Please ensure Javascript is enabled for purposes of website accessibility
December 5, 2022

Accounting News Roundup: Tyco CFO Feels Entitled; Tax Cheat Trolls; Munch’s Tax Rants | 05.08.12

Yahoo Employees Are 'LIVID' Over Thompson's Resume Scandal [BI]
Exhibit A: "This douchebag comes in, brings with him his useless cronies from PayPal (btw, *not* a single good word about his tenure at PayPal from anyone who touched him there), sets up shop with Boston Consulting Group, lays off 2,000 people, but worst of all, gets rid of all QA and Product Mgmt people — doesn't lay them off, but puts them on various transition plans, ranging from 3 to 12 mos.  Why? Because he's a cheap scumbag, and if they bolt before their transition is over, they lose all severance.   Now, it turns out he's a lying motherf***er???  I say build a guillotine in the courtyard of Blgds A and D and chop his head off."  

Inquiry Ordered of SEC Watchdog [WSJ]

The Securities and Exchange Commission has ordered an independent inquiry into allegations of sexual misconduct by current and former staff working for its office of the inspector general, according to a person familiar with the matter. The complaint includes allegations that the misconduct compromised certain investigations of the SEC, according to the person familiar with the situation. John Nester, an SEC spokesman, said that "an individual has raised allegations of misconduct by former and current employees in the Office of Inspector General." The matter was "promptly referred" to the Council of Inspectors General on Integrity and Efficiency, which deals with noncriminal complaints against agency watchdogs, Mr. Nester added in a statement.
 
Science Reveals Why We Brag So Much [WSJ]
About 40% of everyday speech is devoted to telling others about what we feel or think. Now, through five brain imaging and behavioral experiments, Harvard University neuroscientists have uncovered the reason: It feels so rewarding, at the level of brain cells and synapses, that we can't help sharing our thoughts. "Self-disclosure is extra rewarding," said Harvard neuroscientist Diana Tamir, who conducted the experiments with Harvard colleague Jason Mitchell. Their findings were published in the Proceedings of the National Academy of Sciences. "People were even willing to forgo money in order to talk about themselves," Ms. Tamir said.
 
Convicted former CFO seeks $60 million from Tyco [Reuters]
Former Tyco International Chief Financial Officer Mark Swartz, who is serving a prison sentence for looting the company, has sued for $60 million in retirement and other money he says he is owed. The lawsuit, which was made public on Monday, accuses Tyco of breach of contract and unjust enrichment for not paying him some $48 million from an executive retirement agreement, $9 million in reimbursement for New York taxes, and other money. "We know of no basis on which Swartz could recover from the company," Tyco spokesman Paul Fitzhenry said in an email, although the company had not yet been served with the complaint.

Tax Cheats Troll Public List for Dead Kids’ Identities [Bloomberg]
Benny Watters, 5, died of a brain tumor in September 2010. Ten months later, when his parents sought to file their taxes and claim him as a dependent, they found that an identity thief already had done so, using government data about Benny’s death on a fraudulent return. “It was almost like somebody had stolen him from us,” said his mother, Lisa Watters of Lake Forest, Illinois, who described in an interview how she quickly found the data needed to co-opt her dead son’s identity on the Internet. “It’s just so easy, and I don’t know what purpose it serves.”

 
Don't Gag on Zagg [GOA]
The Grumpies appear to have hit a nerve with this one.
 
On Becoming a Big 4 Audit Partner [FraudFiles]
And yet another opinion.
 
Was ‘The Scream’ Inspired by Munch’s Tax Return? [WSJ]
No. But it doesn't sound like he cared much for taxes.

 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]