Description: Two weeks before New York Attorney General Andrew Cuomo’s office sued Ernst & Young LLP, a prominent U.S. consulting firm issued a press release touting its ability to help others manage the risk of fraud.

Source: Businessweek.com

Date: 12/23/2010

Link: http://www.businessweek.com/news/2010-12-23/ernst-young-is-nuts-to-say-lehman-was-clean-jonathan-weil.html

Questions for discussion:

• What are the commentary leveled at the industry in this report?
• Do you agree with the criticisms?
• What lessons can be learned from the past few years?
• Do you think people working in the financial services industry will change their attitude?
• Do you think investors have changed their attitude toward investing?