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New Year Prediction

Here’s one. I’ll slightly modify this paragraph, from today’s Wall Street Journal:

New York prosecutors are poised to file civil fraud charges against Ernst & Young for its alleged role in the collapse of Lehman Brothers, saying the Big Four accounting firm stood by while the investment bank misled investors about its financial health, people familiar with the matter said.

State Attorney General Andrew Cuomo is close to filing the case, which would mark the first time a major accounting firm was targeted for its role in the financial crisis. The suit stems from transactions Lehman allegedly carried out to make its risk appear lower than it actually was.

Lehman Brothers was long one of Ernst & Young’s biggest clients, and the accounting firm earned approximately $100 million in fees for its auditing work from 2001 through 2008, say people familiar with the matter.


Here’s my prediction:

Prosecutors are poised to file fraud charges against a group of American and Canadian university professors, saying the professors, all from medical schools, put their names on ghostwritten studies that allowed pharmaceutical companies to mislead prescribers, and other Americans, about the safety of some of the companies’ products.

The case will mark the first time university professors have been targeted for their role in the nation’s massive pharma fraud. The professors will be charged with making the risk of certain medications appear lower than it actually was.

Margaret Soltan, December 20, 2010 7:30AM
Posted in: professors

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