“Beckstead and Watts, LLP, and the Free Enterprise won, but there is no prize for them.”
~ Professor David Albrecht (guest posting at JDA), pointing out that despite a victory, the petitioners basically get jack squat.
Category: Quote of the Day
Sarbanes-Oxley Lives
“The Sarbanes-Oxley Act remains ‘fully operative as a law’ with these tenure restrictions excised.”
~ Chief Justice John Roberts, in the Supreme Court’s majority opinion.
Write It Down: No More Financial Crises Ever
“[It will] help prevent another financial crisis like the one that we’re still recovering from.”
~ President Barack Obama on the financial reform bill.
Imagine a Future Free of Questions on Revenue Recognition
“It is an important step towards a single global principle-based standard that would make it absolutely clear when revenue is recognised-and why.”
~ Sir David Tweedie is pretty happy with how the converged revenue recognition standard turned out.
Bring on the Reform, Banks Will Continue Doing Just Fine
“Despite the reality of impending financial reform, banking and financial services executives are bullish about their business prospects in the current year and 2011, with many investing for long-term growth and specifically focused on traditional services, emerging technologies and M&A as a means to generate growth.”
~ Scott Marcello, deputy leader of KPMG LLP’s Financial Services practice.
Steny Hoyer Might Be Calling a Lot of His Colleagues Liars
“We’re lying to ourselves and our children if we say we can maintain our current levels of entitlement spending, defense spending, and taxation without bankrupting our country.”
~ House Majority Leader Steny Hoyer (D-MD) would prefer that everyone quit lying.
The IRS Did the Exact Opposite of What Chuck Grassley Wanted
“These changes appear to be limiting the scope of whistleblowers and the type of recoveries that would be eligible for an award. The fewer people eligible for rewards, the fewer people coming forward with information that might check out as tax fraud.”
~ Senator Charles Grassley (R-IA), wants more whistleblowers to get paid.
BP CFO Explains the Ixnay on the Ividenday
“It’s an extraordinary thing for a company to do, but it’s an extraordinary thing we’re in.”
~ BP CFO Byron Grote, on the company’s decision to suspend its dividend, on a conference call with investors.
FASB Fair Value Proposal Brings the Hate
“In my mind you are largely responsible for the market collapse in 2007, 2008, 2009.”
~ John Sherman, in a public comment on the FASB’s proposed fair value rule, most of which are really, really, really not nice.
Yes, It’s Perfectly Fine to Call Me While I’m on Vacation
“It’s been my experience that an ‘out of office’ response means nothing anymore.”
~ Edward T. Creagan, a medical oncologist and writer of the Mayo Clinic Stress Blog.
Jeff Skilling Will Tell You That Prison Has Its Drawbacks
“Could you buy me a cup of coffee? Inmates aren’t allowed to touch money or approach the machines. They could put me in solitary for a week.”
~ The former Enron CEO is adjusting to his 24 year vacation.
Accounting Convergence Will Claim Some Bodies
“I am proud to say that so far my fellow board members and our staff, both FASB and IASB, have risen to the occasion. But I do fear potential burnout, as it’s not so easy to be running a marathon at sprint speed.”
~ Bob Herz, admitting that maybe these accounting wonks might be working too hard.