Private Equity Capitalizes on Chinese Firms’ Depressed Shares [DealBook]
Don't let the headline fool you. This article features a nightmare deal for Ambow Education Holding and how it blew up on Baring Private Equity Asia. PwC and KPMG are in supporting roles.
Congress Hurdle to U.S. Code Rewrite Seen as Few Know How [Bloomberg]
As lawmakers rewrite the 4,000-page U.S. Internal Revenue Code, the complexities of Congress — not just the tax code — may present some of the biggest hurdles. Lobbyists and lawmakers working on tax legislation point to a relative lack of experience among officials and their staffs — particularly among House Republicans — in drafting, debating, and voting on major pieces of tax legislation.
It's Time to Stop Talking About Tax Reform [Joe Thorndike/Tax Analysts]
JT: "[A] much larger and more important battle is raging in Washington over the meaning of tax reform. For most Democrats, reform means raising new money from the tax system, preferably from the rich. For most Republicans, reform means tax reduction of one sort or another. This debate over tax reform, meanwhile, is just part an even bigger, almost epic battle over the size and shape of government. The stakes of that battle are so high as to render tax reform little more than an afterthought."
How Likely Is Carried Interest Reform? [HP]
Closer than you think says, Jeremy Scott.
Accountants as anarchists [Economia]
This is quite the pep talk from Brett Scott: "It is accountants' duty to stand up to power, rather than facilitate it, and thereby to help maintain diversity and resilience in self-organising systems."
Wal-Mart Board Seen at Risk of Losing Independent Voices [Bloomberg]
How about a little governance for you this morning?
What To Do When a Coworker Cries at the Office [Lifehacker]
This will come in handy at some point, I assure you.