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Accounting News Roundup: Former Yukos Head Found Guilty; There’s Snow News; KPMG Reports on Fake Handbags | 12.27.10

~ Attention GC faithful, please let it be known that we’ll be on an abbreviated publishing schedule this week, with roundups, periodic updates and the occasional ranty rant from Adrienne. We still want to hear from you this week, so if anything worthy of these pages crops up, such as last-minute inventory assignments, holiday party pictures or Andrew Cuomo showing up at 5 Times Square demanding a snowball fight, email us the details.

Khodorkovsky Found Guilty of Oil Theft, Lawyers Say [Bloomberg]
A Moscow judge found Mikhail Khodorkovsky, the jailed former head of Yukos Oil Co., guilty of embezzling crude, adding to a 2005 conviction, in a trial that has raised European concerns about the rule of law in Russia. Khodorkovsky and his former business partner Platon Lebedev, already serving eight-year sentences for fraud and tax evasion, may be sentenced this week or after Jan. 10 when Russia’s New Year holidays end, their lawyers said. The men face six more years in prison, the defense team has said.

Northeast airports, roads shut down by blizzard [MSNBC]
Commuters and long-distance travelers across the Northeast faced snow drifts, stranded and crashed vehicles, as well as hundreds of canceled flights on Monday as a blizzard put a brutal end to the Christmas holiday weekend. New York City was especially hard hit. All three international airports have been closed since Sunday, forcing the cancellation of some 2,000 flights. Stranded travelers got cots and blankets but some said they were not allowed to retrieve their checked luggage and had no extra clothing or toiletries.

Rapper Trick Daddy took ‘Thug Holiday’ from IRS [Tax Watchdog]
“I’m a Thug” probably won’t work as an excuse for owing $157k.

Taking It Back – Santa [The Summa]
A video where Santa saves the accounting world. If you really use your imagination, that is.

AIG Secures New Credit Lines to Replace Fed Funding [WSJ]
American International Group Inc., which is preparing to repay its aid from the U.S. government, said it has obtained $4.3 billion in new credit lines from commercial banks to replace its funding from the Federal Reserve Bank of New York. The government-controlled insurer said it has established $3 billion in new bank credit facilities, split between a 364-day line and a three-year facility, under which banks have agreed to make loans to AIG. In addition, AIG’s property and casualty insurance subsidiary, Chartis Inc., entered into a one-year, $1.3 billion letter of credit facility.

If You Are Buying Fake Goods In London, It’s a Real Ripoff, Says KPMG [Big Four Blog]
Just London?

Posted in ANR