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Accounting News Roundup: Deloitte CEO Reacts to StanChart; Ryan’s Stance for Small Business; Ballparking Apple’s Damages | 08.14.12

Deloitte CEO defends firm's Standard Chartered work [Reuters]
Deloitte LLP Chief Executive Joe Echevarria on Monday fought back against allegations that his firm helped Standard Chartered hide transactions with Iran, saying charges by the top New York state banking regulator were "distortions of the facts." […] The regulator cited an email from a Deloitte partner saying he drafted a "watered-down version" of the report after being asked by Standard Chartered to omit information. "It's an unfortunate choice of words that was pulled out of context," Echevarria said. A source close to the matter, who asked to remain anonymous because of its sensitive nature, said the Department of Financial Services has no plans to bring charges against Deloitte. A spokesman for the department refused to confirm or deny that statement. Echevarria said he was standing in line with his 16-year-old son at Universal Studios in Orlando, Florida a week ago when he first heard of the Standard Chartered matter by email. A Bronx native in his 35th year at Deloitte, Echevarria said one of his first thoughts was, "There's got to be more to this."

Paul Ryan’s stance on the most important small business matters [WaPo]
An analysis of Ryan’s proposal by the Tax Policy Center suggested it would give a $265,000 tax break on average to Americans earning more than $1 million each year. Small business advocates and economists have come down on both sides of the resulting debate, some arguing that continued tax relief for the wealthy would promote hiring and investments by business owners, while others say such breaks should be reserved for low-income earners and the middle class.

Would Romney Pay Zero Taxes under the Ryan Plan? [Tax Foundation]
Some people seem to think so.

Memo to SEC: End Groupon's Shady Accounting [Forbes]
Peter Cohan wonders aloud: "whether Groupon is merely trying to hide from investors just how skimpy its Goods margins are."

Apple’s Witness Estimates Samsung Damages of $2.5 Billion [Bloomberg]
Terry Musika, a certified public accountant testifying today on Apple’s behalf in federal court in San Jose, California, said his estimate is based on Samsung’s sales of 22.7 million smartphones and tablet computers and revenue of $8.16 billion. The jury has yet to decide whether the patents and trademarks were infringed, which the expert assumed when making his estimate.

Peregrine CEO Is Indicted [WSJ]
The chief executive of Peregrine Financial Group Inc. was indicted Monday on 31 charges of lying to government regulators regarding the failed brokerage's operations. Russell Wasendorf Sr. faces a maximum sentence of 155 years' imprisonment on the charges and fines of about $7.75 million, according to a statement from the U.S. Attorney's Office for the Northern District of Iowa.

Drunk man hurt after picked up by garbage truck [KGW]

A man who decided he was too drunk to drive early Friday morning chose instead to crawl into a recycling dumpster near a Southeast Portland bar, only to be picked up by a hauler and twice compacted. Justin Gilpatrick, 27, had been drinking near Club 205, at Southeast Stark Street and 99th Avenue, when he chose the container to spend the night instead of a drunken drive home, according Lt. Robert King. A manager told KGW Friday morning the man had not been inside Club 205. The trash hauler showed up sometime after 1 a.m. The truck emptied the recycling container and continued on its route, twice compacting the load, King said. When the truck reached Mall 205, the Waste Management worker discovered the man in the truck, King said. He had suffered minor injuries and was taken the hospital by ambulance at about 2:45 a.m.


Posted in ANR