Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: An Accounting Firm ‘Screws Up’ Its Taxes; PwC’s Mentor Moms; Norquist’s Nazi Comparisons | 05.21.12

In the Undoing of a C.E.O., a Puzzle [NYT]
When the activist shareholder Daniel Loeb confronted Yahoo’s directors on May 3 with the possibility that Yahoo’s recently hired chief executive, Scott Thompson, might have falsified his résumé by claiming to have a computer science degree, their initial reaction was disbelief. “Scott is a forthright, no-nonsense, straightforward personality and a likable guy,” one director said. But just 11 days later, Mr. Thompson’s credibility with the board was in shreds, Mr. Loeb and two of his allies had landed the board seats he’d been agitating for since starting a proxy fight earlier this year, and Mr. Thompson was out, despite his last-minute revelation that he was battling thyroid cancer. Interviews this week with people involved in the fast-moving events and the board’s decisions reveal how what at first seemed a small and improbable allegation from an annoying dissident shareholder turned into a major crisis, thanks largely to Mr. Thompson’s own evasions and missteps. In the end, the board had little choice but to sever ties with its chief executive of only five months and largely give Mr. Loeb what he wanted. 

Seventh Circuit Surprised To See Accounting Firm "Screw Up Its Taxes" [Forbes]
Since you're wondering, the firm in question is Orland Park, IL-based MPS.

PricewaterhouseCoopers connects moms-to-be with moms-already [WaPo]
An ominous quote from Tysons Corner office manager Stephanie Wolf: “I mean, what’s the point of having kids if you don’t ever see them?”

Don’t be so defensive, FRC chief tells audit profession [Accountancy Age]

Norquist compares Sen. Schumer’s tax-dodger bill to the Nazis, communists [OTM/The Hill]
“I think Schumer can probably find the legislation to do this. It existed in Germany in the 1930s and Rhodesia in the ’70s and in South Africa as well,” said Norquist. “He probably just plagiarized it and translated it from the original German.”

Facebook's Mark Zuckerberg Marries Sweetheart [AP]
The ceremony took place in Zuckerberg's backyard before fewer than 100 guests, including Facebook's chief operating officer Sheryl Sandberg. The guests all thought they were coming to celebrate Chan's graduation but were told after they arrived that the event was in fact a wedding. "Everybody was shocked," the guest said.

Robber Wears Underwear On Head During Idaho Burglary [AP]
Police in southwest Idaho say a man chose briefs over boxers to wear on his head as he held up a coffee shop and stole a safe. Coffee shop owner Jason Wilson tells the Idaho Statesman says he believes the man was likely not prepared when he entered Big Star Coffee in Fruitland with an accomplice on Tuesday morning. Wilson asked: "Who robs something with underwear on their head?"


Posted in ANR