Going Concern

Accounting News Roundup: EisnerAmper Partner: GM Balance Sheet ‘Stronger’ Ahead of IPO; KPMG Moves on From New Century, Countrywide; No Bookie Needed for Betting on Grades | 08.19.10

Caleb Newquist
August 19, 2010

GM’s balance sheet draws praise ahead of IPO [MarketWatch]
“Peter Bible, partner-in-charge at accounting firm EisnerAmper LLP, said General Motors is now carrying a much stronger balance sheet than its predecessor, based on the company’s initial public offering filed late Wednesday. ‘Their debt-to-equity ratio looks handsome,’ Bible said in an interview. ‘This thing has gotten restructured quite a bit. GM’s health care liabilities have fallen significantly. As I look at the balance sheet, it is much healthier.’ “

Move to converge just exported crisis [Re: The Auditors]
KPMG has put two major lawsuits behind them – Countrywide and New Century. One major difference between these two cases was that New Century had a bankruptcy examiner’s report while Countrywide did not.

Judge Denies Online Religious Group’s Bid for Church Status [WSJ]
A virtual “church” gets denied the whole “church” thing.

For the rich, ’tis better to give than wait [Reuters]
“With U.S. taxes almost guaranteed to rise next year, the rich have a rare opportunity to distribute some wealth and preserve their fortunes.

A weak economy has led to razor-thin interest rates and beaten-down valuations, which make giving less costly for and potentially more rewarding to heirs. Moreover, the U.S. government is widely expected to rein in a popular tax-avoidance scheme.

‘This is a golden era for shifting estates and giving assets away,’ said Bill Fleming, a financial planner for PricewaterhouseCoopers in Hartford, Connecticut. ‘If you have an estate plan, keep going: Uncle Sam soon will be back in your pocket.’ “

Wager 101: Students Bet on Their Grades [WSJ]
“The website attracted wagers by 600 students from two colleges last year, said Mr. Gelbart and co-founder Steven Wolf, graduates of Queens College. This month, the site expanded to let students on 36 campuses—including Harvard, Stanford and Brigham Young University—place bets. More than 1,000 new bettors have signed on.

Lisa Lapin, a Stanford University spokeswoman, said school officials were ‘appalled’ when they learned Stanford students could place bets on their grades, adding, ‘the concept of betting on academic performance is contrary to academic development.’

Lance Miller, a finance major at the University of Pennsylvania, says the criticism misses the mark. Mr. Miller, with a GPA of 3.6, won about $80 on two $40 bets that he would earn A’s in business courses.

‘We’re acing classes to make money—isn’t that what they call a win-win?’ said Mr. Miller, 20.”

Facebook’s Places Feature Lets Users Share Their Whereabouts With Friends [Bloomberg]
“Services that help Web users share their whereabouts and find nearby friends could generate as much as $4.1 billion in annual ad sales by 2015, according to Borrell Associates. The features can help marketers more easily target customers — say, by reaching shoppers when they’re close to making a purchase.”

Quote of the Day

And If Only American Apparel Hadn’t Burned Through All That Cash, They Could Have Made Bigger Campaign Contributions

Caleb Newquist
August 19, 2010

“If it weren’t for the immigration bust by the Obama administration, the company would have been OK this year.”

~ “[A] source close to American Apparel” quoted in the Post obviously isn’t familiar with the company’s debt position.

News

Promotion Watch ’10: Rothstein Kass Names Four New Principals

Caleb Newquist
August 19, 2010

Jeff Kollin, Camille Asaro, Frank Attalla and Navin Sethi come on down!

Asaro and Kollin rep the New York office, Attalla in Roseland, NJ and Sethi gets the nod in San Fran.

Ms. Asaro and Mr. Attalla are members of the Rothstein Kass Financial Services Group. Mr. Sethi, a tax Principal is a member of both the Financial Services Group and the firm’s Commercial Services Group. Mr. Kollin has been named Principal and Head of the Financial Services Advisory practice within Rothstein Kass Business Advisory Services, LLC, a Rothstein Kass affiliate. Rothstein Kass simultaneously announced the promotion of Rich Sumida to Senior Director at Rothstein Kass.

