Going Concern

Technology

What Do We Make of The Sage and SAP Rumors?

GoingConcern
September 30, 2010

The following post is republished from AccountingWEB UK, a source that delivers topical, practical content to accountants and accounting professionals.

Merger rumors. What would we do without them? The past decade or so of my professional life has been shaped by the regular appearance of bid rumors around Sage, usually of the “who are they going to buy this week?” sort.

So you can imagine my surprise to hear on the grapevine that Sage’s share price had surged almost 5% on Tuesday night on rumors that it was an acquisition target for SAP, with Microsoft and Gapgemini reported to be sniffing around the undergrowth in Newcastle too.

I’m not a stock market analyst, so I don’t really need to chase geese like this, but I couldn’t help myself from doing a little background checking. The Daily Mail appears to have broken the story, without naming sources, around 10:30 pm on Monday night. By the next morning, Reuters and numerous other outlets had picked up the trail and various analysts were puffing up the story with blogs and tweets.

There was a tweet from China Martens at 451 group of “late night activity in Walldorf” to verify that something was up, but with none of the companies involved breaking cover this really was one of those stories where one bit of unfounded gossip was feeding off another.

Years of industry-watching have taught me never to be surprised at what a software company with a wedge of cash in its back pocket can get up to, but neither SAP or Microsoft strike me as being suitable suitors for Sage. Microsoft’s entire business solutions strategy has been in turmoil for years and if it ever enters Steve Ballmer’s consciousness, my guess is that he wishes the company had never got into bed with Great Plains and Navision.

SAP meanwhile, is everything that Sage isn’t: a technology-focused global monolith that still has trouble thinking of an SME as having anything less than a $500m annual turnover. On this point Dennis Howlett blogged, “So much of Sage’s business is at an end of the market about which SAP has little understanding. Sage is on a declining organic growth curve, has a rat’s nest of code from acquired companies, is propped up by maintenance fees and has a nightmare in the US to manage with the ongoing Emdeon fiasco.”

It doesn’t happen often, but for once I find myself in complete agreement with him.

Strangely, by Wednesday afternoon the rumors had simmered down and so had the share price (although somebody seems to have done very nicely out of the rumors with 1.7m of shares shifted at the peak of the frenzy on Tuesday night).

Now I’ve voiced my doubts, they’ll probably turn around an announce the deal in the morning.

Indecisive Econ/Accounting Major Needs Help Plotting the Next Move

Daniel Braddock
September 30, 2010

Ed. note: I’ve been called to an emergency meeting in an undisclosed location, so here’s a guest post from your friendly human resources professional, DWB.

Caleb interrupted my weekly Wednesday tradition with the following reader submitted question:

I am an undergraduate at a pretty big school and recently decided I want a job when I graduate so I switched my major from History to Economics with the intent on minoring in Accounting (it is too late for me to officially major in Business Economics but I plan on taking all the relevant classes anyway).

I am entering my junior year this fall but right now, my accounting academic career puts me with about a freshman level of re my belt.

Normally, next summer would be the internship phase of a student’s life but I’m wondering if I should put off graduation by a quarter and/or go to grad school so that I might also push off my internship applying to a different summer when I have more than GC-provided gossip to offer a firm.

If I do this, are there Big 4 or mid-tier firms who would look at me for summer leadership programs (and other sophomore-oriented recruiting) or have I missed the boat on that?

I’d appreciate anything you have to say on the matter — snarky or otherwise.

Dear History Buff,

You wanted a job, so you decided to major in Economics. That statement is so conflicting I can’t tell whether it induced my headache or I simply need a third cup of coffee. The reason I say this is because I see my fair share of 3.95 GPA Econ majors from “pretty big” schools every day, and they’re desperate for work. Your accounting minor is a start but like you pointed out, it’s lacking in worthy experience. Your consideration of internships/grad school demonstrates that you’re looking beyond the remaining cup on the beer pong table and thinking about your future. Kudos.

I’m going to assume you’re considering a career in public accounting, because why else would you be on GC in the first place? You’re certainly not here for the chicks (“Chicks, man.”). If I am wrong on this assumption, follow up with me and we’ll discuss.

So, assuming the above, I suggest a few things:

1) Start talking to recruiters: They should be all over campus by this point in the semester. Make it known to them that you are pursuing a Masters in Accounting following your undergraduate degree. Ask questions about leadership programs and internships. Remember, the general timeline for Big 4 programs is leadership program two summers before graduation (for you – summer ’11); internship the summer before graduation (summer ’12).

