So all that fuss over at Colonial Bank? Accounting irregularities, natch. According to Reuters, “Colonial BancGroup Inc (CNB.N) said it faces a criminal probe by the U.S. Department of Justice (DoJ) related to accounting irregularities at its mortgage lending unit, and the struggling lender warned it may be put under receivership.”
The SEC is also taking a peek at the bank’s participation in TARP. Book cooking for taxpayer funds may have its poster child. Top notch, Colonial. Top notch.
Colonial BancGroup faces criminal probe, FDIC action [Reuters]
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Madoff Auditor to Plead Guilty Next Week
“The government anticipates that, at the pretrial conference scheduled for Nov. 3, 2009 … David G. Friehling, the defendant, will plead guilty pursuant to a cooperation agreement with the Government,” prosecutors said in a letter to the judge handling the case in Manhattan federal court.
According to the WSJ, “Mr. Friehling is expected to plead guilty to are securities fraud, investment advisor fraud, obstructing or impeding the administration of Internal Revenue laws, and four counts of making false filings with the U.S. Securities and Exchange Commission.” Since he’s flipping, Friehling will likely not face the maximum sentence of 108 years but he still probably shouldn’t make any long term plans.
Friehling will be third person related to the Madoff scheme to plead guilty and this will no doubt be the last time that we hear about an auditor admitting guilt.
Earlier: Judge, Possibly Fearing a TP’d House, Denies Bail for Madoff CFO
Let’s Try and Forget About Money
We realize that might sound like kooky-talk but we said try you twerps.
Ajilon Professional Staffing released its salary guide for 2010 and is predicting a decrease in salaries of 0.85% overall. CFOs and Treasurers are expected to take the biggest hit with an expected drop of 7.7%.
Now before you all start belly-aching about less money, the report does indicate that because of regulatory and compliance changes the scope of positions for those with backgrounds in accounting and finance will broaden.
More survey results after the jump
Additional findings:
• The majority of accountants (86%) believe that the convergence from U.S. GAAP to International Finance Reporting Standards (IFRS) will have a positive impact on the finance/accounting profession.
• The demand for financial analysis, budgeting and forecasting due to the recession will be the #1 driver of job opportunities for accounting professionals, followed by the transition to IFRS and the economic stimulus package.
• No surprise, nearly 60% of accountants say they have been spending more time on cost-cutting initiatives as a result of the recession and financial crisis. Some of the things they have been doing to reduce expenses include: cutting discretionary spending; taking a harder look at business lines, product and sourcing; and increasing attention to driving reported earnings and cash flow.
• Fifty-one percent (51%) of accountants said they have imposed across-the-board spending and capital freezes as a result of the recession.
So the last two bullets probably are of most interest because, you know, some of you are intimately familiar with them.
Nevermind that though, it’s in the past. IFRS, even if it’s a DeLorean ride away and government overhaul fever will create jobs for you and you’ll all be back in your McMansions in no time. At least attempt to channel some of that Tony Robbins shit.
Or continue being bitter, whichever.
Ajilon Professional Staffing releases 2010 Salary Guide [Press Release]