Author: GoingConcern

Job of the Day: Morgan Stanley Needs a Merchant Banking Accounting VP

Morgan Stanley is looking for someone to join their Merchant Banking Accounting and Control Group to handle day-to-day operations and managing the processing and the financial reporting of several products including real estate, private equity and infrastructure.

The position requires three to five years experience. Get more details on this position in New York after the jump.


Company: Morgan Stanley

Title: Merchant Banking Accounting VP

Location: New York, NY

Description: This position within the Merchant Banking Accounting and Control Group includes responsibilities of handling the day-to-day operations and managing the process and deliverables involved in consolidated accounting and reporting of the various Merchant Banking products (Real Estate, Private Equity, Infrastructure, and other private placements) as related to Morgan Stanley’s interest, both as a General Partner and Limited Partner, in each of the underlying funds.

Responsibilities: Ongoing support to and liaison with the Business Unit/Senior Management/Corporate / External Reporting/Segment Group/Fund Controllers/Various Other Internal Divisions: Responsible for monthly close process (Firm’s books); Involvement in new product developments and meetings; Involvement in accounting policy development and implementation; Other areas of exposure include Maintaining the general ledger and Marking to market the Morgan Stanley LP and GP interests in various Merchant Banking funds, Various Disclosures Requirements (FIN 45, FN 46R, FAS 157, FAS 157 g, FAS 159, FAS 160, FAS 161, etc.), SOX /404 documentation, Balance Sheet Review & Reporting, Legal Entity Reporting, Process Control, Transfer Pricing, PBT Analysis, Expense Analysis & Billing, Due Diligence, Senior Management Reporting, Cost of Capital, and others

Qualifications: 3-5 years experience; Bachelors Degree in Accounting or Finance; Strong Accounting Skills

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

How Huge Companies Are Dragging Down Our Economy

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

There are three pieces in the blogosphere today that touch on the fundamental problem with our economic system and why it will remain in a ditch, or just lurch onward to the next crisis, if it isn’t addressed.

And that is monopoly. I’ll leave aside the politics of that, which is addressed well enough by Thomas Franks over at the Wall Street Journal. In a nutshell, he warns of a return to feudalism, which I’ve done as well before.

What struck me as new was this analysis, which made me realize that the macroeconomic problem with monopolies is that they discourage hiring and capital investment.


After all, if you have a market locked up, your profits are so high that it makes no sense to take any risk on new investment. You just keep doing what you’re doing with the resources you have, hoping to maintain your barrier to entry. Oh sure, you expand, but only by acquiring competitors so as to keep your monopoly intact and your margins high.

Capital investment? Hiring? Forget about it. There’s no need. In fact, you want to reduce those things. That’s called synergy.

So where does expansion in GDP come from in that case? It derives more and more from speculation about where your stock price will go. Multiply that to the nth degree, a process known as financialization that’s been taking place for decades, and everything ultimately becomes geared to asset prices, with the bubbles and busts that inevitably ensue.

Yes, this description is woefully simplistic and won’t pass muster in a traditional macroeconomics course. There’s also plenty of room for argument as to what degree monopolies currently dominate the economy.

But it seems to me that this is the sort of analysis that’s required to restore the economy’s health. How else, after all, can one explain the paltry amount of hiring and capital investment we’ve seen since the late 1990s?

The point of such a discussion, of course, would be to come up with a solution to the problem. As cogent but unfashionable as its description of the problem may be, the Marxist view expressed in the Monthly Review article cited above is that it cannot be solved because of the irreconcilable contradiction at the heart of capitalism, and that political instability of the highest order is thus inevitable. Sorry, but no thanks.

The alternative: Vigorous antitrust enforcement, which, as Simon Johnson of MIT points out, is what the progressive Republicans pursued a century ago when financial trusts threatened to put a stranglehold on the entire system.

Indeed, breaking up monopolies, in banking and elsewhere, strikes me as the only viable means of growing the economy without creating a more dangerous asset bubble in short order.

