An interesting research note on the labor market from Goldman:
Goldman Sachs: The Labor Market: Crawling Out of a Deep Hole

19 comments:

JCH said...

EoC,

With regard to the auditing the Federal Reserve, does the law that precludes the Comptroller General (GAO) from auditing foreign transactions also preclude a public accounting firm that has been hired by the Federal Reserve to audit its financial statements from auditing foreign transactions?

http://www4.law.cornell.edu/uscode/31/714.html

You would do the United States of America a tremendous favor if you could explain this.

IMO, the statute applies only to the Comptroller General (GAO), and public accountings firms are not precluded by the law.

I'm begging here. A yes or no will do.

JCH said...

Frustrated, I finally called the Comptroller General of the United States. A lawyer in his office gladly answered the question.

The law places no restrictions whatsoever on the scope of an audit of the financial statements of the Federal Reserve by any public accounting firm. The law applies only to the Comptroller General of the United States (the GAO).

Astoundingly, the office of the Comptroller General did not know that roughly 2/3rds of all Americans firmly believe otherwise - that NOBODY audits the foreign transactions of the Federal Reserve because they have been told by politicians (like Grayson) and the press (like the WSJ and Forbes) and by bloggers that the law prohibits everybody from auditing those transactions.

No wonder this country does not work.

ViewFromAbove said...

@JCH:

Do not expect any large accounting firms to audit the Bank of England either. As in the USA accountants monopolies the state guaranteed market of external audits. In the UK accounting firms have protections from lawsuits through the Limited Liability Partnership Act 2000. Notice that there are no independent regulation, exacting standards of performance, any performance measurement requirements, or a ‘duty of care’ to the individuals affected by auditors. Notice again, there are no state guaranteed markets for engineers, scientists, mathematicians, designers, information technology experts, or other wealth generators.

Unsurprisingly, auditing is an attractive career. It provides job security, steady income and minimal public accountability.

For accounting firms, auditing a central bank is biting the hand that feeds you.

P.S. Don't expect too much feedback from EoC, he seems crazy busy. I think he does drop enough bread crumbs, actually whole slices to lead one in very interesting directions, but it’s really up to you to carry the torch and further analyze an issue or solve a problem. Good luck out there.

-ViewFromAbove

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