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AN ACCOUNTANCY DISCIPLINARY tribunal in the UK has found that Pricewaterhousecoopers committed “very serious” misconduct while auditing the books of JP Morgan bank and has fined the firm £1.4 million.
The record fine was handed down by the Accountancy and Actuarial Discipline Board (AADB) today following a hearing against the Big Four company.
The Executive Counsel of the disciplinary board filed complaints against PwC in relation to how it reported JP Morgan’s compliance to the regulators.
PwC said they had failed to ensure JP Morgan Securities held client money separate from the firm’s money at all times.
According to the AADB, PwC accepted that its conduct had, in relation to the reports it prepared and submitted to the FSA between 2002 and 2008, “fallen short of the standards reasonably to be expected”.
“The Tribunal found the misconduct in this case to be “very serious” and therefore imposed a severe reprimand on PwC,” a statement from the board read.
However, the fine could have been worse as it was reduced from £2 million because of the company’s “cooperation and other mitigation”.
JP Morgan itself was fined £33.3 million in 2010 by the FSA for mixing clients’ money with its own. Subsequently this action was taken against PwC for failing to notice the practice and telling the regulator that the bank had been compliant.
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Am I right in saying that farmers produce the beef and ‘the trade’ makes most of the profits?
@Garreth Byrne: were getting paid €3.45/kg of a carcass. That’s about 4.20/kg of actual meat at most. The shops are selling it for a conservative estimate at €9/kg somehow from when it leave our gate till it gets to your plate it doubles in cost, yet we are told we need to be more efficient? None of the processors or shops are reporting losses either.
@Adam Porter: Adam I had a quick look online at beef prices. Sirloin steak SuperValu € 37:50 per kg. Dunne’s mince €5 per kg. So even the cheapest meat is sold for more than what the farmers get for any of it
@Eamonn O Connell: another important thing to remember is that mince can be made from any grade or quality of animal. 3.45/kg is the price of an average quality bullock’s meat under the age of 30months.
Now if it’s over that age the price drastically goes down, even if it’s the same grade. If it’s an old cow of 5 or 6 years plus you’ll get about 2-2.50/kg and that will yield the same quality mince as any younger animal as it’s grounded meat the toughness from being older is negated.
@Garreth Byrne: support your local farmers market
@Adam Porter:
I hope farmers get more. I think they should make the most of the whole process.
@Adam Porter: The most important point which most of you miss is that 90% of beef slaughtered in Ireland is exported so the price of steak in Super Value or the price of mince in Dunnes Stores is about as relevant as whether there is water on Mars or not. Meat factories are business’s competing with other business’s in the Uk and around Europe and have to remain competitive otherwise there wont be beef for anyone
@Adam Porter: The likes of the farmers vote FFG every election and cry about how they are getting ripped off, has the penny not dropped yet?, FFG are only in it for themselves and their buddies in big business……you reap what you sow so I say suck it up because your voting has this country the mess it is.
@Adam Porter: the big question now Adam is…will the farmers vote the same old parties into government again.If so nothing will have been learned from all this…
@Martin McFly: I often go to local farmers markets but mostly buy vegetables, eggs, soft cheeses and homemade jams. A few such markets also sell pre-weighed organic meat. Somewhere along the slaughtering and distribution chain the retail buying cost of beef rises high. Groups of farmers regionally will have to try co-op marketing principles. Other species of livestock, whether for fur, wool or meat, could be raised on mixed farms. Has the Farmers Journal been querying the beef trade and the prevalence of monoculture in our climatic regions? If the Netherlands can export flowers and vegetables worldwide why can’t we?
@Garreth Byrne: Completely agree. Irish farmers are way behind their worldwide counterparts when it comes to adapting land/livestock for more profitable crops or animals. Simple economics shows if there is plentiful supply, price will be low, you have to adapt!! Value added activities will always allow for huge margins, they need to create a co-op. If they don’t change, they only have themselves to blame for the price of beef.
@Ben: Yea that’s true we export 8 times more than we use in Ireland. 2 thirds of that goes to the UK, a market where British beef is the highest farm gate price in the main european markets. Certainly highest in our main markets. It doesn’t matter what factories get paid for the meat it’s in their best interest to return as little as possible to farmers.
Was talking to an elderly farmer this morning. His take on it is that creed wasn’t to be seen when farmers were being robbed by factories but now that big business is suffering a loss he’s all over this to get a solution. Also the I.F.A are getting a percentage of each animal killed from farmers which is collected by ……. the factories !! So they’re “skulking outside the door while individual farmers risk getting fined and jailed but when there’s an announcement to be made they’re first to run to the papers “ so it’s farmers who’ll sort this not government or the IFA
Being from the big smoke, didnt understand the issues. Didnt notice the cost if my beef had dropped in the supermarket neither. No, it hasnt, so why are the farmers being paid less? Something aint right!
The meat factories and supermarkets have screwed the beef farmers for years..we produce the best beef in the world and the producers shoould be paid accordingly.
And I’m not a farmer.
