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Footnotes: Cantor Goes Investment Banker; Lease Accounting is a Ticking Time Bomb; Adding Up the Numbers | 09.02.14

Posted on by Adrienne Gonzalez

What Can a House Majority Leader Do for a Bank? What exactly is that smarmy fox Eric Cantor up to, anyway? [Bloomberg View]

Top 10 U.S. colleges for an accounting degree This is shilling, obvs [USA Today]

A touching tribute to legend Debra Hopkins, CPA, CIA who tragically died in a car accident yesterday [Illinois CPA Society]

Lease Accounting Changes May Trip Up Bank Loans U.S. and international accounting-rule makers are edging closer to completing a decadelong effort to overhaul lease accounting rules. The rules, which could be issued next year, threaten to bring roughly $2 trillion of off-balance-sheet leases onto corporate books. [CFO Journal]

Michigan governor Rick Snyder is milking this accountant thing for all its worth From his most recent re-election ad: "I'm an accountant — and your governor. I've found I can help more people when the numbers add up." [Lansing State Journal]

Serious Lessons From Comedian Chris Tucker's $14 Million IRS Bill This really doesn't apply to you [Forbes]

U.S companies — much like the PCAOB — feel unwelcome in China [WSJ]

You need this sheep fucking up a drone in your life [The Dish]

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Look Man, Not Even Ron Paul is Buying Your Fed Conspiracy Story, So Can We Drop it?

FatinaSalaheddineDarrellIssaUSCongressman.jpgBecause we know you haven’t gotten enough of the whole Bank of America/Merrill Lynch deal-under-duress drama, we’re happy to report that Representative Darrell Issa of California (seen at left, with, we can only assume, a constituent, not a high-priced call girl or his staffer’s wife, or his Argentinean soulmate) isn’t satisfied by B-squared’s testimony and likely won’t be satisfied with Hank “Just call me Lance Armstrong” Paulson’s testimony that is scheduled for Thursday.
No, no. Issa wants more information, “[he] wrote to Treasury Secretary Timothy Geithner July 2 asking for all records surrounding an October 13 meeting and decision to use government bailout funds to buy equity in financial institutions.”
You think that’s good? He’s not done:

Issa also asked the Treasury to provide records and communications, including notes and e-mails from a range of officials, relating to the Bank of America-Merrill merger from August 1 though February 1. Issa also asked New York Attorney General Andrew Cuomo in a July 1 letter to provide transcripts of interviews with Paulson and any other communications with federal officials on the Bank of America-Merrill merger.

That’s right. Six months worth of emails and notes. Every single post-it that you did your best Jackie Treehorn sketch on MUST. BE. SAVED.
Issa, a believer in a Nixon-esque coverup at the behest of Bernanke, has clearly channeled his inner-Maxine Waters and will BE DAMNED if this is happening on his watch.
Lawmaker seeks more data in BofA-Merrill deal [Reuters]

Footnotes: How to Get Found on LinkedIn; More Drama in China; Fake Benjamins, Yo! | 01.24.14

Our friends at Vault have some advice on getting found by recruiters on LinkedIn. Go […]

Facing Writs, Ex-Grant Thornton Partner Bolts Hong Kong

A former Grant Thornton partner in Hong Kong is facing two writs from clients that total $12.1 million, according to the Financial Times.

Gabriel Azedo was reported by Grant Thornton Hong Kong*, after the allegations were made, to the HK commercial crime bureau for ‘inappropriate’ conduct.


Of course, when we hear “inappropriate conduct” we automatically imagine something lewd but alas, it’s about money:

Angela Gardner, a Hong Kong resident, is suing Mr Azedo and Senning International, registered in the British Virgin Islands, for breach of contract and breach of trust and demanding $9.8m. Grant Thornton is not mentioned in this suit.

Arthur and Betty da Silva, prominent local racehorse owners, have filed a writ against Mr Azedo and Grant Thornton Hong Kong seeking an account of trust assets allegedly held on their behalf by the defendants.

Mr and Mrs da Silva are demanding the transfer of “all such trust property” to them or restitution of not less than $2.3m.

On October 20, GTI realized that this guy was a liability, reported him to HK Fuzz and promptly terminated their relationship with him. Gabe, “a pillar of the city’s financial establishment”, was on GT’s global leadership board as recently as October 21, although he had not technically been a partner in the firm since 2008.

Oh so mysterious, Mr. Azedo. What were you doing over there in HK? The FT, being the bastions of journalism that they are, tried reaching him for comment but sounds like he’s is on the lam.

Although it doesn’t seem to be much more than a headache for GT — for now — we’re happy to see something out of the firm aside from another visit from the press release elves.

Ex-Grant Thornton partner faces writs [FT]

*Everybody knows that the offices are independent of each other right? The global firm is just something they say. Sort of like “Global Six Accounting Firm”. Which, for the record, was not mentioned once in this article.