The Associated Press reports that Tamerlan Tsarnaev, the 26-year-old bombing suspect who was killed overnight, studied accounting part-time at Bunker Hill Community College in Charlestown. He only went for three semesters — fall 2006, spring 2007, and fall 2008 — and dropped out as he became more religious, according to the Wall Street Journal. He wasn't a drinker, so I'm sure he wouldn't have fit in but still, if he had finished his studies, his uncle probably wouldn't have thought he was such a loser. [AP, WSJ, DI, Bloomberg]
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FASB to Make Heads or Tails of Repurchase Accounting Soon Enough
Back in April when he was testifying before the House Financial Services Committee, FASB Chairman Bob Herz couldn’t really say one way or another what he thought about the repurchase accounting that Lehman Brothers was using.
At the time, Herz just said that FASB would work diligently with the SEC (no porn allowed), that Lehman skirted the disclosure rules and that they were going to get to the bottom of this, come hell or Barney Frank’s shrewd disposition.
In a recent meeting with his fellow double-entry wizards in Norwalk, Herz said that he was opening up ‘a very targeted scope project’ that will get to the bottom of this pile:
“Once we’re made aware that people are trying to structure around specific provisions in the accounting literature, it makes you think about whether those provisions need to be looked at,” he told the board. “We’ve asked the staff to take a look at that and come back with some recommendations in the pretty near term,” he said.
FASB Plans New Rules Around Repurchase Agreements [Compliance Week]
Ex-PwC Associate Sues NYU to Get His MBA Back
So waaaay back in the early to mid Aughts when Ayal Rosenthal was slumming over at 300 Madison, he got a little entrepreneurial (P. Dubs auditors don’t make shit, you know) with his Dad, two brothers and a host of others. They made a little bit of extra dough ($3.7 million) by running an insider trading scheme based on various tips, some of which were related to clients that Ayal worked on at PwC.
By the grace of God, the SEC caught on to the shenanigans and busted the gang in early 2007 (was this the reason they missed Madoff, Stanford?).
For this little stunt, NYU revoked AR’s MBA after the SEC brought the charges against him. He’s now suing the University because, “the university was ‘excessive and unfair,’ and that the proceedings violated his right to a ‘fair and timely hearing’ because NYU took nearly seven months before considering his case in September 2007.”
First of all, if an academic institution gets back to you in seven months, we’d say that’s a pretty decent response time. Second, “unfair” doesn’t work on anyone.
Having said that, we know full well how hard the young lad must have worked to get that MBA, so we’re not surprised that he wants the prestigious degree back.
If NYU really wanted an airtight reason for taking his degree they should have cited his inability to dupe the SEC for less than five years. Open and shut.
NYU sued for revoked MBA [NYP]
Insider Trader Ex-Con Sues NYU For His MBA [TBI]
For the Eighth Year in a Row, EY Is the Busiest Public Company Auditor
Keeping with a yearly tradition more reliable than the arrival of Santa in the early […]