Don’t mind if Uncle Sam is up in your biznass 24/7? Thrive in a thankless atmosphere? KPMG is your favorite Big 4 firm? We know that you don’t sleep. Job is yours.
The bastions of financial responsibility at Citigroup have announced a new CFO, the second in four months. The lucky SOB is John Gerspach who got the bump from Controller. Best of luck John. Now how about those dividend checks?
Citigroup Names Gerspach CFO; Kelly Shifted to Strategy Role [Bloomberg]
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Here’s Your Authoritative Guide for Likening Game of Thrones to Public Accounting
I came late to the Game of Thrones party. After hearing rumblings about a “Red Wedding” and the emotional scars it left on people who I thought didn’t have shred of empathy in their bones, I immediately stopped watching Curb Your Enthusiasm Season 5 to binge on GoT.
Analysts, Journalists, and Short Sellers Are Out to Get Overstock.com
Probably not. But the Company has been subpoenaed by the SEC again regarding its restatement of its financial statements for 2006 and 2008.
Patrick Byrne, the Overstock head honcho isn’t crazy about all the attention:
Bad numbers, after the jump
“All of the matters that are the subject of the subpoena have been thoroughly disclosed and we are disappointed, given the extensive public disclosures Overstock has previously made, that the SEC, given all of the challenges it faces, has apparently chosen to expend time and resources on another investigation of Overstock,”
The SEC’s problems are certainly a matter of record. However, we wouldn’t call Overstock financial reporting history stellar. Restatements occurred in 2006 for “freight costs” which, we’re pretty sure is covered in the first month of Intermediate Accounting. In addition, Audit Integrity has given the company a a ‘very agressive’ rating for Accounting and Governance for 9 of the last 11 quarters.
Regardless of this lack of basic accounting knowledge or borderline reckless financial reporting treatment, Byrne has no qualms about giving the whole sitch the Maxine Waters conspiracy treatment, “Byrne has accused some financial analysts and journalists of working with short-sellers to drive down his company’s stock price.”
This claim is made in addition to the company blaming its upgrade of its Oracle accounting system. Apparently this upgrade caused revenue to be overstated by over $12 mil and understated its loss by over $10 mil back in 2005.
So if wasn’t for Oracle, analysts, the media, and some hedge funds, we’re assuming Overstock would be turning a profit by now.
Overstock.com Hit with Another SEC Subpoena [Web CPA]
Michael Moore’s Next Child Movie Has a Name
The Michael Moore documentary that has been so feverishly anticipated now has a title: Capitalism: A Love Story.
For those of you not so familiar with Moore’s work, you can basically expect convenient statistics for Moore’s position and not-so-flattering footage of rich guys who might had a hand in some of the collapse. Master de Ponz, Prince Ponz, Angelo Mozilo, Joe Cassano, anyone whoever worked at a hedge fund, etc.
Michael Moore names his new economy themed film [New York Daily News]