2) Make it easy for the recruiters: Want to make a recruiter’s day easier and better position yourself in their pool of candidates? List all of your ongoing and anticipated education on your résumé, like this:

Education
“Pretty Big School” – Anywhere, USA
• Masters in Accounting – XYZ School of Business Anticipated Graduation: May 2013

• Will be CPA eligible upon graduation

• Bachelor of Science – ABC School of Economics Anticipated Graduation: May 2012

• Economics major, Accounting minor Overall GPA: X.Y | Major GPA X.Y

Formatting your résumé in this fashion provides the reader with answers to key questions – what is this candidate majoring in; when are they done with their education and ready to work; what is their CPA eligibility.

3) Follow up: Your educational path is not the road heavily traveled by most students with dreams of Big 4. Keep yourself in the conversation with recruiters by occasionally updating them through your process. Tell them when your GPA improves after a strong semester, when you get into grad school, etc. Don’t expect a response right away but rest easy knowing that they’re updating their records. Sharing this information can be done formally over email or informally during a conversation with a recruiter while they’re on campus.

4) Talk to Career Services: Be sure you’re taking the right classes to become CPA eligible in the state where you want to be licensed. Nothing worse than taking a counselor’s word on Ballroom Dance 201 counting toward the 150 credit requirement.

Go forth…and one more piece of advice if you’re following college football: Stanford over Oregon this weekend. Do it.

News

Here’s Some Stuff You Didn’t Buy at PwC’s Lehman Brothers Auction in London

Caleb Newquist
September 29, 2010

Gosh, team. It’s been over two years since Lehman bit the big one and now all that’s left is bits and pieces (Barclays, pink sheets, Dick Fuld’s stonewalling testimony) and charges from the SEC that could eventually see the light of day (unless the sun burns out first). Oh! And Ernst & Young. They’re in the mix too, although some people we talk to have their doubts about any repercussions.

Anyhoo, there was a big auction at Christie’s in London today directed by the newly-branded PwC. After everyone got done ribbing the P. Dubs partner in attendance about the Atari design, the bidding started. Here’s a little taste of what’s been sold so far, courtesy of the Times:

• Corporate Sign from Canary Wharf building – £42,050. Bidding started at £5,000

• Gary Hume’s Madonna – £120,000 (most expensive item so far)

• A collection of five maps from circa 1720 – £1,875

• An 1870 collection of the works of one Bill Shakespeare

• Two etchings by Lucian Freud

• Photographs by Sebastião Salgado

• A 43.5-inch painted pine model of a 62-gun ship

Overall, the auction has topped £600,000, according to Accountancy Age but is still rising. You can probably still get a bid in if you hurry.

Lehman Memories Sold Off Piece by Piece at Auction [NYT]

News

Analysts Aren’t Concerned About SEC Probe of Vermont Hippies’ Revenue Recognition Policies

Caleb Newquist
September 29, 2010

Somewhat related: It’s National Coffee Day. Does the SEC have no sense of timing?

Shares of Green Mountain Coffee Roasters Inc (GMCR.O) fell as much as 18 percent on Wednesday, a day after it said U.S. regulators made an inquiry into some of its revenue recognition practices and its relationship with a vendor, which analysts said was M.Block & Sons.

However, most analysts believe Green Mountain’s accounting policies are sound.

“We are comfortable with Green Mountain’s revenue recognition policy, the fact that it does not have control over M. Block & Sons, unquestioned management integrity and strong auditors (PricewaterhouseCoopers),” Janney Montgomery Scott analyst Mitchell Pinheiro said.

At least this analyst knows the name of the auditors. We’re looking straight you, Dick Bové.

Green Mountain roasted on SEC probe; analysts unfazed [Reuters]

Small Business

Here’s More Evidence That Complying with Federal Regulations Is a Pain in the A$$ for Small Businesses

GoingConcern
September 29, 2010

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

If you’ve suspected that complying with federal regulations is particularly onerous for small businesses, a new report from none other than the US Small Business Administration will provide you with plenty of new ammunition.

The report, called the Impact of Regulatory Costs on Small Firms and written by the SBA’s Office of Advocacy, estimates just how much it costs very small, smallish and big companies to follow the rules. The conclusion is that businesses with under 20 employees pay the most per worker–$10,585 per employee each year. The cost for businesses with 20 to 499 employees is $7,454 and for firms with 500 and more employees, $7,755.

