your department of justice ernst and young was sued ernst and young the auditor was sued and recently settled of private lawsuit for ninety nine million dollars the suit that the new york attorney general brought against ernst and young for fraud is still pending although we haven't heard anything in a long time. now what about m.f. global that was the company led by former senator and governor john corazon governor of new jersey former governor he was once the c.e.o. of goldman sachs as well now it collapsed in a heap in two thousand and twelve or was anyone charged with fraud there funny you should mention that that's a chicago firm that rose from the ashes of rap cohen other bankruptcy that was my tried and no one has really been prosecuted for that either although there have been some charges laid by the c.f. to see the consumer financial protect the commodities.

so our conclusion was ernst and young certainly knew it as of that time and did nothing with it.here were the government regulators? >> how closely was the s.e.c. monitoring lehman brothers during this time? >> they were on premises. they were talking to the lehman people daily. they officed there. >> more of lehman brothers ahead when 60 minutes on cnbc returns. [ticking] ♪ [ male announcer ] this is the story of the little room over the pizza place at 315 chestnut street. the modest first floor bedroom in tallinn, estonia and the dusty basement at 1406 35th street. it is the story of the old dining room table at 25th and hoffman avenue. the southbound bus barreling down i-95. ...and the second floor above the strip mall at roble and el camino. ♪ this magic moment it is the story of where every great idea begins. ♪ so different and so new where those with endless vision and an equal amount of audaciousness believed they had the power to do more. time and time again. ♪ and then, it happened at dell, we're honored to be part of some of the world's great stories. stories that began

coming up this our, global chairman and ceo of accounting ernst and young, mark weinberger giving you what he thinks the best opportunities around the world for investing. let me tell you something, it is the world according to davos, see you in a bit. cheryl: in new york global jitters about emerging markets rattling investor nerves. what will it take to get wall street out of this? we have the answer. "countdown to the closing bell" starts now. cheryl: i am cheryl casone in for liz claman. the last hour of trading and we are working on another sell-off and a losing week. let's look at the dow. the dow jones is on track to have its worst weekly performance in eight months and potentially worth five months. ditto for the s&p 500, as you can see we are down 30 points. this is the worst performance we of seen in five months for the s&p. and concerned about big drops in currency and the emerging markets, argentina, turkey, russia, south africa, a big reason for the sell-off today. we also like to talk about the bright spots even if there aren't many today. if you are watching "after the

. >> a new report by consultants ernst and young also says a quarter of those firms are in germany. among them, a solar energy group. chinese investors favorite auto parts and consumer goods manufacturers. britain and germany are the preferred locations. still to come, thailand gets ready to vote on sunday. >> any radiation alert in britain. britain. >> welcome back. this sunday, thailand is expected to hold a controversial election that the prime minister hopes will confirm the legitimacy of her government. >> protests against her had been raging in the country since november. it's the latest round in what has been eight years of tensions that largely split the country along class lines. >> with all of the unrest, there are concerns about the credibility of sunday's vote. >> the thai prime minister is showing no signs of giving up. she is determined to see sunday's polls go ahead, despite calls from the election commission to postpone them. >> advanced voting has already been disrupted by protesters, and the main opposition democrat party is boycotting the polls. its leader has urg

are or delayed in twos or ernst and young or the other one they can cook the books but they're so good at they've been proven to cook the books and there's jamie dimon cooking the books he's a celebrity crook you know a guest on network some cooking show and there is he's a celebrity crook you know and then let's all celebrate the fact that people like the royal mail flow absolutely howard people with a horrible deal they sold a jewel they that income go shares are now in the pension accounts of germany the german people are getting the income from the royal mail all european states and states around the world that have a functioning welfare state like germany and others they want those shares because they want the income from mr and mrs job bag a longer here in britain putting their little postage stamps on. packages putting it into the big red box and they gave ten ten p. of every transaction goes to some you know german from living the good life on your hard work soccer first well let's roll back the tape and look at that german warship that was coming down here they were probably i

gere price waterhouse cooper or deloitte ernst and young who work for the government if they actually handed them a piece of paper with honest accounting not arthur andersen enron accounting which they're all still guilty of perpetuating but they did a really counting what the housing stock is really worth on the balance sheet of these four banks then the government would have to close these four banks because those four banks the big four banks in the u.k. are technically in solvent they are only still breathing by an accounting trick called mark to fantasy or mark to model that these bonds these mortgage bonds and these house prices are somehow at these inflated prices because of the continued money printing by the central banks they say you could never look at the actual price on any given moment just look at the flow just look at the flow and it's a whole a gram perpetuated by money flow and that's how we do our accounting and here give us a big fact check so we give you this essentially cooked the books because we're also in on the fraud the big four accounting firms and the big

york life insurance, number three select medical holdings, number four $25,000 from blue cross blue ernst and young, aetna $15,000, raytheon. and you can go down the list. deloitte. look heed martin. ford motor company. you worked on capitol hill? guest: yes host: it goes on to goldman sachs and united parcel service all of this coming in to the chairman of the ways and means committee. does it work? guest: when you think about it we are talking about trillions before and now thousands. these are very small amounts of money. i think they are just tokens of appreciation or respect to the chairman. i really don't think they influence him in any major way. i think what -- from where i sit, i think there is too much emphasis on the influence of contributions and not enough on lobbying. that is many multiples. host: what is the difference between getting a check in the mail and lobbying? guest: well, let me just -- most tax issues -- there are tax issues we see on television all the time. what is the rate. and there is partisan politics. and that is what usually dominates the headlines. that i

coming up this our, global chairman and ceo of accounting ernst and young, mark weinberger giving you for investing. let me tell you something, it is the world according to davos, see you in a bit. cheryl: in new york global jitters about emerging markets rattling investor nerves. what will it take to get wall street out of this? we have the answer. "countdown to the closing bell" starts now. cheryl: i am cheryl casone in for liz claman. the last hour of trading and we are work