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ANR: Deloitte Responds to Role in Standard Chartered Allegations; McGladrey Goes West; Financial Fraud Is Getting So Easy | 08.07.12

Deloitte's role cited in Standard Chartered Iran deceit [Reuters, Earlier]
The response: "Deloitte Financial Advisory Services performed its role as independent consultant properly and had no knowledge of any alleged misconduct by bank employees. Allegations otherwise are unsupported by the facts."

Party’s Over for Entertaining on Corporate Jets, Says IRS [ABC News]
Scott O’Brien, senior manager of finance and tax policy of the National Business Aviation Association, said the American Jobs Creation Act of 2004 introduced the rule but it wasn’t finalized until last week. The IRS defines non-business use of aircraft as entertainment use, and though the rules are complicated, that can include transporting guests on an aircraft that is actually being used for business purposes. “They can have you unfairly skew disallowance in the way they have you calculate this,” O’Brien said. “If you have one entertainment-use flight with a lot of individuals, the way they look at it  is the proportion of business to entertainment flights,” he said. That would be a large disallowed deduction, “so the way the IRS set this all up is really unfair.”

McGladrey CEO Joe Adams Plans Western Expansion [AT]
“I think one of the core competencies that we were able to build in the last 10 years is assimilation and integration,” he said. “So we do see that as something we would continue to do. Right now, we took on bank debt with the acquisition. We made our first payment. The banks are thrilled. I was talking to one of our bankers the other day and he said, ‘You know, we love you guys.’ It’s rare that after a leveraged buyout, or whatever you want to call what we did, the first payment was not only on time, but it was the full amount that was originally expected. They’re very willing partners if we were to going to see something.”

Mitt Romney's lower taxes extend beyond IRS to California property tax bills [DMWT]

Why Financial Crimes Are Getting Easier [WCF]
Brought to you by none other than Sam Antar.

Does Fanning Help on a Hot Day? [WSJ]
The Journal investigates.

Report: Teacher's assistant claims she wouldn't stop for cop because she was topless [WFTV]
A 35-year-old teacher's assistant said she did not stop when a Marion County deputy tried to pull her over for speeding because she was topless, according to an arrest report. Deputies said Mandy Ramsey was speeding on Highway 315 when he attempted to pull her over, but she continued driving the Ford F‐250 pickup truck and tried to outrun the deputy. According to the report, the truck was later found at a home on 227th Place, where the owner of the vehicle said he had not driven it in more than two hours.  It was later determined that the owner's girlfriend had been driving the truck and told officers she did not stop because she was topless, deputies said.

Posted in ANR