‘Simply Outrageous:’ EY Hit With $100 Million Fine After Audit Employees Cheat on CPA Ethics Exam

(Bloomberg) -- Ernst & Young LLP admitted that dozens of its audit personnel cheated on the ethics portion of the Certified Public Accountant exam and that the firm misled US regulators probing the misconduct, according to the Securities and Exchange Commission.Most Read from BloombergRussia Slips Into Historic Default as Sanctions Muddy Next StepsMichael Burry of ‘The Big Short’ Fame Warns Fed May Alter CourseBig Tech Sinks Stocks Bruised by Recession Fears: Markets WrapA $2 Trillion Free-Fall

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  SEC fines EY $100 million for cheating by auditors

  Yahoo Finance
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  EY to pay $100 million to settle U.S. charges of staff cheating on accountant exams

  Reuters

Mr. Big Short: Fed May do a 180 on Interest Rates

The Federal Reserve has raised the fed funds rate target by 150 basis points since March, and many experts expect a lot more.

Cathie Wood: I Erred On Inflation, But Recession is Here

Hotshot investor Cathie Wood, chief executive of Ark Investment Management, has said repeatedly in recent weeks that we're headed for disinflation soon. Consumer prices soared 8.6% in the 12 months through May, a 40-year high. "We were wrong on one thing and that was inflation being as sustained as it has been," Wood told CNBC.

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  Cathie Wood Says That She Got Inflation Duration Wrong

  Bloomberg
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  Cathie Wood warns U.S. is already in a recession

  MarketWatch

Tesla Has a New Rival on the Rise

The maker of premium and high-end electric vehicles remains the market leader in electric vehicles but sees a threatening rival.