Bradford & Bingley does U-turn on blaming KPMG
Bradford & Bingley has made a U-turn on earlier comments this week when it blamed a decision by KPMG, its auditor, for the fall in value of CDOs for part of its writedown.
Recent reports have shown that the Bradford & Bingley has become the latest financial victim of the global credit crunch, as its pre-tax losses, and rumours over money problems, sent shares plummeting in a similar vein to that seen with the now nationalised Northern Rock last year.