Regulator Predicts U.S. Will Soon Take Part in Chinese Inspections of Auditors [NYT]
The chairman of the United States regulator that inspects audit firms — an agency that has been frustrated by its inability to review audits of Chinese companies that turned out to be frauds — said Tuesday that he expected that his staff would soon be able to sit in on Chinese inspections of auditors. “We ought to be able to observe the inspections they conduct in the late summer or fall, and certainly by the end of the year,” said James R. Doty, the chairman of the Public Company Accounting Oversight Board, in an interview after he returned from China. He was a member of the United States delegation at the U.S.-China Strategic and Economic Dialogue.
President Obama’s pick for a key Treasury position told lawmakers Tuesday that the administration was not developing a plan to broadly overhaul the tax code, and that he couldn’t promise a proposal would be forthcoming after this year’s election. Mark Mazur, nominated to be assistant Treasury secretary for tax policy, also said that it would be more difficult to revamp the tax code now than it was during the last successful reform in 1986. Mazur said that, while the reform a quarter-century ago was revenue-neutral, a tax overhaul these days would need to “modestly increase revenues” given current budget deficits.
Boehner warned about a “train wreck” of big-ticket legislation that could be left for a lame-duck session if Congress doesn’t act beforehand.
Class, here's Bret Stephens seranade of you: "Allow me to be the first one not to congratulate you. Through exertions that—let's be honest—were probably less than heroic, most of you have spent the last few years getting inflated grades in useless subjects in order to obtain a debased degree. Now you're entering a lousy economy, courtesy of the very president whom you, as freshmen, voted for with such enthusiasm. Please spare us the self-pity about how tough it is to look for a job while living with your parents. They're the ones who spent a fortune on your education only to get you back— return-to-sender, forwarding address unknown."
Whether you cry or lose your composure because you're blamed for something that wasn't your fault or snapped at by an angry customer, there's a stigma attached to emotional responses in the workplace that compels many executives to just bottle up their feelings. The unhealthful result of what experts call "emotional suppression" has been shown in studies to cloud thinking, promote job unhappiness and negatively impact work performance. That's why experts say that it's important for employees to be attuned to what their emotional triggers are so responses—even in more extreme cases—can be predictably managed for more productive outcomes.