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
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
Rick Fezell is replacing Tony Anderson, who is retiring.
Tim Tuerff to Lead Deloitte's Washington National Tax Practice
Replacing Dean Stumvoll.
Marin County loses a round in $30 million computer suit against Deloitte Consulting
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
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
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
Jack Tramiel was the man behind your first computer (well, mine anyway).