Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Credit Suisse Back to Business; Corporate Inversions Not Going Anywhere; How to Pull an All-Nighter | 05.20.14

Denied Milder Penalty, Credit Suisse Feels the Force of the Law [DealBook]
Bankers begging? That's a change from the norm: "Romeo Cerutti, a Swiss and Italian citizen who once practiced law at a corporate firm in California, arrived just weeks after prosecutors warned that Credit Suisse would need to plead guilty for helping American account holders hide their wealth and evade taxes. In a fourth-floor Justice Department conference room overlooking the National Museum of Natural History, Mr. Cerutti mounted a defense, assuring a group of high-ranking prosecutors that the wrongdoing was contained to a few low-level bankers.  With a quiver in his voice, the lawyer urged prosecutors to settle for a so-called deferred prosecution agreement that would spare the bank criminal charges in exchange for various concessions, according to people briefed on the meeting. Criminal charges, he warned, could have serious consequences for Credit Suisse, and for the broader financial system. 'Please don’t do this,' Mr. Cerutti asked the prosecutors, the people briefed on the meeting said. 'Please give us a D.P.A.' "

Credit Suisse Chief Sees Little Impact From Tax Evasion Plea [DealBook]
Biz as ushe: "We have found no instances where clients cannot do business with us,” Credit Suisse CEO Brady Dougan said. “Our discussions with clients have been very reassuring and we haven’t seen very many issues at all.”

Lobbyists scoff at Wyden’s tax threat [The Hill]
Senator Ron Wyden believes that Congress needs to do something about corporate inversions. Lobbyists are all, like, "Good luck with that."

What's the Best Way to Pull an All-Nighter? [WSJ]
Probably could've used this a month or two ago.

Man Wearing "It's All Fun & Games Until The Cops Show Up" T-Shirt Is Arrested When The Cops Show Up [TSG]
Surprisingly, NOT Florida: "The 35-year-old bank robbery suspect was wearing a t-shirt declaring “It’s all fun & games until the cops show up” when police showed up yesterday morning and arrested him as he exited an Idaho motel."

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

cat on a desk

Friday Footnotes: RTO Isn’t Going So Great; KPMG Wins Something; What Auditors? | 5.19.23

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. See ya. ICYMI I Love Accounting. So I Had to Leave. [GC] Benjamin […]

cat with breakfast in bed

Monday Morning Accounting News Brief: Identical Twins Head to Deloitte; TWO PwC Leaks; VA Tackles 150 | 5.15.23

Good morning and happy Monday! Here’s some stuff happening. Virginia Society of CPAs is tackling the question “is 150 too many?” For nearly the past two decades, prospective CPAs in Virginia have had to undertake 150 hours of education before becoming licensed. But a declining CPA pipeline has accountants asking: Is the 150 now a […]