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December 1, 2022

Accounting News Roundup: Reid Warns Baucus on Tax Reform; More Deloitte Humblebragging; PwC’s Newest ‘Strategic Alliance’ | 08.02.13

U.S. Added 162,000 Jobs in July; Jobless Rate Falls to 7.4% [NYT]
The job gains reported by the Labor Department on Friday, were concentrated in retail, food services, financial activities and wholesale trade. The manufacturing sector gained 6,000 jobs; government employment stayed basically flat. While July represented the 34th straight month of job creation, the relatively strong employment gains were still not on track to absorb the backlog of unemployed workers anytime soon. At the recent pace of job growth, it would take about seven years to close the so-called jobs gap left by the recession, according to the Hamilton Project at the Brookings Institution.

Reid Warns Fellow Democrat on Tax Talks [WSJ]
"I've explained this to Sen. Baucus," Mr. Reid said, taking the unusual step of speaking publicly about a colleague. "I don't want anyone going into these negotiations with the illusion that they can come back with a small [revenue increase] number, and we'll gobble it up under the guise of tax reform." Mr. Reid said that "it would be a waste of time" to enter into negotiations with Sen. Orrin Hatch (R., Utah), Mr. Baucus's GOP counterpart on the finance panel, and expect Senate Democrats to accept a bill without significant revenue growth. When asked about Mr. Reid's comments, an aide to Mr. Baucus said, "Sen. Baucus has been saying for more than a year now that he is working on a comprehensive tax-reform bill that will raise significant revenue. That has never changed, nor will it."

We're Bullish About July Jobs Report: Deloitte CFO [Bloomberg]
Frank Friedman gets his turn to humblebrag about Deloitte's hiring numbers. But be completely wrong about today's job numbers.

Ross McEwan, New RBS Boss, Failed Accounting Exams Twice [PA]
There's still hope for you!

Baby delivered at L’Enfant Plaza Metro station [WaPo]
Shavonnte Taylor, 23, of D.C., gave birth to her son, whom she named Amir Mason, at 10:30 a.m., according to a witness on the scene. In an interview at George Washington University Hospital on Thursday evening, Taylor said her fourth child was due on Aug. 17. She was actually heading from her home in Southeast to an obstetrician appointment near the Foggy Bottom Metro when she began to experience contractions. […] “It just popped out,” [Saa] Alpha, [a station manager] said. “It was just awesome.”

Deloitte should apologise for its role in Rover farce [FT]
Deloitte’s response to the ruling is “surprise and disappointment”. There’s no suggestion of contrition. Indeed, the firm maintains that it helped to generate value and keep the business alive for five years. This is a travesty. Rover was kept alive by the money paid in by BMW when it gave the company away, to cover generous redundancy payments, and by the time the business finally failed, there was nothing left. The workers were five years older, less able to find other employment, and without the financial cushion that BMW’s money would have provided. Rather than firing back, Deloitte would be better advised to apologise for a disgraceful episode that – entirely predictably – blighted the lives of 6,000 Rover workers.

Galvanize and PriceWaterhouse Coopers form alliance [DP]
PwC US and Galvanize, a Denver-based group that assists entrepreneurs, said Thursday that they have entered into a strategic alliance. Galvanize provides technology innovators and startups with working space, training and access to investors. PwC, also known as PricewaterhouseCoopers, will provide its consulting expertise for free to Galvanize members, who number more than 300.
 
Man Repays $500,000 in Insurance Money With 4 Tons of Quarters [Gawker]
When Roger Herrin learned that a court had ordered him to repay $500,000 he had received in insurance payments for the death of his son, he decided to protest the order in an unusual way: he paid approximately a third of the money back in quarters, which, altogether, weighed nearly four tons. […] The 7,500 pounds of quarters were packed in 50 pound, transparent bags, and transported from the Federal Reserve in St. Louis to the law offices of the attorneys representing the other families on a flatbed truck and in an armored truck. Naturally, the attorneys receiving the quarters weren't pleased.

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