The bean counter bloodbath continues, even at local firms.
Pittsburgh area firm, Alpern Rosenthal cut a dozen staffers late last week citing “performance issues”. The firm is also requesting current employees “to take a week of unpaid vacation by the end of the year, when [they] will determine whether they institute a hiring freeze or adjust profit sharing.”
Pittsburgh-area accounting firms tighten up, cut staff as downturn lingers [Pittsburgh Business Times]
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Patrick Byrne May Say Something That Will Antagonize You
The Patrick Byrne Express (via Segway, natch) pulled over from its nationwide auditor search to pen the latest triumph in his quest to refute every Overstock/Patrick Byrne hater on the planet.
Patsy’s latest letter informs us of the settlement that Overstock has reached with Rocker Partners, one of those short-selling hedge fund haters, for $5 million.
His masterpiece opens with “The good guys won” and then rambles on to tell us how he feels about pretty much everyone in financial media. And that’s what this was really all about. It wasn’t about the money, you fools. This was about exposing the anti-Overstock/Patrick Byrne contingent:
What is of vastly greater significance than this $5 million payment, however, is an examination of the cover-up conducted by elements of the New York financial press. Taking the lead was CNBC, which spent a great deal of airtime downplaying the significance of this suit, vilifying me, and smearing Overstock.
Apparently, this is just the beginning. Prime brokers, sounds like you’re next.
And just so you know, PB and his company don’t give a damn if you, the SEC, or anyone else for that matter gets bent out of shape about them spreading the truth. As Floyd Norris rehashes some of the trubs going on in casa de Overstock, he notes this little treasure from the company’s unreviewed 10-Q:
Public statements we or our chief executive officer, Patrick M. Byrne, have made or may make in the future may antagonize regulatory officials or others.
We and our chief executive officer, Patrick M. Byrne, have from time to time made public statements regarding our or his beliefs about matters of public interest, including statements regarding naked short selling. Some of those public statements have been critical of the Securities and Exchange Commission and other regulatory agencies. These public statements may have consequences for us, whether as a result of increased regulatory scrutiny or otherwise.
Sounds like fighting words to us. Go ahead and bring it, SEC. Patrick Byrne will be waiting.
Overstock Claims Victory [Floyd Norris/NYT]
Non-Knights Don’t Think Rule Convergence Is All That Important
Not everyone is as hung up on converging U.S. GAAP and IFRS as Sir David Tweedie.
As you may recall, Tweeds delayed his retirement in order to see the rules copulate and bring forth debit and credit harmony.
As admirable as his commitment to the project is, not too many people share his enthusiasm:
A survey by CFA Institute , an international association of more than 16,000 investment professionals, showed that three quarters of respondents believe that improving standards so they are more useful for making investment decisions is “at least as important if not more important” than reducing complexity or convergence.
While respondents generally support convergence, only 6 per cent of those surveyed, including research analysts, portfolio managers, corporate financial analysts and accountants, believe converging the International Accounting Standards Board and its US rival should be the primary objective.
It’s bad enough that Tweeds gets hassled by non-knighted clowns that don’t know a debit from their ass but now there’s a survey out there that says his pet project isn’t that important.
Plus, the SEC doesn’t seem too hung up on it and the FASB has its own problems. Has double-entry chivalry lost all its meaning?
Investors cool on audit convergence [FT]