^This is as good a place and time as any to repeat my question as to how ML can produce an annual report and MD&A bearing an auditor's stamp, when it has undisclosed project deficiencies so large that they must be material to ML's finances and health as an organization.
One would think that even one month's financing charges on a delayed project that costs in the billions ought to be enough to create a line item in their financials.
I'm sure that those with a much better knowledge of such matters and law will be able to set me straight - but as a less informed layman, I would wonder whether the auditor is open to being sued or professionally sanctioned for allowing that level of non-disclosure on statements that are supposed to be the truth, and the whole truth. And while ML is public sector, most governments require their agencies to mirror or come close to the truthfulness of publicly traded companies whose public-facing statements are heavily regulated. But maybe I'm a dinosaur from the Enron - Sarbanes-Oxley days.
- Paul