Auditor: 'Material Weaknesses' At Bailey Bros. Edifice As Well As Loan

Uh oh.
Via Quartz:

Report of Independent Registered Public Accounting Firm to the Shareholders together with
Board of Directors of the Bailey Bros. Building & Loan Association

We bring audited the Bailey Bros. Building & Loan Association (the Building & Loan) internal controls together with fiscal reporting equally of [Sept.. 30, 1945]. The management of the Building & Loan is responsible for maintaining such controls, along amongst assessing their effectiveness together with conformity amongst prevailing accounting together with fiscal standards. Our responsibleness is simply to limited an opinion.

As such, nosotros are compelled to inform yous that nosotros bring discovered several instances of fabric weaknesses together with deficiencies which may seat shareholders together with indeed the entire community of Bedford Falls at pregnant risk. Frankly, the Bailey Bros. Building & Loan Assoc. is a terribly run fiscal institution. We’ve never seen anything similar it.

Much of our draw is centered on the fitness of Vice President William Bailey for the day-to-day management of the firm’s cash accounts. We made several attempts to interview Mr. Bailey equally component of our audit, including arranging no less than 6 dissever appointments at which he failed to appear. It was alone afterward arriving unannounced at the Building & Loan’s downtown Bedford Falls headquarters on Nov. 21, that nosotros were able to come across amongst Mr. Bailey. Our see did fiddling to allay our concerns.

Upon entering nosotros witnessed Mr. Bailey drinking an unknown substance—we believe it to bring been liquor—from a pocket-size flask. And when nosotros questioned him most the several missed appearances, he grew visibly distraught together with confused, repeatedly showing us a series of strings knotted to a greater extent than or less his fingers. Perhaps most pitiable was the presence of wildlife—we witnessed a squirrel, crow together with owl—in Mr. Bailey’s office, which is both a potential wellness peril together with liability for the Building & Loan.

Let us hold out blunt. “Uncle Billy,” equally Mr. Bailey is known, exhibits clear symptoms of early on phase dementia....

...MORE

Trying to avoid this (which nosotros were posting on September 15, 2008)*

"Don't hold back immediately but there's something funny going on over at that spot at the bank, George..."

  

*That twenty-four hours the DJIA was downwards 504 points afterward the failure of LEH together with the the rapine of Mother Merrill. Fannie together with Freddie were inwards conservatorship together with I was sleeping inwards the office. 

The side past times side twenty-four hours AIG became a subsidiary of the US Treasury. The failure of Washington Mutual, the largest S&L was yet to come.
Good times.