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Accounting News Roundup: The Top CFOs; Sarbanes, Oxley Reflect on Sarbanes-Oxley; Financial Fraud Punishment, Iranian Style | 07.31.12

Best CFOs 2012 [WSJ]
A Top 25 that is probably way more accurate than any pre-season college football poll.

Not Just Bean Counters [WSJ]
Features on the Top 5, including numero uno, Mark Loughridge of IBM.

For CFOs, A Move Past Finance [WSJ]
"If you ask someone what a superstar CFO is today, one of the things they'll say is impeccable integrity and role model for the rest of the company. I think that's a change," says Bruce Nolop, former CFO of Pitney Bowes and E-Trade Financial and a current board member at Marsh & McLennan. "When Sarbanes-Oxley came out," he adds, "I started mentioning again that I'm an Eagle Scout. I said it jokingly, but it had some resonance."

Lawmakers reflect on Sarbanes-Oxley’s effect on corporate culture [JofA]

Sarbanes called the JOBS Act exemptions “a scandal waiting to happen” because of the number and size of emerging growth companies that could be exempt for five years from the SOX 404(b) internal control provisions. Oxley appeared to agree: “They are going to have a scandal, and then the investors are going to complain that the regulators screwed it up, or it’s Sarbanes-Oxley’s fault, or something else,” Oxley said. “… It will be interesting to see the revisionist history after that happens.”

4 in Iran get death sentence for fraud [AP]
An Iranian court has sentenced four people to death and given two more life sentences on charges linked to a $2.6 billion bank fraud described as the biggest financial scam in the country's history, an official said Monday. […] The main defendant, referred to by the nickname "Amir Mansour Aria," was among those charged with a potential capital offense. In February, state TV said he was accused of being "corrupt on earth," an Iranian legal term that means that the defendant is an enemy of God, and which in practice is a catch-all term for a variety of offenses. The charge carries the death penalty.

Young Buck Purchases His Own Possessions At Auction, Announces New Mixtape [The Versed]
Young Buck took to Twitter to post images of two items which he claims he repurchased during the auction including a fur coat and his 615 Cashville diamond and ruby studded chain. “Bitch I bought back the #Highest thing they Auctioned Off!! I didnt have room for all the #Old shit. Lol!! I’m Tooo #BrandNew,” wrote Buck.

La Crosse man banned from post office as part of threat sentence [LCT, Earlier]
Paul Weber, 49, was found guilty on July 10 after he entered an insanity plea. He walked into the La Crosse post office Aug. 31, 2011, and demanded to speak to an Internal Revenue Service agent or he would “blow this place up.” La Crosse County Circuit Judge Todd Bjerke listed more than a dozen restrictions in connection with the conditional release, which is similar to probation. They include being banned from any contact with the IRS and several individuals, as well as being prohibited from entering the post office or U.S. Rep. Ron Kind’s office.
Fireworks in buttocks trick lands man in hospital [NZH]

The 23-year-old man was at a party in the Darwin suburb of Rapid Creek on Saturday night when he decided to let the cracker off, NT Police said. "It appears a party was in full progress when a young male decided to place a firework between the cheeks of his bottom and light it," said Senior Sergeant Garry Smith. "What must of seemed to be a great idea at the time has backfired, resulting in the male receiving quite severe and very painful burns to his cheeks, back and private bits," Snr Sgt Smith said. Alcohol was a possible factor involved in the stunt, police said.


Posted in ANR