Lawrence Summers goes to bat for endangered Export-Import Bank [LA Times]
The case of a really bad South Jersey accountant [AP]
What Seinfeld taught us about the IRS [Forbes]
Public Wi-Fi provider Gowex implodes as CEO takes responsibility for false accounting The Spanish Wi-Fi provider Gowex has filed for bankruptcy protection after admitting that it falsified its accounts for the last 4 years. CEO Jenaro GarcÃa Martin has resigned. All this follows a July 1 report by Gotham City Research, which said Gowex’s real revenue was 10 percent (or less) of what the company was reporting. What’s more, when Gowex claimed it had more than 100,000 hotspots in its free public Wi-Fi empire … actually it had around 5,000. [Gigaom]
Don't worry about Gowex, though, the pros are on the way Gowex, which also provides support services for mobile-phone carriers, said July 1 that Gotham’s report “mixed lies with facts.” On July 4 it said it would hire PricewaterhouseCoopers LLP to review its accounts. The stock, which has been halted since July 3, remains suspended in Madrid today. It has a market value of 573 million euros. A press officer at the national police said they had no knowledge of any action against Gowex. Jose Antonio Diaz, who told Bloomberg News last week that he acts as Gowex’s auditor, didn’t respond to calls to his mobile phone. [Bloomberg]
FLASH: the IRS help line is out of service [Forbes]
Op-ed: the secret to getting to the bottom of the IRS scandal might be to grant Lois Lerner (and her computer?) immunity [The Arizona Republic]
KPMG may be requested as defendant in €6bn INBS case Mr Cooney wrote earlier this year to the Minister for Finance claiming it was "preposterous" the two special liquidators of State-owned Irish Bank Resolution Corporation (IBRC), Kieran Wallace and Eamonn Richardson, both partners in KPMG, were not suing their own firm for alleged negligence. [Irish Independent]
You think you work long hours without overtime? Try working in reality TV [Gawker]
