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January 27, 2023

Accounting News Roundup: Poker, Embarrassments at Work, and The Beatles’ Accountant | 07.24.17

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What are you doing with your accounting degree?

Although it’s been said that “Poker’s an honest trade” I don’t recommend that most of you try to capitalize on your accounting education this way:

A New Jersey man with a degree in accounting is this year’s World Series of Poker champion.

Scott Blumstein won the series’ marquee no-limit Texas Hold ’em main event early Sunday in Las Vegas surrounded by dozens of supporters including relatives and college friends. He is now more than $8.1 million richer after eliminating Pennsylvania’s Daniel Ott on the 246th hand of the final table, more than 60 hands with just the two of them with bricks of bills and a gold bracelet separating them.

“I’m really happy about how I played tonight,” said Blumstein, who’s 25. “… This is just one poker tournament. It takes variance and luck and playing your best, and all those things came together, and I’m happy to be the winner.”

Embarrassing work moments

Everyone is bound to do something embarrassing at work at one time or another, but at the very least, try to avoid making this mistake:

Corey Wrenn was manning the door at the Joslyn Art Museum auditorium for Berkshire Hathaway’s 1985 shareholders meeting when a fellow started to walk in without a ticket.

“Excuse me!” Wrenn said. “You need a ticket.”

The man stopped, and Wrenn realized it was Warren Buffett, Berkshire’s chairman and chief executive. Wrenn apologized, and Buffett went in.

Wrenn was an accountant, of course. But like most embarrassments people suffer, he survived his.

Celebrity clients

One thing we talk about now and again is the plight of having celebrity clients. Accountants who serve actors, musicians, athletes and the like usually have the thankless job of tracking everything from grocery shopping to failed home renovations to lavish hobbies. But if you’re good at managing massive egos and lots of money flying around, you’ll be justly rewarded. Likewise, if you’re a bit shady, your services may inspire your client to make a revenge video about you.

Anyway, here’s an interview with the Beatles’ accountant, Harry Pinkser, who worked with the band from 1961-1970. If you’re an accountant and an obsessive Beatles fan, I suppose it’s required reading. And like every good accountant/celebrity client story, there’s a fantastic confrontation:

In November 1968, Lennon released on Apple his first solo album Two Virgins, whose cover featured a nude photograph of him and Yoko Ono. “Our solicitors said if John didn’t withdraw the album, Apple would be sued for indecency, and as a director I would be liable.

“I phoned John and asked him to withdraw the record. He said no, with some colourful language, so I resigned. I continued to do some work on their other companies but within a few months The Beatles had broken up.”

Later, Paul said “Harry was the only one who really knew what went on,” so I suppose that made it all worth it.

Previously, on Going Concern…

Another Florida Accountant adventure. In Open Items, someone is asking about part-time vs. full-time vs. flex-time.

In other news:

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