Please ensure Javascript is enabled for purposes of website accessibility
December 6, 2022

Accounting News Roundup: Changes Coming at Yahoo, BofA; The Same Ol’ Tax Relief; Begging Saves Ex-Duane Reade CFO | 09.07.11

Yahoo Ousts Bartz as CEO [WSJ]
Independent directors did a study of Yahoo’s assets and performance in the past two weeks and concluded the company wasn’t performing as well as it could, said a person familiar with the matter. The review came after nearly a year of board discussions about Yahoo’s flagging performance, and the independent directors ultimately decided a change at the top was the only way to turn things around, according to two people familiar with the matter. One of these people said Yahoo is open to selling itself to the right bidder. The board named Chief Financial Officer Tim Morsehile it searches for a replacement for Ms. Bartz.

BofA Shakes Up Senior Ranks [WSJ]
The bank installed David Darnell and Thomas Montag as co-chief operating officers. It also ousted wealth-management head Sallie Krawcheck and consumer banking head Joe Price, and removed Barbara Desoer, who has been running the bank’s mortgage business, from Mr. Moynihan’s list of direct reports.

Carlyle files for $100m initial public offering [FT]
Carlyle Group has formally fired the starting gun on its plans to go public, with the private equity group filing registration documents for an initial public offering as early as the first half of 2012. The move follows the listing of competitor Apollo Global on the New York Stock Exchange in March, and will test the willingness of investors to back a sector that has a poor stock market record.

Tax Code Has Upside-Down Rewards for Good Behavior [Bloomberg]
If the committee wants to bring about constructive tax reform that is a bit less ambitious, however, here’s an idea: Change the tax breaks that are meant to encourage people to do good things — such as save for retirement, buy real estate, get health insurance or give to charity — into flat-rate credits that aren’t affected by the taxpayer’s income. After all, it makes no sense, in terms of economic efficiency or simple fairness, to have the size of such incentives depend on earnings.

Old Tax Relief Seen as Anchor in Obama Plan [NYT]
The centerpiece of the job creation package that President Obama plans to announce on Thursday — payroll tax relief for workers and perhaps their employers — is neither his first policy choice nor that of many economists. But it is the one that they figure has the best chance of getting Republicans’ support. Mr. Obama has signaled that he will propose to extend for another year a reduction of two percentage points in the 6.2 percent Social Security payroll tax that employees pay, which means about $1,000 more for the average household. And he is considering a proposal to expand the tax relief to employers’ share.

A Banker Explains Why Some Small Businesses Have Trouble Getting Credit [You’re the Boss/NYT]
In case you’ve been wondering.

Ex-Duane Reade CFO Tennant Sentenced to Probation in Securities-Fraud Case [Bloomberg]
“Please don’t send me to jail,” Tennant said today to U.S. District Judge Deborah Batts, who granted his request at a hearing in federal court in Manhattan. Tennant told Batts he had cooperated in the investigation and suffered from the “long, painful, humbling experience” of the prosecution.

Deloitte Names Elizabeth Krentzman Asset Management Services U.S. Mutual Fund Leader [Deloitte]
This newly-created position is another strategic step in the three-year expansion of Deloitte’s asset management services practice led by asset management services leader Cary Stier.

Yahoo Ousts Bartz as CEO [WSJ]
Independent directors did a study of Yahoo’s assets and performance in the past two weeks and concluded the company wasn’t performing as well as it could, said a person familiar with the matter. The review came after nearly a year of board discussions about Yahoo’s flagging performance, and the independent directors ultimately decided a change at the top was the only way to turn things around, according to two people familiar with the matter. One of these people said Yahoo is open to selling itself to the right bidder. The board named Chief Financial Officer Tim Morse to be interim CEO while it searches for a replacement for Ms. Bartz.

BofA Shakes Up Senior Ranks [WSJ]
The bank installed David Darnell and Thomas Montag as co-chief operating officers. It also ousted wealth-management head Sallie Krawcheck and consumer banking head Joe Price, and removed Barbara Desoer, who has been running the bank’s mortgage business, from Mr. Moynihan’s list of direct reports.

Carlyle files for $100m initial public offering [FT]
Carlyle Group has formally fired the starting gun on its plans to go public, with the private equity group filing registration documents for an initial public offering as early as the first half of 2012. The move follows the listing of competitor Apollo Global on the New York Stock Exchange in March, and will test the willingness of investors to back a sector that has a poor stock market record.

Tax Code Has Upside-Down Rewards for Good Behavior [Bloomberg]
If the committee wants to bring about constructive tax reform that is a bit less ambitious, however, here’s an idea: Change the tax breaks that are meant to encourage people to do good things — such as save for retirement, buy real estate, get health insurance or give to charity — into flat-rate credits that aren’t affected by the taxpayer’s income. After all, it makes no sense, in terms of economic efficiency or simple fairness, to have the size of such incentives depend on earnings.

Old Tax Relief Seen as Anchor in Obama Plan [NYT]
The centerpiece of the job creation package that President Obama plans to announce on Thursday — payroll tax relief for workers and perhaps their employers — is neither his first policy choice nor that of many economists. But it is the one that they figure has the best chance of getting Republicans’ support. Mr. Obama has signaled that he will propose to extend for another year a reduction of two percentage points in the 6.2 percent Social Security payroll tax that employees pay, which means about $1,000 more for the average household. And he is considering a proposal to expand the tax relief to employers’ share.

A Banker Explains Why Some Small Businesses Have Trouble Getting Credit [You’re the Boss/NYT]
In case you’ve been wondering.

Ex-Duane Reade CFO Tennant Sentenced to Probation in Securities-Fraud Case [Bloomberg]
“Please don’t send me to jail,” Tennant said today to U.S. District Judge Deborah Batts, who granted his request at a hearing in federal court in Manhattan. Tennant told Batts he had cooperated in the investigation and suffered from the “long, painful, humbling experience” of the prosecution.

Deloitte Names Elizabeth Krentzman Asset Management Services U.S. Mutual Fund Leader [Deloitte]
This newly-created position is another strategic step in the three-year expansion of Deloitte’s asset management services practice led by asset management services leader Cary Stier.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]