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Preliminary Analytics | 12.30.09

Denver_fed ring toss.jpgKansas City Fed’s Denver Branch Gives Us a Peek into the Fed’s Secret Decision-Making Process – This should explain some things. [JDA]
Are lawsuits against CPA’s poised to spike? – “After a year of record-setting investor losses, a leading securities attorney warned that accounting firms will face a rising tide of enforcement actions and litigation in 2010, and should take steps to ensure their client relationship practices reflect recent court decisions.” [CPA Trendlines]
Jean Stephens, CEO RSM International – The make up sex between RSM and M&P gets a little attention but alas, no mention of NG. [Web CPA]
GMAC Set for Another Cash Infusion – According to those familiar with the sitch, GMAC is looking to get an additional $3.5 billion on top of the $12.5 bil that’s already been thrown at them. [WSJ]
FDIC Moves to Seize Slice of Bank-Stock Rallies – “Starting next year, the Federal Deposit Insurance Corp. will ask bidders for some seized banks to offer the agency a chance to profit if the deal is well-received by the buyer’s shareholders.” If banks are going to keep failing, why not get in on this action? [WSJ]
More ammo for the bazooka – Will the crack fiend aka the housing market score again? [Rolfe Winkler/Reuters]
Dutch To Use Full-Body Scanners For U.S. Flights – This is one of those hindsight situations. [AP]

Preliminary Analytics | 12.29.09

Thumbnail image for PettersSmile.jpgAP: Ponzi collapses nearly quadrupled in ’09 – Thimble-dick Bernie, Allen Stanford, Tom “Cocker Spaniel” Petters, all did their part. [via HuffPo]
The First Annual Jr Deputy Accountant Year in Review Awards (or some h*t) – Somehow we ended up on this list and somehow JDA managed to make it a backhanded compliment (we think). [JDA]
Koss financial records will get more scrutiny in 2010 – With comments from Tracy Coenen at Fraud Files. [Milwaukee Journal Sentinel]
The Man Who Wired Silicon Valley – How Raj got the world by the short and curlies. [WSJ]
GM Plans Pontiac Fire Sale – “GM sent letters to dealers Dec. 23 saying it would pay them $7,000 for every new Saturn or Pontiac on their lot that is moved to rental-vehicle or service-vehicle fleets operated by the dealers.” So yes, they’ll seem extra pushy. [WSJ]
The Big Zero – As in the decade we’re finishing up. Prof. Krugman also quotes Diet Coke fiend Larry Summers stating that GAAP was the most important innovation in history and that it allows investors to make good decisions. According to PK, also a big zero. [Paul Krugman/NYT]
Spurious academic study of the day, Tiger Woods edition – Ball-parking investors’ losses due to TW’s cheating ways is not so easy, nay, ridiculous. [Felix Salmon/Reuters]

Preliminary Analytics | 12.28.09

Thumbnail image for patsy_byrne.jpgA Modest List of Financial Analysis ‘Red Flags’ – “Patrick Byrne is the CEO” isn’t one of them but Overstock.com does get mentioned. [The Accounting Onion]
Tax Vox’s Lump of Coal Award: The Worst Tax Ideas of 2009 – California gets its very own spot at #4. [Tax Vox]
War on Wall Street as Congress Sees Returning to Glass-Steagall – Bank break up courtesy of Maverick? [Bloomberg]
How the VP of Finance at Koss steals millions – “For the year ended 6/30/09, Koss had sales of $38.2 million and profits of $2 million. For the year ended 6/30/08, Koss had sales of $50 million and profits of $4.5 million. If Sachdeva stole $20 million over the last four years, that’s $5 million per year…. and far exceeds the profits for the last couple of years. How did no one notice?” [The Fraud Files Blog]
New security restrictions could hurt airlines – As if they needed help. [Reuters]
Black Eyed Peas Didn’t File Tax Returns for Years – Due to ‘an inadvertent oversight’. [Web CPA]
Gee, Who WASN’T Bribed? – This involves one large process of elimination. [The Market Ticker]
We understand that the first day back after the Christmas break could be one of the worst on the entire year. Especially if you’re one of the few actually working. We’ll check in with you unfortunate souls later today.

