When bidding took place, PwC repeatedly failed in each round, and the World Bank in each case pressured PwC to be pushed to the next round and eventually win the bid. The effort at privatization fell through when an investigation was conducted by Arvind Kejriwal and the non-governmental organization (NGO) Parivartan in 2005.[65] After submitting a Right to Information (RTI) request, Parivartan received 9000 pages of correspondence and consultation with the World Bank, where it was revealed that the privatization of Delhi's water supply would provide salaries of $25,000 a month to four administrators of each of the 21 water zones, which amounted to over $25 million per year, increasing the budget by over 60% and water taxes 9 times.[66] [67]

    The Delhi Jal Board (DJB), which administers the water system of Delhi, was first approached by Parivartan in November 2004, following a report by the newspaper The Asian Age, where the scheme was revealed to the public for the first time.[66][67] The DJB denied the existence of the project, but after an appeal, the RTI request was granted. The documents revealed that the project began in 1998, in complete secrecy within the DJB administration.[66][67] The DJB approached the World Bank for a loan to improve the water system, which it approved, and the effort began with a $2.5 million consultation loan. The Delhi government could have easily provided the money, and the interest rate of 12% that was to be loaned by the World Bank could have been raised on capital markets for 6%.[66][67] Following the consultation, 35 multi-national companies bid, of which six were to be short listed. When PwC was in 10th place, the World Bank said that at least one company should be from a developing country, and since PwC made the bid from its Kolkata office, it was dubbed an "Indian" company, and its rank was dropped to 6th.[65] When PwC failed in the second round, the World Bank pressured the DJB to start over with a fresh round of bidding. Only one company succeeded in the new round that was not PwC, and the World Bank had the lowest marks from an evaluator thrown out. The contract was awarded to PwC in 2001.[68] Following the investigation by Parivartan, a campaign was waged by Kejriwal, Aruna Roy, and other activists across Delhi, and the DJB withdrew the loan application to the World Bank.
    PricewaterhouseCoopers - Wikipedia, the free encyclopedia

    Press statement from CAHWT:

    Price Waterhouse Cooper are a very well connected company , working extensively for both the private sector and the Irish Government. They acted as tax advisors to the disgraced Dublin Docklands Development Authority (DDDA) on the disastrous bottle glass site deal . Former Chairman of the DDDA , Donal O'Connor , was also on the board of Anglo Irish Bank, and was a partner in PWC. Incredibly , they were paid almost 5 million euro for advising the government on the bank guarantee , while having previously acted as bank auditors , and their assesment of Anglo Irish was incredibly inaccurate . They also compiled a report on water metering for Minister Phil Hogan .

    The occupation of Price Waterhouse Cooper by CAHWT activists represents an escalation of protest action by the campaign , which is expected to increase in the coming months in opposition to the property tax. Financial institutions played a core role in the economic crisis and cannot be ignored by a campaign made up of those who are refusing to be made pay for their actions

  8. #8
    Politics.ie Member cb1979's Avatar
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    Which banks did the auditors in PWC and similar companies give a clean bill of health to when they were auditing them?

  9. #9
    Politics.ie Member Honecker's Avatar
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    Arthur Cox, KPMG, PWC etc are all as culpable as the bankers and politicians in destroying the country.

  10. #10
    Politics.ie Member Bea C's Avatar
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    Fair enough
    After all, tomorrow is another day.

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