Is the Chinese Listing Bubble Going Bust? [CFO Journal]
Suddenly the boom in Chinese listings on U.S. exchanges is looking shaky, and two primary reasons were reinforced in separate developments today. On Wall Street, Renren, dubbed the Chinese Facebook, tanked after its shares debuted at a stratospheric multiple on Wednesday, calling into question the appetite for future Chinese IPOs. Meanwhile, at a New York City financial conference, SEC officials were nearly elbowing each other out of the way to express their concerns about reverse mergers that are allowing Chinese firms to back door their way into U.S. markets.

U.S. Economy Adds 244,000 at 9.0% [NYT]
The United States economy added 244,000 jobs in April after a gain of a revised 221,000 jobs in March, the Department of Labor said on Friday, as the unemployment rate rose to 9 percent in April from 8.8 percent in March.

The Grand Illusion: PwC Settles Satyam U.S. Class Action Claims [Forbes]
Oh boy, “The SEC and the PCAOB would not confirm that their enforcement actions regarding the Satyam audit were finished.”

BDO USA Settles Bankest Suit With Former Client Banco Espirito Santo [Bloomberg]
BDO’s statement emailed to Bloomberg: “BDO USA LLP has entered into confidential settlement agreements with Banco Espirito Santo and Barry Mukamal, the bankruptcy trustee of E.S. Bankest LC, pursuant to which the lawsuits against BDO have been resolved,” sounds a lot like what we published yesterday.

The Kabbalah Centre in Los Angeles is the focus of an IRS investigation into tax evasion [LAT]
Sources familiar with the investigation said the criminal division of the IRS is looking into whether nonprofit funds were used for the personal enrichment of the Berg family, which has controlled the Kabbalah Centre for more than four decades, a period in which it expanded from one school of a little-known strain of Judaism to a global brand with A-list followers like Ashton Kutcher and Gwyneth Paltrow and assets that may top $260 million.

New PCAOB Chairman Pushes for Audit Overhaul [AT]
“I do not believe that the global audit firm networks themselves pose a systemic risk to our economy,” said Doty. “Initiatives to shrink the global audit firms would likely weaken their ability to audit large, multinational companies that may be systemically important.” He said governments should instead focus on regulation. “To protect investors, governments should regulate such firms, not cripple them,” said Doty. “There’s no reason to think that if there were more major firms, they would be more likely to stand up to their clients.”

U.S. auditor watchdog hopeful of access to China [Reuters]
U.S. audit watchdogs are hopeful of ending a stalemate that has blocked inspections of auditors in China, the head of the audit oversight agency said on Thursday. With more Chinese companies raising capital in the U.S. markets, “I believe Chinese authorities understand they have a real interest in solving our impasse,” James Doty, chairman of the Public Company Accounting Oversight Board said.

Raise Taxes, but Not Tax Rates [NYT]
Reducing the budget deficit and stopping the explosion of our national debt will require more tax revenue as well as reduced government spending. But the need for more revenue needn’t mean higher tax rates.

States Use Tax Breaks in War for Jobs [BBW]
New Jersey is granting Panasonic (PC) a $102.4 million tax credit to move its North American headquarters—nine miles. The incentives, announced on Apr. 20, will help defray the cost of leasing a new high-rise office tower to be built in Newark to replace Panasonic’s digs in Japanese electronics maker has outgrown. The company concedes that its decision to stay in New Jersey, where it employs 800 workers, was swayed by the tax break. Peter Fannon, vice-president of technology policy at Panasonic North America, says the company fielded “quite competitive” offers from Atlanta, San Diego, Los Angeles, and Brooklyn, N.Y., among others. Says Fannon: “We would not be in New Jersey without [this program].”

Accounting Troubles Can’t Stop Renren IPO [CFO Journal]
Shares of Chinese social network Renren soared nearly 50% in their U.S. stock market debut on Wednesday, as eager investors appeared willing to overlook the last-minute resignation of its audit committee chair and disclosures about material weaknesses over accounting.

Montgomery County Council passes 5-cent bag tax [WaPo]
The Montgomery County Council approved a 5-cent bag tax Tuesday that will go into effect Jan. 1, a move environmentalists hope will revive a stalled effort to pass a similar tax statewide. Montgomery politicians were inspired in part by the District’s bag tax, but they took the idea further by including nearly all retail establishments, not just those that sell food.

Another Guilty Plea In Connecticut Ponzi Case Tied To Venezuela [Dow Jones]
A Venezuelan accountant pleaded guilty in Connecticut federal court Wednesday to one count of conspiracy to obstruct the Securities and Exchange Commission in its investigation into a Ponzi scheme uncovered earlier this year. In that case, Connecticut investment adviser Francisco Illarramendi admitted on March 7 to running a Ponzi scheme involving hundreds of millions of dollars over several years and trying to impede a federal investigation into his activities by fabricating evidence.

PricewaterhouseCoopers hired for Charlotte tourism audit [CBJ]
Hiring the auditor marks the latest development in a controversy over $100,000 in bonuses paid to CRVA staff member Ereka Brim for her work on the Central Intercollegiate Athletic Association basketball tournament. The issue was reported first by the Charlotte Observer, raising questions about whether visitors authority executives should have approved the bonuses, which were indirectly paid by the CIAA.

Former Aide to Rangel Pleads Guilty in Tax Case [City Room/NYT]
James Capel, who had been a top adviser to Representative Charles B. Rangel for more than a decade, pleaded guilty on Tuesday to failing to file tax returns, months after Mr. Rangel was censured on the House floor over his own tax problems. Mr. Capel, 67, who rose from a community representative in Mr. Rangel’s office to become his chief of staff, admitted in Manhattan Criminal Court that he did not file tax returns from 2003 through 2009. His failure to file resulted in about $25,000 in unpaid taxes.