When accounting goes unaccounted for
I normally wouldn't post a #ThrowbackThursday item here but since my esteemed colleague Colin seems to be convinced today is actually yesterday, might as well.
Name this legend. No cheating, we've all watched Catfish by now and know how to do it.
Bonus points if you know the story of why the name we all know him by isn't the name he was born with.
At least that’s what we’re guessing.
Bloomberg:
“EBay Inc., owner of the most visited U.S. e-commerce Web site, reported second-quarter profit that beat analysts’ estimates, a sign that Chief Executive Officer John Donahoe’s turnaround efforts are working.”
Whatevs. We’d argue beauties like this are the reason for the good Q.
EBay Profit Beats Estimates in Sign That Turnaround Is Working [Bloomberg]
$500 now can be protected from FSA use-it-or-lose-it rule [Don't Mess With Taxes] The headline […]
In another case of an auditor giving a Titantic-esque bank the ‘It’s not you, it’s me’ routine, E&Y resigned as the auditor of Corus Bankshares, Inc., in a filing late last Friday.
This one really had no chance. After the Chief Accounting Officer resigned after five months on the job, family shareholders continuing to dump their shares, and filing their Q late, you can’t really expect Ernie to stick around.
E&Y had given the going concern paragraph kiss of death on Corus’s audit opinion earlier in the year and according to the last amended quarterly filing, Corus had over $7 billion in assets but negative equity. So, nature seems to be taking its course. Chalk it up, She Bair.
Ernst & Young resigns as Corus’ accounting firm [Chicago Tribune]