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Accounting News Roundup: More on E&Y’s HK Trouble; WWRRD?; About That Carried Interest… | 08.28.12

Ernst & Young Taken to Court Over Records [Reuters]
Hong Kong’s securities regulator has taken Ernst & Young to court after the audit firm failed to turn over accounting records related to a company based in mainland China. The auditor now faces the dilemma of complying with the order from the regulator and risking a possible breach of mainland China’s state secrecy laws, or facing sanctions in Hong Kong. The case is the first of its kind in Hong Kong, and it mirrors one in the United States in which Ernst & Young’s rival, Deloitte Touche Tohmatsu, is fighting a request from U.S. regulators to hand over work papers from its audit of the Chinese computer company Longtop Financial Technologies.

Taxes: What Would Reagan Do? [BBW]
[L]iberals still don’t want to say how effective a leader he was. The conservatives want to portray him as ideologically consistent. It’s not that he was inconsistent. It’s that he got the job done.
Poll: Democrats, Republicans have different views of the wealthy [The Hill]
[A]ccording to Pew, their latest polling finds that Romney and Republicans have the stiffer test when it comes to wooing middle-income voters. The poll also found stark differences between how Democrats and Republicans view the wealthy and the poor. Roughly seven in 10 respondents thought that a President Romney would implement policies that helped the wealthy, and 63 percent said Republicans generally looked out for the rich instead of the middle- and lower-classes. Meanwhile, half of the nation’s adults believe Obama’s policies will help the middle class, compared to four in 10 for Romney. Roughly twice as many people — 60 percent to 31 percent — think that Obama would help the poor. 
Romney's Taxes: It's The Carried Interest, Stupid [Forbes]
Carried interest is one sweet tax break–a loophole created (like many others benefiting the richest) not by a conscious decision of Congress, but by a combination of smart and aggressive private lawyers and outgunned and gun-shy IRS officials. It is, in other words, a good example of what some folks think is wrong with the way our tax code currently operates.  
Poll: 53% Favor Raising Taxes to Save Social Security [TaxProf]
Ebola Phone Theft: Man Steals From Quarantined Uganda Hospital Patient, Contracts Virus [HP]
No further justice needed.


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