The reason, of course, is the matter of fixed costs. A small business incurs about the same expense as a larger one. But the big guys can spread the expenses over more revenue, output, and employees, resulting in lower costs per unit of output.

The report, which looked at data from 2008, found that small businesses with under 20 employees pay the most to comply with environmental, tax, and occupational safety and health and homeland security regulations. Most notably, the cost per employee for environmental compliance is $4,101 compared to $883 for the biggest companies.

Clearly the unequal burden of regulatory compliance makes life a lot harder for small businesses and, in fact, serves to undercut their ability to compete. “This potentially causes inefficiencies in the structure of American enterprise, and the relocation of production facilities to less regulated countries, and adversely affects the international competitiveness of domestically produced American products and services,” says the report. “All of these effects, of course, would have negative consequences for the US labor market and national income.”

Still the report didn’t comment on the benefits of regulations. That’s another issue entirely. In fact, just because they cost a lot doesn’t therefore mean the rules shouldn’t exist. It does, however, indicate that something is very wrong with the way they’re applied–and that, for small companies to thrive, change is imperative.

According to the report, economic regulations, which include things like rules related to tariffs, are the only area where large firms have the highest cost. That is due, in part, to the Regulatory Flexibility Act, which requires agencies “to assess the effect of regulations on small businesses and to mitigate undue burdens, including exemptions and relaxed phase-in schedules.” The RFA, says the report, has been particularly effective in shielding small businesses from the cost of complying with the Sarbanes-Oxley Act.

Seems there should be a significantly more concerted effort to exempt small businesses from certain regulations or, at least, to help with compliance efforts. Some 89 percent of all companies in the US employ fewer than 20 people. If the cost of complying with regulations is really egregiously high for the vast majority of companies simply due to their size, it’s incumbent upon the rule-makers to do something about it.

Career Center

Grad Student Wants to Know if Previous non-Accounting Chops Will Help Him Land Big 4 Gig

Caleb Newquist
September 29, 2010

Back with another edition of “Help! My career is in shambles,” an MSA student has a background in “project management” and wants to know what their options are upon graduation. Will the professional experience make a difference?

Have a question about your career? Need ideas on how to improve the prestige of your firm? Thinking about running for office on the lawyers suck platform? Email us at advice@goingconcern.com and we’ll get you the prestige or public office you so desire.

As for our seasoned soonockquote>I’m currently in a one year MSA program. I am in my late 20s, so not exactly a professional spring chicken. I went to a liberal arts college for undergrad, and I got really good grades there. Prior to enrolling in the MSA program, I worked for 5 years doing Project Management. I (finally) realized that line of work wasn’t for me and didn’t see where I could go with it that would make it for me, and so decided to go back to school in something more practical than my undergrad. Right now, I’m beginning to explore my options for after I get out of the MSA program. Ideally, I want to try to get to a place where my previous experience is appreciated and valued right away, but am wondering if that is possible if I go Big 4. On the other hand, I keep seeing on job boards that previous Big 4 experience is a crucial requirement for many experienced accounting openings.

My questions are: will the Big 4 look favorably or unfavorably on my previous experience? Are they more likely to fill their entry level positions with younger graduates as opposed to those that have many years of professional experience behind them? If I’m a more attractive candidate, can I leverage that into better starting salary/benefits? Finally, is it worth it to do Big 4 for a couple years knowing that in the long run it will probably help with job prospects, even though in the short term I might be giving up potentially more lucrative possibilities because of my past experience? How can I use my past professional experiences to my advantage as a “non-experienced” hire – Big 4 or otherwise?

Interesting dilemma. We’ll do our best here and invite our readers to share their thoughts on this particular situation. We’ll address the questions one at a time.

Is your experience viewed as favorable or unfavorable? – In the opinion of this blogger your experience is valuable, no matter what it is. Dealing with stupid people, managing various resources and being familiar with a professional routine puts you light years ahead of any grasshopper that just did half a dozen keg stands over the weekend. That being said, a Big 4 firm (via a recruiting professional) might not share our perspective. Depending on what your “project management” experience entails, it could be viewed favorably or unfavorably. Have you managed groups of people? Do you have any client-facing experience? Any leadership roles? These are all good (and partly addresses your last question) and can be perceived as key strengths. If the answer is no, no, and HELL NO, then your experience is less meaningful.

