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September 22, 2023

Accounting News Roundup: A SOX Tattoo Confounds; Cycling Desks; Virtual Firm Lessons | 08.04.14

Banco Espírito Santo to Be Split Up in Rescue by Portugal [DealBook]
That's that: "The troubled lender Banco Espírito Santo will be shut down, and its healthy businesses transferred to a new bank, as part of 4.9 billion euro rescue plan financed primarily by the Portuguese government, European and Portuguese officials said early on Monday. While the Portuguese government will provide most of the money for the rescue in the form of a loan, the heaviest losses will be absorbed by Banco Espírito Santo shareholders and some creditors. The plan will serve as an early test of new European rules intended to make sure that investors, and not just taxpayers, most directly deal with the fallout when banks fail."

Schedule a 15-Minute Break Before You Burn Out [HBR]
Yes, even the most robotic of you need a couple of recharge sessions throughout the day: "If this feels like a dereliction of duty, remind yourself that the human brain was not built for extended focus. Through much of our evolutionary history, heightened concentration was needed in short bursts, not daylong marathons. Our minds evolved to snap to attention when we encountered a predator, keeping us vigilant just long enough to ensure our survival. Yet today, we expect far more from ourselves than centuries of evolution have designed us to do."

A strange tattoo sighting in Detroit. 

The next trend in Big 4 office perks?

9 Things I Learned From Two Years As A Virtual Firm [Thriveal]
Working in your PJs is harder than it looks.

Berkeley psychologist sentenced to jail time for tax evasion [DC]
Hugh Baras, failed to report $1 million in income from his psychotherapy practice from 2005-2009. He also collected more than $80k in disability benefits that he did not qualify for and sold gold and silver coins worth $600k. He failed to report those, too. His lawyer says there's a perfectly good explanation: "San Francisco-based attorney Marc Zilversmit, who is representing Baras, said Baras did not properly report his income on his tax returns because of the medication he took for polymyalgia rheumatica, an inflammatory disorder that causes muscle pain and stiffness. According to Zilversmit, Baras was taking an array of 'potent psychoactive medications' to help him with his condition, including steroids, opiates, marijuana, antidepressants and stimulants. 'These medications had profound effects on his cognitive ability and behavior and judgement,' Zilversmit said."

Accountant who stole £200,000 from luxury shoe firm and spent it on a lavish wedding and a racehorse for her husband jailed for three-and-a-half years [DM]
The wedding included a ring-bearing owl.

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