[PEN-L:33610] KPMG urges independent financial scrutiny

[Chris Burford <cburford@xxxxxxxxxx>]

The BBC had the chairman of KPMG International, one of the UK big four
financial accounting firms, this am, arguing that there was a gap between
perception of financial (incestuous relations) and reality. BUT in his
quiet reasonable British tones, he left no doubt that the era of self
regulation of accounting in Britain had gone for good. There must be
independent scrutiny. He supported something to be called something like
the Financial Reporting and Audit Agency, which would have an "independent"
chairman.

A decisive voice that even though the UK was relatively free of Enron type
scandals this time round, the capitalist ruling class cannot go on ruling
in the old way. It shows that when it comes to it finance capital prefers
to talk monopoly practices and regulation with government, even though Rake
studiously made no mention at all of any initiatives by New Labour. Another
example I predict of New Labour news management. Finance capital is the
real bed fellow of New Labour. It just hasn't quite reached the level of
incest yet, but it will.

Chris Burford

London