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December 6, 2022

Accounting News Roundup: Andersen Tax Explains the Name; RadioShack CFO Quits After 7 Months; Happy September 15th | 09.15.14

Andersen Tax CEO Explains Name Change [AT]
They've, like, been planning to do this for a while now: “To put the subject matter into context, when Andersen imploded in 2002, we tried to do a U.S. tax-only practice,” Vorsatz told Accounting Today in an interview Tuesday. “We had a group of partners, probably 15 or 20 U.S. tax partners, who met in New York in April of 2002. There was a private equity firm that had raised a significant amount of money that was trying to do a lift-out of the tax group because the tax group wanted to stay in business together. Things moved too quickly and there wasn’t enough time to get something put together and some of the practices were already moving to the Big Four. It just wasn’t something that could get done in that timeframe. A lot of people don’t really appreciate or understand that Andersen basically liquidated in 90 days. Things happened very quickly after the indictment.”

PwC chairman to receive £3.7m share of rising profits as business grows [Guardian
Ian Powell does alright for himself: "The chairman of PricewaterhouseCoopers in the UK, Ian Powell, is to receive a £3.7m share of the accountancy partnership's rising profits after a year in which the business grew by 5%. Underlining a confidence in sustained demand for professional services, PwC also created 700 new jobs and took on 1,300 graduates and school-leavers during the year, taking total headcount to 18,100 by the end of June."

RadioShack Financial Chief Resigns After 7 Months [WSJ]
John Feray cites personal reasons for the quick departure. Holly Etlin, who was interim CFO prior to Feray's hire, will take it from here.

Competition Is for Losers [WSJ]
Just build a monopoly, writes Peter Thiel.

It costs 1.6 cents to make one penny because of the rising price of zinc [Quartz]

White House touts progress since collapse of Lehman Brothers [The Hill]
Six years ago today, things started to get interesting.

Try not to make a scene at your office.


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