Yes, you could conceivably do it instead through better regulation, and I’m all for that, but the back and forth we’ve seen in Washington over financial reform shows that better regulation is impossible until the economic power of the banks, and the political influence that goes with it, is sharply curtailed. The Federal Reserve and other bank regulators had all the authority they needed to keep banks in check, but failed to do so. Why? It wasn’t because they were dumb.

Job of the Day: Thomson Reuters Needs a Finance Manager

Thomson Reuters needs a highly motivated and proactive with a strong bias toward action for a Finance Manager position. Responsibilities include contribute to the Company’s Operating Committee review and the quarterly financial reviews for presentation to senior management.

The position requires a minimum of seven years experience and a CPA and/or MBA.

Get more details on this position in New York after the jump.


Company: Thomson Reuters

Title: Finance Manager

Location: New York, NY

Description: The Finance Manager role will provide decision support at the TRM level helping to ensure that the business has full visibility into its financial performance so that it is able to achieve both its short term revenue and OI targets as well as the longer term strategic growth. The regular output will be to contribute to the Operating Committee review and the Qtly Financial reviews these reviews will then drive the ad hoc analysis required by senior management.

Responsibilities: Preparation of the Operating Committee review/Qtly finance review; both data preparation (requires financial systems & excel proficiency) and comprehension & analysis to explain underlying variances, trends and themes for presentation to management; other ad hoc analysis (e.g. deep dive into revenue by type/region driven by the financial results or competitive market factors); develop analyses to help understand key business drivers (e.g.profitability/resource allocation & the presentation of findings via Powerpoint); identification of financial process improvement initiatives; liaison with key members of the finance organization – SBU /functional areas & FPA/Controllership function for data validation

Qualifications: Undergraduate degree in finance, or accounting is preferred and CPA and/or MBA is a plus; proficiency in Excel and Powerpoint; experience of complex issues and able to exercise judgment in evaluating criteria and making decisions; prior management experience desirable; minimum 7 years commercial experience; working knowledge of the Financial Services & Information Solutions industry

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: Duff & Phelps Needs a Staff Accountant

Duff & Phelps is looking for a staff accountant that has at least three years experience and is a CPA or a CPA candidate with Sarbanes-Oxley experience preferred.

Get more details on this position in Morristown, NJ after the jump.


Recruiter: Duff & Phelps

Title: Staff Accountant

Location: Morristown, NJ

Description: This Staff Accountant position reports directly to the Assistant Controller in the Accounting / Finance Organization in Morristown, New Jersey.

Responsibilities: Process data using various computer applications; prepare balance sheet account reconciliations; prepare journal entries; assist with various information requests from management; assist with the preparation of analytic packages

Qualifications: BS in Accounting; minimum three years of experience in finance or accounting role; CPA certification or currently in pursuit of the CPA certification; knowledge of Lawson Financials applications; knowledge of Business Objects; knowledge of Sarbanes-Oxley.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

AIG Keeps the Populist Wrath at Bay with Latest Deal

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

I’ve previously railed against American International Group for dragging its feet in repaying the $180 billion it owes to the U.S. government, so I need to tip my cap to it for the $35.5 billion deal it struck with Prudential for its Asian insurance division.

And unlike some previous deals, AIG will use a major chunk of cash from the sale of the unit — $25 billion — to pay down a credit line it has with the Federal Reserve. (The insurer will take the remaining $10.5 billion in Prudential securities.)


It’s a move the company had to make, really, especially as it continues to lobby against the pay caps the government has imposed.

“This diminishes the wrath directed at AIG from Americans angry at the bailout,” Clark Troy, a senior analyst with research firm Aite Group, told Bloomberg.

The anger directed at financial institutions is a big deal. Just ask Goldman Sachs, which listed “negative publicity” in the risk section of its recently filed 10-K.

So while AIG had previously done a number of relatively minor deals — at least minor compared to its indebtedness to the U.S. taxpayer — the insurer finally made a major act of good faith. Indeed, the unit was considered its crown jewel and Thomson Reuters data showed it was the largest insurance M&A deal ever.

But here’s hoping the company doesn’t take what little good will it will gain from the deal for granted. There’s still the matter of more than $100 billion left.