We don’t see any multi millionaire beef farmers
Its so nice that the farmers who carry out all the hard work , in all types of weather will now get some reward for their product, as opposed to the big supermarkets. Well done to all the farmers in the country, they deserve our support.
Fair play to the farmers for standing up
Time to get this wrapped up as the fodder crisis will be on soon
We might have 2 fodder crises this year
Does this mean there will be no poor farmers driving 19 registered €50k jeeps at the National ploughing championships
Might be an idea for the sacked beef factory employees to come and taste the beef if they can afford to go
Don’t go blockading the place there lads !
@Paul Dooley: Yes it’s far too much to ask for farmers to afford new equipment. Sure we’ll buy the jeeps from the d4 lot when they are out of style for the school run. A foundation our industry should be based on is taking leftovers! How very dare those farmers buy anything to run their businesses!
What about the workers who were sent home and no pay coming in
@Alan Donnelly: get overtime next week
I can’t for the life of understand why the FAI get paid by the factories
@Paul Dooley: John Delaney’s knows no bounds
When did the FAI start getting the payment from the meat factories ??
. And the big question where did John Delaneys sheep skin jacket come from ?
This is a waste of time by the Minister. Nothing on scrapping the 4-moves rule or the 30 months age limit which is the only way to open up the market in the cattle marts and let demand and supply dictate price. This is the only reason the factories will not agree to getting rid of these nonsensical rules and Bord Bia is no better.
Does Anyone know is the €100m farmers got in May for the fodder crisis is included in those figures /breakdowns on who gets what
@Paul Dooley: why don’t you look into the conditions of getting a few euro from that fund, guaranteed a lot of that money won’t be drawn down unless you want an even less efficient farm. No good to the vast majority of farms.
@Paul Dooley: if you are looking for an answer on why there’s a fodder crisis try looking at the ships in cork being loaded with bales of silage for ballast
@MOD: Why would anyone use silage as ballast?!
How much will this cost the taxpayer?
@Paul Murphy:
23%/kg
@Peter: thanks…so now we are subsidising farmers to produce cattle that will be sold as a finished product to the international market by the factories at extortionate prices…so basically the tax payer are propping up the beef industry..sugar beet all over again. Nothing against the farmers they need to make a living but big industry being propped up by the state. Too big to fail..sounds familiar
@Paul Murphy: why don’t you read the article? It’s a better price from the factory the farmers want for their produce. Currently the factory and retailers are taking all the profits.
@Adrian™: yes and the farmers have got it plus an intervention of 23% per kilo from the taxpayer..read the comments..so in effect the supply chain to the factory has been supported by the state with no return to the state despite the factories continuing to make profits regardless of the increase in payments. Yes its win for the farmers..but its also a win for private industry off the back of those who pay tax.
@Paul Murphy: there is no extra payment from the government for the farmers here, this disagreement is between the farmers and the factories and retailers.
@Paul Murphy: what intervention? And how is it 23%/kg, the factories are offering to pay 8c more per kilo of in spec beef, that’s a 2% increase of the beef price.
Now lads well done
When will we have the fodder crisis ??
Get into the real world farmers
Open your own farm shops or get another job no more handouts
Try opening a factory ye can’t lose if it’s as bad as ye say
Stop handouts Just cos ye have political clout and ye are bigger than chicken fish and pig producers
And instead of protesting get ready for the bi annual fodder crisis
Whinge whinge
Time for any government to call their bluff
@Paul Dooley: you have a serious chip on your shoulder.
@Paul Dooley: you’re what we’d call a fierce eejit. If you actually understood the situation before spouting rubbish it would be a help. They would struggle to open coops cos offal is controlled by Larry Goodman who is hardly gonna allow them to dispose of it in his plants. The fodder crisis was a very real issue last year and the year before and was mainly sorted with the help of Co-ops importing fodder from France and England which farmers paid for. Would you have preferred to see animals dying in the fields and sheds ?? And finally no farmer was looking for or got a handout in this case but were looking for a fair price for animals from privately owned factories which they have now reached agreement with. It cost you nothing as no state funds were used
@Paul Dooley: farmers used to own the meat plants but found there was no money in processing and sold them off to Goodman and others.
Hope the farmers get a fair price for their beef.
Who pays the increases?
Have the beef factories agreed price increase?
@Pat Dromey:
I assumed it would mean someone takes a hit for the price to remain the same for the consumer
Beef farming is dead.
The fact that the bonus on under 30months has been increased is proof of how much the factories want to hold onto this silly rule. Along with the 4 moves they can manipulate the entire trade.
@Adam
I agree but what about it the emissions ??
Could the poor beef farmers not use horses now and again Where did all the horses go?
@Paul Dooley: exactly we should be using teams of horses and armies of men. Let’s get the Irishman back toiling on the land. It should only take about 100 people to feed 1000 then. The good old days, where land owners reigned supreme as the common man slaved for bread and shelter.
There is a happy medium, all we want is a living and to be able to afford to do our jobs properly.
Great work John Delaney
When the farmers get the handouts it would be fitting to have a testimonial for John Delaney
Time for consumers to protest the cost of beef !!!
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