"I relied on the fact that E&Y was the auditor and I relied on the fact that the BOD was made up of former E&Y senior auditors. "


How does that make sense?  One of the issues with TRE was the claim that its BOD had become a retirement gig for former E&Y auditors.  It was a weakness and increased the risk.  It certainly wasn't something to point to as a plus for the reliability of the statements.