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Accounting News Roundup: Google CFO Gets a Second Helping; Osbournes on a Crazy Tax Train; Is Distraction at Work Good for You? | 04.11.11

Level 3 Agrees to Purchase Global Crossing in $1.9 Billion All-Stock Deal [Bloomberg]
Level 3 Communications Inc. (LVLT), the Colorado-based provider of broadband services, agreed to buy Global Crossing Ltd. (GLBC) in a deal valued at about $1.9 billion. Level 3, based in Broomfield, will acquire Global Crossing in an all-stock transaction worth $23.04 a share, based on Level 3’s closing stock price on April 8, the companies said in a statement today. The value of the purchase is $3 billion, including the assumption of $1.1 billion in debt, they said.

Obama to Call for Broad Plan to Reduce Debt [NYT]
President Obama will call this week for Republicans to join him in writing a broad plan to raise revenues and reduce the growth of popular entitlement programs, as the battle over the nation’s financial troubles moves past Friday’s short-term budget deal and into a wider and more consequential debate over the nation’s long-term fiscal health.

More GoogQuake Aftershocks: CFO Patrick Pichette Adds BizOps and HR to His Duties [AllThingsD]
Pichette gets rewarded with more responsibility (and presumably, work) in Google’s managements shakeup.

Tax Indictment for Tax Activist [NYT]
Taxpayers have rights. It says so in the Colorado Constitution in an amendment known as Tabor, which passed in a voter referendum drive in the early 1990s that was led by a man named Douglas E. Bruce. Criminal defendants? Yes, they have rights, too, as Mr. Bruce learned the hard way last week after he was arrested for what prosecutors said was a failure to pay his taxes.

Corporate Governance At Berkshire Hathaway: Maybe It’s Not All That [Forbes]
Francine McKenna pokes around Berkshire’s sterling reputation.

Ozzy and Sharon Osbourne’s Massive IRS Tax Lien [TMZ]
The amount of cursing will be relatively unchanged.

In Praise of Distraction [TNY]
In other words, Going Concern March Madness made you better at your jobs.

Encore Energy Partners Dismisses Ernst & Young [CityBizList]
BDO will take it from here.

Toddler Mistakenly Served Alcohol at Applebee’s [WJBK]
The blood alcohol level in the 15-month old was .10, which is over the legal driving limit.

Posted in ANR