Are they more likely to fill their entry level positions with younger graduates? – Yes. YES. YES. It isn’t unheard of for the Big 4 to hire someone with your background (i.e. older) at the entry-level and in fact, we’ve seen instances where non-traditional types skip ahead of others in their class but as a general rule, you’re at a big disadvantage here.

Can I leverage previous experience into better starting salary/benefits? – The Big 4 firms have plenty of options for benefits packages. The “super-secret project management experience benefits package” does not exist. As far as salary is concerned, you can leverage your experience by applying for jobs that require previous experience. If you go after an entry-level position you will end up with an entry-level salary.

Is it worth it to do Big 4 for a couple years even though in the short term I might be giving up potentially more lucrative possibilities because of my past experience? – Look friend, we hate to be the one to break this to you but in the short-term, your life at a Big 4 firm could quite very well be hell. The Big 4 provides professional services; is that the kind of job are you looking for? Do you really want to be an auditor? God, I hope not. Tax? Again, you’re looking at quite a bit of pain here and your experience could be marginalized. A position in the advisory practice would be ideal for you but without more details on your experience, it’s hard for us to gauge if that’s a realistic possibility.

How can I use my past professional experiences to my advantage as a “non-experienced” hire – Big 4 or otherwise? – Like we mentioned above, push any leadership, management and client-facing experience. These are crucial for an aspiring Big 4 rock star.

Bottom-line here is, what is it that you’re trying to achieve with this MSA? Is a Big 4 firm the ideal place for you to land out of school? Maybe. Maybe not. Finding the right fit of your past professional experience combined with your brand-spanking new advanced accounting knowledge will take some work on your part. While a Big 4 firm on your résumé will open a few doors down the road, a job in-house may make more sense with your PM experience. Choose wisely.

Social Media

Memo to Media Departments: Here Are Three Ways to Make My Job Easier

Adrienne Gonzalez
September 29, 2010

I’m not going to name names since that doesn’t seem to go over well but I have a bone to pick and think this is the perfect platform for doing so. In case you aren’t paying attention, I tend to use real-world examples to form my suggestions on what to do (or more often than not what not to do) in social media and this time I need to air a complaint about some industry “professionals” who aren’t playing the game right.

Again, no names so don’t ask and if you’re wondering if I mean you, I probably do.

I’m referring specifically to media def attempts on my part to connect with them and get their news out here on Going Concern and Jr. Deputy Accountant. The JDA blow offs I can almost understand but when I come right with a proposition and offer them a coveted spot among the PwC rebranding whine dump and salary news here on GC and they completely ignore it, I get pissed.

Therefore, helpful sort that I am, I’m offering three ways YOU, accounting industry media person, can make MY job easier:

1. Respond When I write you an email inviting you to participate in an interview, survey, ribbing, etc., a response would be nice either way though I obviously appreciate a “yes” far more than a “are you kidding me?” Regardless of whether or not you would like to participate, the least you can do is respond. I know you’re busy, we’re all busy, no one expects you to answer me 4 minutes after I’ve sent the email but a courtesy response would be awesome. I’m not asking a lot. I’m giving you a chance to participate in something awesome and trust me, I wouldn’t waste my own time so I don’t expect you to waste yours.

2. Don’t be scared I’m not sure what it is or why people seem to perceive my brand as hostile but I’m really not as hostile as it seems if you actually talk to me. It amazes me that some industry professionals think Going Concern is hostile and incendiary as well! Seriously?! We hardly swear and cover accounting news, how threatening can we be? Apparently quite. I can’t speak for Caleb but I’ve been blocked. And ignored. Whatever, it’s not about my ego, it’s about me inviting you to take a seat at our conversation and you running the other direction.

3. Wake up! If you are going to start A) a campaign and/or B) a Twitter account, please expect that I’m going to find it and possibly come ask you questions about it. As a media professional, it’s sort of expected that you’ll be excited to offer me the information I seek so I can share it with our readers or at least be able to point me to some press release that accomplishes the same without you having to talk to me. It doesn’t matter if you disagree with my opinion on Ben Bernanke being a massive douchebag or if you are offended by my liberal use of the F-word on my own turf, this is about the industry. We know for a fact that some industry professionals wish Going Concern would expire and drop off the Internet but let’s be real, it isn’t happening so you’d be smart by embracing it instead of fighting it. Like it or not, we’re the future of the industry. Suck it.

I swear we don’t bite (Caleb might but you’ll have to ask him to be sure) and we’ve proven that we here at Going Concern hold ourselves to an exceptionally high standard of ethical behavior when it comes to sources, interviews and communications with industry professionals. So I don’t know where the fear is coming from but seriously, answer your damn emails.

