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November 26, 2022

Accounting News Roundup: Satyam Hustles to Get Back on U.S. Exchanges; Honesty Motivates People to Pay Taxes; Grant Thornton Names New Head of Wisconsin Practice | 04.06.11

Satyam Expedites Legal Settlements [WSJ]
The new management at India’s Satyam Computer Services Ltd. wants to overcome all of the legal hurdles facing the fraud-hit company as fast as possible – even if it means shelling out a few bucks – so it can get back on the U.S. exchanges. Late Tuesday, the U.S. Securities and Exchange Commission said Satyam has agreed to pay $10 million to the regulator to settle charges that the software exporter engaged “in a massive accounting fraud.”

Two guilty pleas in NJ in $880 mln Ponzi scheme [Reuters]
Roberto Torres, 76, and his son Alejandro, 39, a former Capitol accountant, each admitted to one count of securities fraud on Monday before U.S. District Judge Susan Wigenton in Newark, New Jersey, U.S. Attorney Paul Fishman said. The pleas follow the guilty plea last Sept. 15 by Nevin Shapiro, Capitol’s chief executive and a Miami Beach, Florida resident, to securities fraud and money laundering counts. Prosecutors said each defendant admitted that more than 50 investors lost between $50 million and $100 million in the scheme, which ran from January 2005 to November 2009 and helped Shapiro repay earlier investors and fund a lavish lifestyle.

Dish Network Wins Auction for Blockbuster [DealBook]
After a bankruptcy auction that extended into the early hours on Wednesday, Dish Network announced that it had emerged as the winner of Blockbuster’s assets, with a bid valued at $320 million. Dish, the satellite television company, is set to pay roughly $228 million in cash, after accounting for certain adjustments. And the deal is expected to be completed in the second quarter.

Would You Let Your Employer Track You? [FINS]
When asked if they would accept a “dream job” if it required GPS tracking via Blackberry, 52% of 545 respondents said “yes” in the FINS.com online question forum Sign or Decline. But when asked if they would accept the job if the tracking was done via a microchip implant, only one in five respondents said yes.

Why People Pay Income Taxes [Economix/NYT]
Mostly because people are honest…yes.

White House Releases New Tax Calculator [Tax Foundation]
Don’t worry, it doesn’t appear Joe Biden had anything to do with it.


IRS: Japan Earthquake-Tsunami Constitute ‘Qualified Disaster’ for Tax Purposes [TaxProf Blog]
If it was anyone other than the IRS, we’d think that this determination took a little longer than necessary.

Grant Thornton names new managing partner for Wisconsin [MJS]
Grant Thornton LLP said Tuesday that Jeff Robinson has been appointed office managing partner for the firm’s Wisconsin practice. Robinson replaces Melissa Koeppel, who will move into a national role, working directly with Grant Thornton’s chief operations officer on strategic projects.

Satyam Expedites Legal Settlements [WSJ]
The new management at India’s Satyam Computer Services Ltd. wants to overcome all of the legal hurdles facing the fraud-hit company as fast as possible – even if it means shelling out a few bucks – so it can get back on the U.S. exchanges. Late Tuesday, the U.S. Securities and Exchange Commission said Satyam has agreed to pay $10 million to the regulator to settle charges that the software exporter engaged “in a massive accounting fraud.”

Two guilty pleas in NJ in $880 mln Ponzi scheme [Reuters]
Roberto Torres, 76, and his son Alejandro, 39, a former Capitol accountant, each admitted to one count of securities fraud on Monday before U.S. District Judge Susan Wigenton in Newark, New Jersey, U.S. Attorney Paul Fishman said. The pleas follow the guilty plea last Sept. 15 by Nevin Shapiro, Capitol’s chief executive and a Miami Beach, Florida resident, to securities fraud and money laundering counts. Prosecutors said each defendant admitted that more than 50 investors lost between $50 million and $100 million in the scheme, which ran from January 2005 to November 2009 and helped Shapiro repay earlier investors and fund a lavish lifestyle.

Dish Network Wins Auction for Blockbuster [DealBook]
After a bankruptcy auction that extended into the early hours on Wednesday, Dish Network announced that it had emerged as the winner of Blockbuster’s assets, with a bid valued at $320 million. Dish, the satellite television company, is set to pay roughly $228 million in cash, after accounting for certain adjustments. And the deal is expected to be completed in the second quarter.

Would You Let Your Employer Track You? [FINS]
When asked if they would accept a “dream job” if it required GPS tracking via Blackberry, 52% of 545 respondents said “yes” in the FINS.com online question forum Sign or Decline. But when asked if they would accept the job if the tracking was done via a microchip implant, only one in five respondents said yes.

Why People Pay Income Taxes [Economix/NYT]
Mostly because people are honest…yes.

White House Releases New Tax Calculator [Tax Foundation]
Don’t worry, it doesn’t appear Joe Biden had anything to do with it.


IRS: Japan Earthquake-Tsunami Constitute ‘Qualified Disaster’ for Tax Purposes [TaxProf Blog]
If it was anyone other than the IRS, we’d think that this determination took a little longer than necessary.

Grant Thornton names new managing partner for Wisconsin [MJS]
Grant Thornton LLP said Tuesday that Jeff Robinson has been appointed office managing partner for the firm’s Wisconsin practice. Robinson replaces Melissa Koeppel, who will move into a national role, working directly with Grant Thornton’s chief operations officer on strategic projects.

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