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Footnotes: LinkedIn Is Down; SEC Seeks Accounting Questions | 05.01.14

Posted on by Adrienne Gonzalez

LinkedIn Swings to Loss on Expenses LinkedIn Corp. swung to a first-quarter loss on higher expenses but posted stronger-than-expected revenue and raised its top-line guidance for the year. The Mountain View, Calif., professional social network said revenue rose 46% to $473.2 million as sales increased to job recruiters and through premium subscriptions to individuals. Its ad business was also up. LinkedIn had projected revenue in February of $455 million to $460 million, while Wall Street analysts were more optimistic and called for $467 million. [WSJ]

Google has backed off on logging what students do [TaxProf]

Rigged market? SEC busts the NYSE The Securities and Exchange Commission is usually busy busting insider traders and penny stock operators. But Thursday the regulator charged the New York Stock Exchange and two affiliated exchanges for “failure to comply with the responsibilities” of following securities laws. The NYSE and the affiliated exchanges including Archipelago, where many exchange-traded funds are traded, agreed to a $4.5 million penalty. NYSE spokesman Eric Ryan declined to comment. The NYSE didn’t admit or deny the charges. [USA Today]

SEC Frets It’s Not Getting Enough Accounting Questions Companies have been asking fewer questions of the U.S. Securities and Exchange Commission’s accounting staff this year, and that has regulators stumped. The SEC’s Office of the Chief Accountant has received far fewer-than-normal consultation requests to help companies clear up complex accounting issues before they file their financial statements, Daniel Murdock, deputy chief accountant in the Office said Thursday. “The drop-off is pretty significant at around 40%,” Mr. Murdock said in comments at a Baruch College accounting conference in New York. [CFO Journal via WSJ]

FYI, the cloud was a bubble and now it's busted [CNBC]

Ban all the things! [Twitter]

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Guilty Madoff CFO Update

It’s offish. DiPascali pleaded guilty to all ten counts against him and faces 125 years in prison, just quarter century short of Boss Ponz. However, because he is cooperating with the U.S. Attorney, DiPascali may be lucky enough to get a sentence under the century mark.
The bright side for Frank DiPascali is that he gets to spend his last few days as a free man courtesy of a very nice sister who put up her house for the $2.5 million bond. Sentencing is tentatively set for May 2010.
DiPascali was the man that many Madoff investors corresponded with directly so it’s clear to us that he was LYING A LOT.
Per the WSJ:

The former chief financial officer for Bernard Madoff says he helped the disgraced financier and others “carry out a fraud that hurt thousands of people”…Mr. DiPascali said at the plea hearing that the transactions were “all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time.”

Okay then, nothing really new there but we will be waiting patiently to hear the other names. Next bean counter up for book throwing is David Friehling, who was kind enough to rubber stamp the Madoff financial statements for around $14k a month. Bright side for Friehling is that he’s looking at 50% less time in jail then Bernie.

Footnotes: KPMG Gets Blowed; We Love Confetti Drops; The Future of Audit | 08.04.14

LinkedIn Pays $6M in Unpaid Wages, Damages Guess that isn't going on the ole profile, […]

What Does Labor Day Mean for You?

Since it’s Friday for some of you, we’ll squeeze in a participatory exercise today.
The lucky ones are MIA until Tuesday or farther out. Others of you will not see the outdoors, your homes, or loved ones at all. The rest fall in between. This, all while trying to comply with your firm’s needs. We’d say, “vote early, vote often” but considering some of the attitudes out there, we’re only allowing one vote per person. Feel free to leave your thoughts on the subject in the comments.
Vote, after the jump