Accounting News Roundup: Grant Thornton Calls for ‘Regulatory Intervention’ in the UK Audit Market; FASB Member Betting on ‘Hyrbid’ Mark-to-Market Model; SAP Acquiring Sage? | 09.29.10

Caleb Newquist
September 29, 2010

GT seeks limit on Big Four market share [Accountancy Age]
“Grant Thornton is calling for direct regulatory intervention in the audit market that would limit the number audits a firm could hold among public companies.

The call comes in a submission to the House of Lords economic affairs committee which is conducting an inquiry into the dominance of the Big Four firms and constitutes the most emphatic public demand yet for regulators to directly intervene in the market.

Among the other proposals made by Grant Thornton are a code of conduct for investors urging them to promote the use of auditors outside the Big Four. Grant Thornton also wants to see so called restrictive covenants – clauses placed by banks in credit agreements insisting that only Big Four firms be used on an audit.”

How Not to Create New Jobs [TaxVox]
“I suppose the Senate’s debate today may serve some useful purpose as a show vote. Endangered Democrats can go home and argue that while they care deeply about American jobs, Republicans–who voted en masse to kill the bill–do not. But partisan politics aside, this is a classic example why Congress should not be allowed anywhere near tax policy during election season.”

Mark-to-market plan could be modified: FASB member [Reuters]
“Strong opposition to a controversial proposal to expand fair value accounting could sway rulemakers to modify the plan, a member of the U.S. accounting rule-making board said on Tuesday.

The proposal by the Financial Accounting Standards Board calls for loans and other financial assets to be valued based on what they would fetch in the market, known as mark-to-market, or fair value. That change is intended to give investors a clearer picture of assets held on banks’ books.”

The banking industry has opposed the measure, saying it does not make sense to assign market prices to loans that will never be sold.

‘Thus far, I think the count is up to about 1,500 or so comment letters,’ said Lawrence Smith, a board member of FASB, which sets U.S. accounting rules. ‘I think I’ve read one that supports what we propose.’

Smith added that board members will probably be influenced by the opposition. ‘If I were a betting person, I would bet on some type of hybrid model being adopted,’ he said.”

BP to Create New Safety Division in Wake of Spill [NYT]
Now here’s an idea! ” BP will set up a new global safety division and make other changes to the way it operates as it seeks to absorb some lessons from the explosion of a oil rig in the Gulf of Mexico earlier this year, the soon-to-be chief executive Robert Dudley said Wednesday.

BP said the new division would aim to improve risk management and safety, and also review how the company manages agreements with contractors. The plans were announced as Mr. Dudley prepares to take over as chief executive on Friday.”

Investors, Regulators Laid Path to ‘Flash Crash’ [WSJ]
“A report by the SEC and the Commodity Futures Trading Commission on that day’s steep decline, which saw the Dow Jones Industrial Average collapse 700 points in minutes before rebounding, is expected as soon as this week. SEC Chairman Mary Schapiro has called the day’s events “clearly a market failure.”

Staff from both agencies, which provided an initial joint-account in May, continued Tuesday to negotiate how certain events would be described in the report, according to people briefed on the discussions.

One area of discussion, one person said, concerns the so-called “E-mini” futures contract, which mimics movements in the Standard & Poor’s 500 index and was a source of heavy trading that day when liquidity dried up. Part of the discussion concerns whether to disclose the number of contracts exchanged in the E-mini contract, which could show the size and impact of the trades.”

SAP to buy Sage? [AccMan]
Dennis Howlett mulls over the latest SAP/Sage rumors.

Voting on Bush Tax Cuts Divides Democrats in Congress Before Election Day [Bloomberg]
We realize it might be tough to get your head around this, “Democrats worried about defending congressional majorities are divided over voting on income taxes before Election Day. Party strategists warn they are missing an opportunity to define themselves against Republicans.

After Senate Democrats postponed action on President Barack Obama’s proposal to extend middle-class tax cuts until after the Nov. 2 election, House Speaker Nancy Pelosi suggested members still may vote this week before leaving Washington to campaign. Two days later, House Majority Leader Steny Hoyer said that would be a ‘specious act’ without the chance of a Senate vote.”

College Graduates’ Top Employers [BusinessWeek]
The latest from Universum: 1) Google 2) KPMG 3) E&Y 4) PwC 5) Deloitte. It’s really not fair if you let the cool company jump in the mix.