Job of the Day: Dell Needs an Audit Consultant

The description, qualifications and desired experience all sound familiar for an internal audit position but we’ll refrain from coming right out and calling it that.

Dell needs someone for this position that has at least four years of audit experience with CPA, CMA, CIA and APICS all highly desirable.

Get more details on this position in Austin, TX after the jump.


Recruiter: Dell

Title: Audit Consultant

Location: Austin, TX

Minimum experience: 4 years

Description: The consultant candidate will responsible for executing audit scopes formulated to evaluate the effectiveness, efficiency and sustainability of activities/economic drivers that create enterprise market value. Specifically the consultant will test whether an Risk Management framework exists and is functioning effectively for each selected auditable entity.

Responsibilities: Audit against a set of defined control objectives; meet project schedules; interview appropriate personnel and document results; perform appropriate testing; understand root causes, risks and opportunities of individual areas; synthesize ideas within the project team; write portions of published reports; track the status of action items; perform evaluations relative to management assertions based on accounting information arising from business activities; utilize independent judgment and initiative in the recognition and resolution of problems and discrepancies; provide guidance to the Business on matters pertaining to internal controls and process improvements; carry out ad-hoc investigations

Qualifications: A bachelor’s degree is required, MBA is a plus; four+ years of finance experience with a combination of the following would be preferred: Project management; Business controls; Audit experience
CPA, CMA, CIA and APICS certifications are all desirable; Language skills are a plus

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Job of the Day: Morgan Stanley Needs an Internal Audit Senior Manager

Morgan Stanley needs a Internal Audit Senior Manager to join its Institutional Securities Group. This person will assist the Institutional Securities audit team in completing its annual audit plan, communicating to senior management and the Audit Committee those areas requiring control enhancements and improvements.

The position requires a minimum of seven years experience with a CPA license or equivalent strongly preferred.

Get more details on this position in New York, after the jump.


Recruiter: Morgan Stanley

Title: Internal Audit Senior Manager – Institutional Securities Group

Location: New York, NY

Minimum experience: 7 years

Description: The person in the role will assist the Internal Audit department’s Institutional Securities audit team in completing its annual audit plan, communicating to senior management and the Board Audit Committee those areas requiring control enhancements and providing recommendations for improvements.

Responsibilities: Preparing audit planning memorandum including identifying and evaluating key risks, setting audit scope, determining budgets and staff assignments; possessing considerable experience performing walkthroughs, assessing the internal control environment and performing controls and substantive testing; being able to supervise and mentor junior staff, and review work papers to ensure they meet internal standards; being able to manage audits to meet budgets and the time frame for completing audits; being able to properly assess potential findings for significance; drafting audit reports including writing clear and concise findings and recommendations; following up actions quarterly with clients through to completion.

Qualifications: 4 year college degree required, CPA or international equivalent strongly preferred; seven to ten years experience in financial services with a preference for those with at least five years auditing financial services; strong knowledge of financial instruments including derivatives (e.g. good understanding of option valuation, able to discuss trading strategies with the front office).

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Accounting News Roundup: Rangel Chastised by Ethics Panel; Settlement Reached for Ex-Deloitte Exec on Insider Trading Charges; Madoff Auditor Sentencing Delayed | 02.26.10

• Panel Admonishes Rangel for Taking Trips as Gifts [NYT]
Charlie Rangel had a Congressional ethics committee rule that he “violated gift rules” when he accepted corporate-sponsored trips to the Caribbean. While that is certainly bad news for Rangs, the committee is far from finished with its investigation as they continue their inquiries about Chuck’s “fund-raising, his failure to pay federal taxes on rental income from a Dominican villa, and his use of four rent-stabilized apartments provided by a Manhattan real estate developer.”


Following typical political grandstanding protocol, Republicans are calling for CR to step down from his post as the Chairman of the House Ways & Means Comittee:

“In this time of great economic uncertainty, struggling middle-class Americans deserve better than to have a tax cheat chairing a powerful Congressional committee that directly impacts the financial livelihoods of millions of hard-working people,” said Ken Spain, the communications director of the National Republican Congressional Committee.

