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November 28, 2022

Accounting News Roundup: MF Global’s ‘Enron Defense’; Grover Norquist Is SO OVER the Snow; Six-figure Loan Debt | 03.31.14

Why millennials have a tough time landing jobs [CNBC]
EY Recruiting Leader Dan Black has desperate moms ringing him up: " 'I've had moms call me for interviews,' said Dan Black, Americas director of recruiting at EY, the global firm that includes Ernst & Young, though he added that the candidates themselves were uniformly mortified when this happened."

You Can't Make This Up: MF Global Sues PWC, Blames It For Its Collapse [ZH]
ZH revels in the fact that MFGlobal's bankruptcy administrator would have the gall to sue the audit firm. HOWEVER: "MF Global, or what's left of the estate, is using the old tried and true 'Enron defense', where if there was corporate criminality, the accountants were surely involved. And they most probably were. There is one problem though: in the case of Enron, all of its key executives, Lay, Skilling and Fastow, got prison sentences. In MF Global's case of Jon Corzine… not so much."

One Shouldn’t Have to be an Auditor to Understand an Audit Report [Accounting Onion]
Tom Selling would like the PCAOB to take matters a bit further than expanding the auditor's opinion: "I would also like the PCAOB to use the momentum of this project to look closely at the surviving standardized language; to consider what it actually means — or doesn’t — as compared to what the words should convey to someone who is not a member of the accounting cognoscenti." 

Grover Norquist is pulling out all the stops on the extended winter in DC.

The more you make, the higher your taxes [USAT]
USA Today wins the Captain Obvious Headline Award for the month.

Congress Should Phase Out the Mortgage Interest Deduction [TPC]
From the abstract: "[I]t provides an incentive for middle-income and upper income people to acquire larger and more expensive homes than they otherwise would."

Bush 41's tax flip-flop hailed as courageous [The Hill]
A certain bearded lobbyist who never met a tax he didn't hate does not agree: “Courage would have been standing up to the spending lobbyists in Washington and saying, ‘No.’ Doing what official Washington and its spending lobbies want is not courage. It is a failure of nerve.”

More Depressing Law Student Loan News [TaxProf]
These six-figure debt loads should brighten your day.

Student claims college instructor spent months teaching class the 'wrong' course [KHOU]
And gasp some 4.0 students have their perfect GPAs put in jeaporady. 

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