ANR: Deloitte Settles with Bear Stearns Shareholders; The Big 4 Threat to Democracy; Norquist’s Bright Line Test for Tax Cuts | 06.12.12

Deloitte settles Bear Stearns shareholder lawsuit [Reuters]
Deloitte & Touche LLP agreed to pay $19.9 million to settle litigation brought by former Bear Stearns Cos shareholders who claimed they were misled about the investment bank's deteriorating health by its former auditor. The all-cash settlement was disclosed late Monday in the U.S. district court in Manhattan. It was announced five days after JPMorgan Chase & Co (JPM.N), which bought Bear in 2008, agreed to a $275 million settlement to resolve claims against Bear and several one-time Bear executives, including two former chief executives, James Cayne and Alan Schwartz, and a former chairman, Alan "Ace" Greenberg. Both settlements require approval by U.S. District Judge Robert Sweet in Manhattan. The defendants did not admit wrongdoing. Jonathan Gandal, a Deloitte spokesman, said: "We are pleased to resolve this matter to avoid the expense, distraction and uncertainty of continued litigation."

Accounting Big 4 ‘a threat to democracy’ as they help companies avoid tax [Tax Research UK/Richard Murphy]

If you want the one consistent thread that holds tax abuse, tax havens and the companies that dominate the globalised world who seek to avoid their tax obligations  then it’s the Big 4. And the result of their actions is that they endorse tax abuse – and the consequences of that are now apparent as state after state faces deficits with the cost being loaded on the poorest in society.
 
PwC Appoints Roger Mills as Managing Partner of the Portland Office [PwC]
Succeeding Steve Terry who was OMP for 11 years and will now lead Portland's assurance practice.
Norquist Warns GOP Not To Compromise On Bush Tax Cuts [TPM]
“The point is there are going to be votes on continuing everything versus not continuing everything,” [Norquist] said. “It is going to be clear that there are competing visions: One without a tax increase and one with a tax increase. And you either voted to raise taxes, let them lapse, or not to raise taxes — or replace a tax cut that disappeared, or not replace it.”
 
Ford's CFO not interested in being CEO [DFP]
"I have zero interest," [Bob] Shanks said of becoming CEO. "I'm in the job I should be in."
 
Sixty Four Dollar Question – Eleventh Circuit Rules IRS Can Charge Preparers For ID Numbers [Forbes]
FYI.
 
Public Swearing In Middleborough, Mass. Now Subject To Fine [AP]
Residents in Middleborough voted Monday night to make the foul-mouthed pay fines for swearing in public. At a town meeting, residents voted 183-50 to approve a proposal from the police chief to impose a $20 fine on public profanity. Officials insist the proposal was not intended to censor casual or private conversations, but instead to crack down on loud, profanity-laden language used by teens and other young people in the downtown area and public parks. I'm really happy about it," Mimi Duphily, a store owner and former town selectwoman, said after the vote. "I'm sure there's going to be some fallout, but I think what we did was necessary."

 

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