• Ex-Deloitte Exec Settles Insider Trading Charges [Web CPA]
John A. Foley, who “settle[d] the SEC’s charges without admitting or denying the allegations”, was trading on inside information on a number of Deloitte clients including rubber shoe factory Crocs, along with YRC Worldwide, Inc., Spectralink Corporation and SigmaTel, Inc.

The trades yielded Foely and his fellow cheaters just over $200k which would buy a helluva lot of ugly shoes.

• Madoff’s New City accountant’s sentencing put off until September [LoHud]
David Friehling, the worst auditor ever, was scheduled to be sentenced today for his little part in the Madoff Ponzi scheme has been delayed until September. Friehling’s continued cooperation was the reason for the delay in sentencing. Although he faces over 100 years in prison, Judge Alvin Hellerstein told DF that his cooperation will be noted when final sentencing is determined. Presumably, that will knock it down to well under a century of doing time.

Job of the Day: Ready to Be the Director of Finance?

After graciously making room for our advertisers yesterday, the Job of the Day returns with a Director of Finance position in New York City through MJ Boyd Consulting.

The position requires someone with a minimum of ten years experience and responsibilities include GAAP and Sarbanes-Oxley compliance, along with overseeing the financial reporting process.

Get more details on this position after the jump.


Recruiter: MJ Boyd Consulting

Title: Director of Finance

Location: New York, NY

Description: Ensuring financial statements are in accordance with GAAP, reporting company performance, and identifying opportunities, risks, and cost cutting initiatives.

Responsibilities: Prepare annual budget, monthly forecast, and other financial reports as needed; define and analyze key areas of the business, including product profitability and student retention; provide financial advice and guidance to senior management; contribute to strategic planning and development as member of management team; ensure compliance with GAAP; ensure compliance with Sarbanes-Oxley; support monthly financial close; balance sheet and P/L analysis, reconciliation; enhance financial analysis and reporting; interact with Corporate Accounting; develop cost reduction and cost management initiatives.

Qualifications: Bachelor’s degree in Accounting or Finance required; CPA qualified, Masters preferred; Strong understanding of GAAP and its application to business issues; 10+ years progressive accounting/finance experience, including strong operating unit experience; exceptional analytical and financial analysis skills; strong computer aptitude and proficiency, including expert Excel skills; reporting functions will require ability to quickly obtain Oracle General Ledger mastery, as well as proficiency querying a number of Oracle and proprietary databases using SQL.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

The Latest CFO Headache: The United Nations

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

CFOs face scrutiny from a wide range of sources: financial analysts, regulators, lawyers and accountants. A new body can now be added to this list, a body which is likely to cause some consternation. The U.N. last week formally castigated 86 global companies for failing to live up to the reporting requirements they agreed to when the companies became signatories of the UN Global Compact.


The scolding was undertaken by a coalition of global investors that are signatories to the U.N.’s Principles for Responsible Investment (PRI), an organization created in 2006 that uses investors to try and force companies to adhere to a global set of corporate and social obligations. That coalition of investors manages assets of over $20 trillion, so they carry some weight.

The companies involved in the exercise include some well known names such as Visteon and Lionbridge Technologies from the U.S., Spice PLC from the U.K. and Orascom Construction Industries from Egypt. Specifically the report says the companies involved had not submitted a mandatory report on how they put the U.N. PRI initiative into action.

The report also praises companies that underwent a similar rebuke in 2009 but then submitted their reports. These companies included Bayer from Germany, Nikon from Japan and Inditex from Spain.

What the U.N. expects — and what many CFOs will find hard to achieve — is that companies need to play a large role in solving global issues such as climate change and poverty. As Gavin Power, Director of the U.N. Global Compact says: “The most critical challenges of our time…require a collective response involving investors, the corporate sector and all societal actors.” From that reading it seems that companies now have to bring about world peace and end hunger on top of delivering quarterly earnings. Many CFOs will think that is perhaps a responsibility too far.