BNP Paribas Expresses Confidence in Its Funding After Guilty Plea [DealBook]
An $8.9 billion fine? No problem! "The chief financial officer, Lars Machenil, said in a conference call with analysts that the penalties, which included a partial suspension of BNP’s ability to process payments in dollars, would not endanger its capital cushion. The bank also said it would be able to offer the same dividend this year as it did last year – 1.50 euros a share, or about $2.05. Without the penalties, the bank would have paid dividends of around €2 a share."
EY announces 675 new partners worldwide [EY]
It's New Year Day in EY's world. If you haven't congratulated a partner near you, here's the list for the Americas.
Fair Value Accounting’s Role in Financial Crisis Scrutinized [AT]
Who knew it was possible to utter measured words about fair value accounting? “Fair value accounting has been blamed for the near collapse of the U.S. banking system,” said Urooj Khan, assistant professor of accounting at Columbia Business School and co-author of the research. “On one hand, FVA can provide timely and relevant information during crisis, but it can feel like ripping off a Band-Aid causing immediate pain as it accelerates the process of price adjustment and resource reallocation in times of financial turmoil. On the other hand, it can increase contagion among banks by potentially fueling fire sales. Our research demonstrates that investors’ concerns about FVA’s detrimental affect overshadowed the beneficial role it plays in promoting timely market information.”
I bet you didn't expect an Arthur Andersen mention in the context of GM's most recent recall:
i will be appearing on @HappeningNow 9am to discuss the @GM recall btw Arthur Anderson was shut down for far less @FoxNews
— Charles Gasparino (@CGasparino) July 1, 2014
Not looking at pot as ‘windfall’ for economy: Colorado Gov. [CNBC]
Someone at CNBC worked the pun here nicely: "Colorado's increased tax revenue from the sale of marijuana isn't necessarily a windfall, Gov. John Hickenlooper said Monday. Instead, he's looking to use that money to maintain the state's high quality of life."
In Russia, Flipper orders you! "The Ukrainian Navy’s contingent of military dolphins has been under Russian jurisdiction (along with the military base in Sevastopol) since Moscow’s takeover of Crimea in March. Deeply dissatisfied with the situation, Ukraine is now demanding that the animals be returned."