ANR: Leadership Appointments at E&Y, Deloitte; Marin County’s Suit Takes a Hit; Will Romney Flip on Norquist? | 04.10.12

Posted on by Caleb Newquist

Why Obama's JOBS Act Couldn't Suck Worse [RS]
Says Matt Taibbi: "[T]he big one, to me, is the bit about exempting firms from real independent tests of internal controls for five years. When I first read this, I asked myself: how does a law exempting a Silicon Valley startup from independent accounting actually encourage investment? If American companies have to have their internal processes independently verified before and after they go public, doesn't that give investors all around the world a big reason to put their money here, instead of investing in, say, Mobbed-Up Siberian Aluminum LLC, or Bangalore Sweatshop Inc.? In other words, how does letting www.investonawhim.com go to market (and stay on the market for five years!) without publishing real numbers actually help the industry attract more financing in general, when the whole point of all of these controls is to make investment a less risky experience for the investor?

David Holtze Appointed Ernst & Young’s New Global Tax Leader [E&Y]
If getting hung up on titles is something you do, then Holtze is now officially Vice Chair – Tax at E&Y rather than Global Chief Operating Officer for Tax. 
 
Ernst & Young names new Midwest chief [Crain's]
Rick Fezell is replacing Tony Anderson, who is retiring.
 
Tim Tuerff to Lead Deloitte's Washington National Tax Practice [Deloitte]
Replacing Dean Stumvoll.
 
Marin County loses a round in $30 million computer suit against Deloitte Consulting [MIJ]
U.S. District Court Judge Susan Illston found a number of county arguments had a "plausibility problem" and gutted racketeering allegations as the county lost its bid for treble damages. Judge Illston also tossed out several claims against SAP, noting the software firm advised the county in October 2005 that Deloitte's "blueprint design" could lead to problems and that the county was "at risk of an improperly designed system which could lead to substantial rework … or a re-implementation after go live." The judge, while dumping racketeering, mail and wire fraud assertions, did find the county had an arguable claim of bribery, with Culver repeatedly signing off on work payments shortly after consultants wined and dined him, as well as talking to them about joining their firms. She added the allegation involving SAP's promise of a job for Culver rested on a "thin reed" in light of a letter signed by the county in May 2007 in which Culver disclosed he was seeking a post at the firm. But "the allegations support an inference that Culver and SAP had reached an express or implied agreement to consider Culver for employment if he helped SAP receive additional funds from Marin," Illston ruled.
 
Deloitte & Touche loses Beneficial Mutual as audit client [PBJ, 8-K]
Beneficial Mutual Bancorp said in a regulatory filing that it dismissed Deloitte & Touche as its independent auditor and hired KPMG. Beneficial, the largest bank based in Philadelphia, said its audit committee made the decision last week but the regulatory filing did not give a reason for the change.
 
Norquist confident Romney won’t flip despite pressure over Buffett Rule [The Hill]
Grover Norquist says he is confident Mitt Romney will firmly reject the Democrats’ “Buffett Rule.” Norquist, president of the conservative advocacy group Americans for Tax Reform, dismissed predictions by Senate Democratic leaders that Romney, the presumptive GOP presidential nominee, will pressure Senate Republicans to move to the center on tax policy. Some conservatives have voiced concerns that Romney may run to the center after clinching the GOP nomination, a worry fueled by a Romney strategist’s comparison of the candidate’s campaign platform to an Etch A Sketch.
 
The Man Behind the Commodore 64 [WSJ]
Jack Tramiel was the man behind your first computer (well, mine anyway).
Posted in ANR

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Microsoft to Acquire Skype [WSJ]
Microsoft Corp. agreed to buy Internet phone company Skype Technologies SA for $8.5 billion in cash—the most aggressive move yet by Microsoft to play in the increasingly converged worlds of communication, information and entertainment. “Skype is a phenomenal service that is loved by millions of people around the world,” said Microsoft Chief Executive Steve Ballmer in a statement announcing the deal Tuesday. “Together we will create the future of real-time communications so people can easily stay connected to family, friends, clients and colleagues anywhere in the world.”

Boehner Outlines Demands on Debt Limit Fight [NYT]
Speaker John A. Boehner said Monday that Republicans would insist on trillions of dollars in federal spending cuts in exchange for their support of an increase in the federal debt limit sought by the Obama administration to prevent a government default later this year.

Deloitte Makes Acquisition to Strengthen its End-to-End Analytics Portfolio of Services [Deloitte]
Deloitte today announced it has purchased substantially all of the assets of Oco, Inc., a provider of enterprise-class software as a service (SaaS) business analytics solutions.

Being Expedient: PwC Settles Satyam U.S. Class Action [Re:The Auditors]
Satyscam, we barely knew you.

11 Clues a Client is a Loser and 4 Keys to Finding a Winner [AW]
A stripped down version of risk management.

IFRS Adoption is Dead! (I Think) [The Accounting Onion]
Tom Selling is quite ready to call for time of death, “Way back in November 2008 when Christopher Cox was calling the tune, the SEC issued its proposed ‘Roadmap’ for achieving a ‘single set of globally accepted accounting standards.’ That was the point at which the ‘IFRS adoption is inevitable’ pot banging reached deafening levels. Thankfully, however, it has been mostly downhill from there.”

SEC Cracking Down on Foreign Shell Cos. [CFO]
While the Securities and Exchange Commission has recently stepped up its enforcement efforts against allegedly fraudulent U.S. shell companies in greater China, those efforts aren’t limited to that region, according to James Kroeker, the SEC’s chief accountant.

Madoff Trustee, Fairfield Liquidators Join Forces [WSJ]
The trustee for investors hurt by Bernard Madoff’s fraud reached a settlement with liquidators of the Fairfield Greenwich Group funds, the biggest feeders of money into the Ponzi scheme, in which they resolved claims against each other and agreed to jointly pursue the fund owners, including Connecticut financier Walter Noel.