Stanford used fake accounting to back bank: witness [Reuters]
Allen Stanford used fake accounting to prop up his offshore bank in its waning days, as withdrawal requests from investors poured in, Stanford's former top deputy said on Monday. Faced with a worrying number of withdrawals in 2008, Stanford came up with a plan to make a $600 million capital infusion into the bank, said James Davis, Stanford's former chief financial officer and the government's top witness.
Rep. Ron Paul frequently calls for repealing this law or eliminating that federal agency in his stump speech for president. The Texas Republican went further on Saturday, calling for the elimination of a whole year. Mr. Paul, appearing at a campaign rally in Rochester, Minn., singled out 1913 for his ire, garnering loud applause from a standing-room only crowd of more than 300 at a high school here. “I would like to repeal the Federal Reserve charter, but I’d really like to repeal 1913. We could get rid of the income tax, and the Federal Reserve and the foreign policy,” Mr. Paul said, his comments drowned out by the cheering crowd.
Empahsis belongs to the Grumpies: "[W]hat motivates two Grumpy Old Accountants who are notoriously stingy for giving out A’s to their students to award Facebook this grade? Simple: financial reporting transparency. No games, no hype, no spin; just quality, detailed, investor-relevant disclosures not commonly found in most internet company IPO filings. Facebook even went the extra mile to report in detail the not so flattering stuff…what an interesting concept: honest reporting.
973,400, being the number.
“Another Guy In A Chicken Suit Spotted At RBS” [DB]
For your consideration this busy season.