September 30, 2022

Accounting News Roundup: Ex-Deloitte CEO Elected to Wells Fargo Board; New AICPA Chairman; Getting Fired Can Be a Good Thing | 10.24.13

Bank of America liable for Countrywide mortgage fraud [Reuters]
Bank of America Corp was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis. After a four-week trial, a federal jury in New York found the bank liable on one civil fraud charge. Countrywide originated shoddy home loans in a process called "Hustle" and sold them to government mortgage giants Fannie Mae and Freddie Mac, the government said. The four men and six women on the jury also found former Countrywide executive Rebecca Mairone liable on the one fraud charge she faced.

Wells Fargo Elects Ex-Deloitte Partner Quigley to Board [Bloomberg]
Wells Fargo & Co. (WFC), the largest U.S. mortgage lender, elected James H. Quigley to the company’s board, bringing the number of members to 15. Quigley, a former partner at Deloitte LLP, will join the board immediately, San Francisco-based Wells Fargo said today in a statement. Quigley, 61, will join the audit and examination committee, Wells Fargo said. Quigley’s “management experience running a prominent global firm, together with his extensive audit, financial reporting, and risk management expertise, makes him an outstanding addition to the board,” John Stumpf, Wells Fargo’s chairman and chief executive officer, said in the statement.

Bill Balhoff Has Been Elected Chairman of AICPA [AWEB]
Replacing Richard Caturano.

Small Office, Big Impact: How to Project Authority, Creativity [WSJ]
The private office may get more style scrutiny—particularly from cubicle-bound colleagues—as it becomes a rarer prize. Just 32% of employees have private offices, down from 36% in 1997, according to the 2010 survey of 424 office-space managers by the International Facility Management Association, Houston, a professional group. The shrinkage has come as employers cut costs and open up more space for meetings and collaboration. About 63% of middle managers still have private offices, averaging about 120 square feet.

Four Partners Elected to Board of BDO USA [BDO]
Brian Eccleston, William Eisig, Scott Hendon and Brad Schrupp. 

Only Money—Deloitte Pays Another Fine And Then Moves On [RTA]
Francine McKenna: "Anderson is not the only partner responsible for a large audit failure hiding under Mother Deloitte’s skirts. Nicholas Difazio was suspended in 2008 by the SEC, barred for three years from practicing before it as an accountant, for his role as the partner on the Delphi audit failure. (Difazio was even flipped by the SEC after being sanctioned for his negligent audit and used to strengthen the regulator’s case against Delphi executives by saying the executives “duped” him.) Difazio has yet to be reinstated by the SEC but he’s been working for Deloitte ever since. DiFazio is still a partner in Deloitte LLP, the public accounting firm, leading the firm’s IFRS practice. He advises issuers on IFRS conversion, writes whitepapers, stars in webcasts, and speaks to academics, regulators and issuer groups about the challenges and opportunities of changing accounting standards. Until this week, you could also find him prominently featured on the Deloitte website."

Another Bro Behind ESPN Set Takes Off Shirt, Pours Soda On Himself [Deadspin]
World Series!

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