Last night, ProPublica reporter Jake Bernstein appeared on CNBC Reports to discuss the story he reported with A.C. Thompson about the failure of some of the top auditing firms in America to make sure that lenders have enough money on reserve to weather tough times. Bernstein explains where the auditors failed, what the regulators did and didn’t do, the potential conflicts of interest that exist for the auditors, and the billion-dollar lawsuit against a top auditing company.

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