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When CFOs Become Interim CEOs [CFOJ]
The ascension of CFO Tim Morse to the CEO position at Yahoo is unusual, especially when, as with Morse, the interim tag is applied. In the rare instances when a CFO assumes the interim chief executive position, it’s often because the company doesn’t have a more obvious choice among its operational executives, and wants to nonetheless project a sense of stability.

Blunt E-Mail Raises Issues Over Firing at Yahoo [NYT]
In the upper echelons o executives are forever leaving to pursue urgent opportunities, develop important new ventures or, that old standby, spend more time with their long-neglected families. Hardly anyone ever admits to being sacked. Even in cases where the executive has all but been bodily ejected from his executive suite — Rick Wagoner of prebankruptcy General Motors or Tony Hayward of post-oil-spill BP — the most they say is that they have been asked to step aside.

Taxes in the Age of Terrorism: Echoes [Bloomberg]
Since the Sept. 11 attacks, the U.S. has been waging a different kind of war. It’s been both smaller and longer than previous wars, taking less money to fight and more time to win. It’s also been the nation’s first war to be fought entirely on credit.

Tax Cut Extension May Be Tough Sell [WSJ]
President Barack Obama’s push to extend the payroll tax holiday to spur economic growth may not be an easy sell, in part because some economists and lawmakers question if it’s delivering enough bang for the buck. In his speech to Congress Thursday, Mr. Obama is expected to lay out an economic plan with a price tag of $300 billion or more that includes extending the two-percentage point reduction in Social Security payroll taxes paid by employees and reducing the employers’ share.

Facebook doubles first-half revenue [Reuters]
Facebook’s revenue doubled to $1.6 billion in 2011’s first half, a source with knowledge of its financials told Reuters, underscoring its appeal to advertisers while it grapples with intensifying competition from the likes of Google Inc (GOOG.O). Net income in the first half of 2011 came to almost $500 million, according to the source, who wished to remain anonymous because privately-held Facebook does not disclose its results.

Supercommittee May Kick Off Tax Overhaul as It Focuses on Debt [Bloomberg]
The 12-member supercommittee holds its first meeting today in an effort to find $1.5 trillion in cuts in areas including defense spending and Medicare. On taxes, the group is likely to consider setting targets for major changes to be considered over the next year, before Bush-era income tax cuts are set to expire at the end of 2012.

Obama’s whopper of a claim on tax cuts [Fact Checker/WaPo]
The president’s Labor Day speech in Detroit featured an assertion that contained a number of warning signs that it might be an errant fact: “biggest middle-class tax cut in history.” First of all, anytime a politician claims he or she has done something historic, watch your pockets. That’s usually a dubious claim.

Yahoo Ousts Bartz as CEO [WSJ]
Independent directors did a study of Yahoo’s assets and performance in the past two weeks and concluded the company wasn’t performing as well as it could, said a person familiar with the matter. The review came after nearly a year of board discussions about Yahoo’s flagging performance, and the independent directors ultimately decided a change at the top was the only way to turn things around, according to two people familiar with the matter. One of these people said Yahoo is open to selling itself to the right bidder. The board named Chief Financial Officer Tim Morsehile it searches for a replacement for Ms. Bartz.

BofA Shakes Up Senior Ranks [WSJ]
The bank installed David Darnell and Thomas Montag as co-chief operating officers. It also ousted wealth-management head Sallie Krawcheck and consumer banking head Joe Price, and removed Barbara Desoer, who has been running the bank’s mortgage business, from Mr. Moynihan’s list of direct reports.

Carlyle files for $100m initial public offering [FT]
Carlyle Group has formally fired the starting gun on its plans to go public, with the private equity group filing registration documents for an initial public offering as early as the first half of 2012. The move follows the listing of competitor Apollo Global on the New York Stock Exchange in March, and will test the willingness of investors to back a sector that has a poor stock market record.

Tax Code Has Upside-Down Rewards for Good Behavior [Bloomberg]
If the committee wants to bring about constructive tax reform that is a bit less ambitious, however, here’s an idea: Change the tax breaks that are meant to encourage people to do good things — such as save for retirement, buy real estate, get health insurance or give to charity — into flat-rate credits that aren’t affected by the taxpayer’s income. After all, it makes no sense, in terms of economic efficiency or simple fairness, to have the size of such incentives depend on earnings.

Old Tax Relief Seen as Anchor in Obama Plan [NYT]
The centerpiece of the job creation package that President Obama plans to announce on Thursday — payroll tax relief for workers and perhaps their employers — is neither his first policy choice nor that of many economists. But it is the one that they figure has the best chance of getting Republicans’ support. Mr. Obama has signaled that he will propose to extend for another year a reduction of two percentage points in the 6.2 percent Social Security payroll tax that employees pay, which means about $1,000 more for the average household. And he is considering a proposal to expand the tax relief to employers’ share.

A Banker Explains Why Some Small Businesses Have Trouble Getting Credit [You’re the Boss/NYT]
In case you’ve been wondering.

Ex-Duane Reade CFO Tennant Sentenced to Probation in Securities-Fraud Case [Bloomberg]
“Please don’t send me to jail,” Tennant said today to U.S. District Judge Deborah Batts, who granted his request at a hearing in federal court in Manhattan. Tennant told Batts he had cooperated in the investigation and suffered from the “long, painful, humbling experience” of the prosecution.

Deloitte Names Elizabeth Krentzman Asset Management Services U.S. Mutual Fund Leader [Deloitte]
This newly-created position is another strategic step in the three-year expansion of Deloitte’s asset management services practice led by asset management services leader Cary Stier.