Preliminary Analytics | 12.24.09

Thumbnail image for HolidayParty.jpgBear Stearns Staff Parties On as Surviving Banks Scrap Soirees – That’s the spirit! You can still party even though you didn’t get bonuses! [Bloomberg]
Senate Passes Sweeping Health-Care Bill – Santa? [WSJ]
Grant Thornton LLP elects one new member to partnership board [Press Release]
Dimon, Blankfein, Mack Among First to Testify at Crisis Panel – Set your DVRs now! [Bloomberg]
The Impact of the Tiger Woods Scandal on His Charities [TaxProf Blog]
Buffett’s back – A non-Tiger Woods story from the Post. [NYP]
The Newlywed Game, Year-end Tax Planning Edition! – “Love is a many-splendored thing, but love is even better when it saves taxes. Your marital status at year-end is your filing status for the entire year, so maybe you want to run down to the courthouse and tie the knot before the ball drops before midnight January 1, local time. Sure, call me a hopeless romantic. The Tax Update just rolls that way.” [Tax Update Blog]
Disliking Your In-Laws – Annnnnd this is where the tax planning will get you. [Motherlode/NYT]

Preliminary Analytics | 12.23.09

Thumbnail image for Thumbnail image for allen_stanford_1110321c.jpgStanford again seeks bail – Dude is crackin’ [Houston Chronicle]
Blackberry users faced e-mail outage Tuesday evening, less than a week after previous outage – Speaking of crackin’. [CT]
Citi Denies Theft Report, Says Accounts Are Safe – Apparently the Journal is in the business of publishing fake news as Citi continues to maintain that there’s “Nothing to see here.” [WSJ]
AIG executives’ promises to return bonuses have gone largely unfulfilled – All the populist rage was totally worth it. [Washington Post]

Preliminary Analytics | 12.22.09

Thumbnail image for dubai-the-world.jpgDubai World fails to seal deal on debt talks – Even though DW is insisiting that the talks have been “constructive.” [Times Online]
Marijuana-Reeking Tour Bus, Red Ferrari Are FDIC’s Crisis Booty – Not to mention ashtrays with dead cigarette butts. These guys will take everything. [Bloomberg]
FBI Probes Hack at Citibank – The bank deee-nies that there was a breach so you have the less than desirable option of believing the B or the C. [WSJ]
World Series Champs Pay Hefty Luxury Tax – Tax Girl is not a Yankee fan. [Tax Girl]
U.K. Backs Merger of Ticketmaster and Live Nation – Somehow the Brits came to this conclusion: ‘[T]he merger will not result in a substantial lessening of competition in the market for live music ticket retailing or in any other market.’ [NYT]

Preliminary Analytics | 12.21.09

angelo_mozilo.jpgHealth-care bill clears crucial vote in Senate, 60 to 40 – “The vote was the first of three procedural hurdles that Democrats must cross before a final vote on passage of the measure, now scheduled for Christmas Eve.” [Washington Post]
Bye-bye Bo-Tax. Hello, Tan Tax – Angelo Mozilo will not stand for this. [Don’t Mess With Taxes]
Top Ten Ways to Ensure a Smooth Audit – Communication seems to be a theme. There’s a concept. [Mission Accountable]
An Inside Look at JPMorgan Outplacement [FINS]
Dubai World poised to press for loan extensions – No word if DW plans on actually paying the loans back. [Reuters]
IRS Files $8.15 million in Tax Liens Against Sinbad – Despite filing tax returns, Sinbad didn’t pay the tax owed from 1998 to 2006. [TaxProf Blog]
2009: The Year of the Failed Banks – Seven more this past Friday, bringing the total to 140. [The D&O Diary]

Preliminary Analytics | 12.18.09

sarbox.jpgStalling on Sarbox – “The regulatory-reform bill passed by the House last week suggests that lawmakers will either exempt smaller companies from getting internal-controls audits or put off the decision for yet another year.” Hell, it’s only been seven years. What’s one more? [CFO]
Agencies in a Brawl for Control Over Banks – “Connecticut Democrat Christopher Dodd, the Senate Banking Committee chairman, has proposed revoking almost all of [FDIC Chair Sheila] Bair’s powers to supervise banks, as part of a sweeping financial-regulation bill now under consideration in the Senate.” [WSJ]
Blue Ribbon Panel On Private Company Accounting Standards Formed – Blue Ribbon Panels always mean that something is about to get serious. Right? [FEI Financial Reporting Blog]
Should Gay Couples Pay the Same Taxes as Straights? – Even if a state allows gay couples to marry, they aren’t recognized on the federal level and that causes problems, “[M]any businesses now provide spousal benefits to gay couples, the value of the non-employee’s benefits is taxable for unmarried couples, but tax free for those who are married.” [Tax Vox]

