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REPORT SAYS ADMINISTRATION DOESN'T WANT TO INDICT KPMG

August 03, 2005

Bloomberg.com reports tonight:

Bush Administration Seeks Settlement in KPMG Case, People Say

The Bush administration has instructed federal prosecutors to seek a settlement with KPMG LLP over its sale of tax shelters to avoid criminal charges that could drive the accounting firm out of business, people familiar with the case said.

The Justice Department in Washington directed David Kelley, the U.S. attorney for the Southern District of New York, to negotiate a deal, said the people, who requested anonymity. One issue is the size of the fine the Big Four firm must pay, with prosecutors demanding as much as $500 million, the people said.

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