Quote of the Day

You Won’t Hear This on the Campaign Trail

Caleb Newquist
September 29, 2010

“The tax cuts need to be canceled. If not now, due to the weakness in the economy, then three years from now.”

~ Ezra Klein is not seeking reelection.

CFOs

Wendy’s/Arby’s CFO: Killing Cows and Pigs Isn’t as Profitable as It Used to Be

Caleb Newquist
September 29, 2010

This is especially troublesome for the House that Dave Thomas partially built because eating more produce isn’t an option for most Americans.

Higher costs for commodities like beef and bacon will take a bite out of margins at Wendy’s/Arby’s Group (WEN.N) in the second half of 2010, an executive for the No. 3 U.S. fast-food chain said on Tuesday.

“Beef and bacon are two commodities that have been troublesome to us in this current environment,” Steve Hare, Wendy’s/Arby’s chief financial officer, said at an investor conference.

Beef, bacon to bite margins at Wendy’s/Arby’s: CFO [Reuters]

News

Accountants Disgust Charlie Munger on a Multitude of Levels

Caleb Newquist
September 29, 2010

If you piss off a billionaire, there will be repercussions. And Charlie Munger is not a typical billionaire.

He just so happens to be the BFF and business partner of the second richest person in this fair land of ours and since WB is too busy chasing tail with new friends, he recently felt the need to vent at the University of Michigan about, among other things, accountants and how they failed. FAILED US ALL!

The accountants utterly failed us. And by the way, there’s practically no sign of any intelligent reversal of the failure of that profession. I have yet to meet many accountants who are the least bit ashamed for their contribution to our recent troubles. But it was immense. Imagine when Enron comes down to the SEC and says “we want to write a little contract with A, and a little contract with B, and take all the profit we’re going to make from these complicated contracts over the next 20 years into earnings immediately, and put an asset on our balance sheet of $28 billion from signing two pieces of paper.” And the SEC, led by wonderful accountants who studied at great places, [says] “Why, of course you should have that kind of accounting!” What the hell were they thinking? How can anybody have any respectable understanding of human nature without realizing that the kind of people who were going to be tempted by that accounting were not going to be able to resist the temptations? It was disgusting.

Now you might think this is one of those situations where the old man says to you, “I’m not mad, I’m just disappointed.” This is bullshit. Charlie Munger is definitely pissed. He’s not putting all the blame at the doorstep of accountants but you definitely get the impression that if he could, he would.

But why? Why would Mungsy be so pissed? Why would he lump you in with likes of Jimmy Carter, Ryan Leaf and Andy Barker, P.I. (an accountant, no less)? Basically it’s because you people are a bunch of pansies, will politely nod to the whims of the clients you serve and that you’re a bunch of numbers nerds and that you can barely carry on a conversation with another human being let alone understand that greed trumps Debits = Credits:

Partly the establishment accountants want to please the people who are writing the checks. And partly the academic accountants get full of people who overdosed on mathematics. They want everything to be in balance. And they don’t think that that really isn’t rational when creating rules for a human behavioral system. They’re too mathematical and not rational enough when dealing with their fellow humans. You can’t give the average Wall Street CEO really lenient standards of accounting and expect the figures to be good.

Here endeth the lesson.

Charlie Munger on Communism, Botox, and Goldbug Jerks [Motley Fool]

News

Ron Johnson Would Like to Be the Second Accountant in the U.S. Senate

Caleb Newquist
September 28, 2010

Because God knows 57 lawyers is far too many and Russ Feingold just happens to be one of them.

As you may be aware, this is the second relatively high-profile race where an accountant and lawyer face off that we’ve covered. In the South Carolina governor’s race tax-tardy accountant Nikki Haley is facing special-interest whore Vince Sheheen. We should also note the the Senate race in New York between incumbent Kirsten Gillibrand (lawyer) and Joseph DioGuardi (accountant) but so far it’s been fairly boring unless DioGuardi happens to make an issue out of Gillibrand’s hotness.

Anyhoo, similar to those two races, the ballot in Wisconsin will appear as follows:

Accountant (R)
Lawyer (D)

So as voters, when faced with such a choice, should we assume that the accountant running for office is family values type that believes in cutting taxes and reducing spending (with no intent to do so) and the lawyer is a spineless tax and spend type that fails to accomplish anything even when they have the political power or leverage?

Wisconsin is doomed.

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