Preliminary Analytics | 12.17.09

ben_old.jpgBen Bernanke: Time’s “Person of the Year” – The JDA almost fools you into thinking that she wasn’t that upset over Time’s selection. [JDA]
BofA Taps Moynihan as CEO – The search is now on for the location for the Ken Lewis send-off. [WSJ]
Proxy Disclosure Of Stock-Based Comp To Change Under SEC Final Rule Approved Today [FEI Financial Reporting Blog]
SAC Capital, Steve Cohen (And His Brother) Sued By Ex-Mrs. C – She’s alleging insider trading, concealing of assets during their divorce, and wants $300 mil for her trouble. [DB]
Citi to Suspend Foreclosures for 30 Days – “The New York-based bank said Thursday the suspension will run from Friday through Jan. 17. It applies only to borrowers whose loans are owned by Citi. Borrowers who make payments to Citi but whose loans are owned by other investors are out of luck.” [AP via NYT]

Preliminary Analytics | 12.16.09

Thumbnail image for Tim_geithner.jpgU.S. gave up billions in tax money in deal for Citigroup’s bailout repayment – “While the Obama administration has said taxpayers are likely to profit from the sale of the Citigroup shares, accounting experts said the lost tax revenue could easily outstrip those profits.” Thanks Treasury! [WP]
The Estate Tax Debate: Watch the Rate, Not the Exclusion – “In some perverse way, it’s fun to watch lawmakers dive into a mess largely of their own making. But as you do, don’t be distracted by the argument over the size of estates that should be excluded from tax, or whether the rules are extended for one year or two. The real argument is over the rate. That’s where the bucks are.” [Tax Vox]
Lump of Coal: How to Deal With a Bad Bonus – Besides crying in the corner obviously. [FINS]
Rajaratnam, Chiesi Charged in Insider Case – Raj is looking at 17 counts and a possible 145 years. All over a measly $20 million? Someone in North Carolina is unimpressed. [WSJ]
SEC Mulls Surprise Audits For Investment Advisers – “Under the May proposal, the surprise audit would apply to about 9,600 of the 11,000 registered investment advisers including those who have physical custody and those deemed to have custody or the ability to deduct fees from their client’s assets.” [Reuters via NYT]
EU Formally Ends Microsoft Antitrust Case – “The European Commission, the EU’s executive arm, agreed to abandon its case against Microsoft over whether the software giant is illegally abusing its dominance in the Internet browser markets without a fine, in return for a legally binding commitment from Microsoft to start marketing rivals’ browsers alongside its own Internet Explorer.” Doesn’t everyone hate Explorer now anyway? [WSJ]

Preliminary Analytics | 12.15.09

BuffettCarriesLunch.standard.jpgObama and Buffett May Be Distant Cousins – So there’s that. [NYT]
Continuing The Conversation: If Auditors Weren’t There, Why Not? – “If no one but me asks, since no one cares, then what are we doing here?” [Re: The Auditors]
Christmas Gift Ideas for Accountants & Auditors – A “genuine and truly useful list” that will help you avoid the ‘Accountants do it with Double Entry’ t-shirt. [The Accounting Nation]
Wells Fargo’s TARP Plan Brings End to Bailout Era – Oh, so it’s an “era” now? [DealBook]
Four Cups of Coffee or Tea Daily Lowers Diabetes Risk – Just keep the breath freshener handy. Thanks. [Bloomberg]
Christmas Gifts for that Special Tax Person – For the accountant who also enjoys the occasional WWE event. [TaxProf Blog]

Preliminary Analytics | 12.14.09

Thumbnail image for name-change.jpgH.R. 4173, Summary of Accounting and Audit Related Provisions – Lots to digest here but it’s all important, including a possible GASP name change for the PCAOB. [FEI Financial Reporting Blog]
Invitation to a Conversation: If the Auditors Were Missing from the Financial Crisis — Let’s Ask Why – Jim Peterson doesn’t mince words: “The simple if depressing reason is that their core product has long since been judged irrelevant. The standard auditor’s report is an anachronism — having lost any value it may once have had, except for legally-required compliance.” [Re: Balance/Jim Peterson]
Accenture Makes Right Decision, Drops Tiger Sponsorship – The awkward inappropriateness of the whole situation is now hitting T. Dubs in the wallet, as Accenture jumps into the “your services are no longer needed” camp. He won’t starve. [The Big Four Blog]
Open Letter to the Securities and Exchange Commission (Part 5): Issuer Retaliation Complaint Against Overstock.com – Patrick Byrne’s attempt to develop his own Richard Nixon-esque enemies list has been met with fierce resistance. [Sam Antar/White Collar Fraud]
CPA firms face pricing pinch – “After years of gains since the government started keeping track in December 2003, overall prices for CPA firm services plummeted with the onset of recession in December 2007.” [CPA Trendlines]
Citigroup to Repay $20 Billion of Government Bailout – $25 bil to go. Get on it. [Bloomberg]