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December 1, 2022

Accounting News Roundup: CFO Oversupply; Overstock’s Digital Securities; Strange Sightings at the CFA | 06.09.15

Merger Boom Spawns a CFO Surplus [WSJ]
Korn/Ferry says that since 2011, "just five finance chiefs at acquired companies have snagged the CFO job at the new corporate parent."

Dewey Promised Pay in Excess of Income, Evidence Shows [WSJ]
PwC was advising Dewey on partner comp in 2012 when things started to unravel. Payouts were set for $356 million for 2011 but the firm only paid $295 million and documentation was a little sketchy: "The accounting firm reviewed 52 agreements guaranteeing partner compensation while advising Dewey in 2012, Gregg Sincoff, a managing director at PwC, said during questioning Monday. Some of those agreements were unsigned letters or emails, Mr. Sincoff said." 

Overstock cryptostock [BloombergView]
Someone will get audit something interesting: "[H]ere is Overstock's latest SEC registration statement; check out the risk factors for its "digital securities," which are "uncertificated securities, the ownership and transfer of which are recorded on a cryptographically-secured distributed ledger system using technology similar to (or the same as) the distributed ledger technology used for trading digital currencies."

Federal Judge Rules SEC In-House Judge’s Appointment ‘Likely Unconstitutional’ [WSJ]
If you recall, it was an Administrative Law Judge that came down on the Big 4 (plus BDO) for their Chinese affiliates not turning over workpapers.

Also: sitting will kill you.

Fraud conviction tossed over alcoholic, shrimp-stealing juror: docs [NYP]
An ex-Deutsche Bank broker who was convicted of tax fraud is having a pretty good week after it turns out one of the jurors was basically lying about everything: "Catherine Conrad claimed to be a law-abiding housewife when she was actually a suspended lawyer and alcoholic who was once arrested for punching a cop and stealing a bag of shrimp from a convenience store while drunk, court papers state."

Two very strange things happened during the CFA exams on Saturday [eFC]
1) In L.A. a man was seen rollerblading to the bathroom. 2) In New York, some guy was doing push-ups.

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