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December 3, 2022

Accounting News Roundup: Felons to Continue Business as Usual; PwC’s Greenest Building; Alternative Definitions for “Revenue” | 05.16.14

Convicted of Felonies, Banks Are Allowed to Stay in Business [NYT]
Floyd Norris writes about waivers that are granted so companies can stay in business after being convicted of a criminal act: "Perhaps the most interesting part of the prolonged and leak-filled dance leading up to the expected criminal charges has been the effort to assure that the banks will stay in business after they plead guilty. Credit Suisse is expected to admit that it helped Americans evade taxes, and BNP Paribas is expected to admit that it did business with countries blacklisted by the United States. Regulators will not enforce statutes that would seem to bar the banks from some activities. To put it another way, the Justice Department has gone to great lengths to guarantee that convicted banks will not be treated as criminals."

Investors Reject Chipotle Chiefs’ Pay Plan [DealBook]
It'll take a few more years for the burrito barons to become billionaires: "More than 75 percent of investors voted against Chipotle’s say-on-pay measure, which asked investors to ratify a compensation plan that would continue such payments to Steve Ells, Chipotle’s founder, and his co-chief, Montgomery F. Moran, over the next few years. That was the highest vote against any say-on-pay measure among the country’s largest 3,000 companies this year. Though the vote is nonbinding, Chipotle said it was taking investor sentiment into consideration."

PwC creates the most sustainable building in the world [Guardian]
This calls for a selfie.

In Georgia, “Revenue” Is a Four-Letter Word [Slate]
This is what happens when a businessman, in this case David Perdue, thinks he can succeed in politics: "In an interview with the Macon Telegraph, Perdue was asked if the debt could be reduced by cutting spending or increasing revenue. 'Both,' he said. After being told that this was a 'euphemism' for tax hikes, Perdue averred then plowed ahead, saying that in the business world 'I was never able to turn around a company just by cutting spending. You had to figure out a way to get revenue growing.' "

Dems want to end tax break for junk food [The Hill]
What is junk food? "The Secretary of the Department of Health and Human Services and the Institute of Medicine would define foods and brands are considered junk food." I'm sure the HHS is impervious to lobbying. 
 
How to Yell at the FCC About How Much You Hate Its Net Neutrality Rules [Gizmodo]
Not louder.

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