Today we're kicking off a new video series. it's called the Monthly Close and it'll feature Greg and some of his comedian chums recapping stories from last month. We hope you enjoy it. If you have feedback or any suggestions for stories that you'd like to see in August's Monthly Close, email us or comment below.
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Would Hannibal Lecter Eat His CPA?
Hard to say. But “Blockheads” would need to be careful.
It might have been funny if there had been glass in the window and our actor hit his head on it but otherwise we’re especially glad they didn’t involve any scenes with Miggs.
Big 4 Performance Analysis Will Probably Come as a Huge Shock to CNN
You may remember a little rant we (and others) went on not so long ago about CNN buying what the Big 4 were selling re: growing business in shrinking economy.
Well! The gang over The Big Four Blog have put out a performance analysis (PDF can for download: big4_media_kit.pdf) for the firms’ 2009 revenue and their conclusions tell a different story.
From the Exe ckquote>2009 was a difficult year overall for the Big Four accounting firms: Deloitte, Ernst & Young (E&Y), KPMG and PricewaterhouseCoopers (PwC), as their financial performance was affected by tough external conditions, slow global economic growth, cost-conscious clients and sluggish merger and acquisition activity.
After an extraordinary period of continuous revenue growth from the early 2000s to 2008, combined revenue for the four firms in fiscal 2009 did fall by 7% from fiscal 2008 in US dollar terms. Revenue decreases in US dollar percentage terms ranged from negative 5% for Deloitte to negative 7% each for Ernst & Young and PricewaterhouseCoopers to negative 11% for KPMG.
One of the more interesting tidbits was presented in the chart below:
After a growth in employment of over 10% in 2008, the rate dropped to 2% for 2009 and judging by the firms’ expectation to offer less internships this year we’d expect that trend to continue.
It’s worth noting that even in the rebuilding year, the firms’ combined revenue was $94 billion so no one is starving but, as BFB pointed out, the firms near decade long run of growth has now come to a screeching halt.
With all the new information, CNN might consider a follow-up story. We’d be happy to take a look at it. Or they may just leave it there:
| The Daily Show With Jon Stewart | Mon – Thurs 11p / 10c | |||
| CNN Leaves It There | ||||
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Rich-hating Legislation of the Day: The Ending Taxpayer Subsidies for Yachts Act
Sorry for being a little to the game on this one but everyone seems to still be in their meat-induced comas and this type of proposed legislation has left us wondering: IS NOTHING SACRED? If the affluent in our society can’t write off the mortgage interest on their second home that also happens to be boat, haven’t the terrorists won?
The Ending Taxpayer Subsidies for Yachts Act was introduced by Rep. Mike Quigley (D-IL) with co-sponsors Reps Tim Walz (D-MN) and Gary Peters (D-MI):
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
Also, it’s our understanding that the Reps will use the following footage to make a case for their bill:
[via DMWT]