Son of the Kass (presumably, the firm is 50-ish) takes the mic:

“The collaborative culture at Rothstein Kass has ensured that our professionals are able to continually enhance their skills and expertise throughout their careers. Our ‘one-firm, one-floor,’ philosophy remains a cornerstone for our success. Staff at all organizational levels gain invaluable experience working side-by-side with seasoned industry veterans in support of our clients. The companies we serve, in turn, benefit from the continuity, proficiency and knowledge that result from our ability to hire and retain superior talent across practice areas and office locations,” said Steven A. Kass, Co-CEO and Co-Managing Principal of Rothstein Kass. “Camille, Frank, Navin and Jeff are engaged, insightful and dedicated members of the Rothstein Kass team, and have demonstrated exceptional leadership qualities during their time with our firm. On behalf of our entire organization, we would like to congratulate our new Principals on their achievements and thank them for their contributions to our success.”

Not much to add here other than 1) congrats to the new RK principals and 2) the “one-firm, one-floor philosophy” could have really helped a certain Crowe Horwath partner.

Big 4

Let’s Discuss: Big 4 Merger Rumors

Caleb Newquist
August 18, 2010

We have the luxury (and giddy pleasure) of receiving more crazy ass emails than the average Tom, Dick or Harriet (see: PwC Houston Partner). Some of the stories turn out to be true, some turn out to be rumors. That’s just the way things go.

One reoccurring rumor that continually keeps us guessing though is that of a mega-merger among a Big 4. Frankly, we take a agnostic approach to these rumors (that’s probably shocking for some of you) but they never fail to pique our curiosity. You can drop us a line with your wild-ass theory about tri-firm merger between KPMG, Moss Adams and Baker Tilly to form MGMT but we can probably debunk it with a couple of emails and phone calls. Plus, the firms will deny ’til they die on any of these rumors anyway.

EisnerAmper is a perfect example.

They played coy with rumors around their merger for about a week and didn’t roll out the BIG NEWS until Monday when they could issue their boilerplate press release on cue (the video was a nice touch, however).

Lots of accounting firms are looking to grow through combinations or purchases in this impotent economy (WeiserMazars, Marcum & UHY, hosts of regional combos) but are the Big 4? Our intuition says no but the rumor mill provides us with whispers of talks occurring between the largest firms.

It’s not completely unheard of for the largest firms, as is evidenced by McGladrey’s purchase of Caturno & Co. that C.E. Andrews was so excited about in his interview with the Minneapolis Star-Tribune’s. Also, Barry Salzberg told the Journal that Deloitte is actively looking (granted, it’s for the consulting practice) but these are small potatoes.

No, the stuff we hear about has a Big 4 firm going with a second tier firm to either leapfrog other Big 4 firms or to inch closer to them. The difference between PwC (#1 in global revenues) and KPMG (#4) is around $6 billion. Depending on how aggressive a firm wanted to be in its merging efforts, the gap could be close quickly or a new #1 could be crowned.

But forget about revenues and the auspiciousness of the being the biggest firm for a second. Can a Big 4 firm realistically merge in a second tier or top 10 firm successfully? Never mind the logistics of office location, files, people etc. What about culture? What about service methodologies? The mere thought of matching up those pieces is a mind job for the people that actually have to deal with them. The bigwigs at the top might play off the problems that such a transaction would create for those in the trenches. Make adjustments would take years.

But it’s been done! Coopers & Lybrand and Pricewaterhouse in ’98 being the most recent. KPMG and E&Y tried it in ’97 and failed so it’s unlikely that the idea of another huge merger doesn’t cross people’s minds every once in awhile.

So let’s talk this out. Are these rumors completely unfounded or are is it understood that there are talks ongoing? If they are rumors, where the hell do they come from and what’s the motivation to spread said rumor? People in the know are encouraged to bestow wisdom in the comments and get in touch with us. And if you’re a vet from a merger of any size, share your thoughts on the experience and how your firm handled it.

Paying Too Much for Tax Preparation Is Like Shooting an iPad with a Shotgun

Caleb Newquist
August 18, 2010

Sayeth FreetaxUSA.com:

Aside from paying too much for tax prep services, it should be noted that the IRS is certainly equipped to treat your iPad the same way if you have an unpaid tax liability. Ask Young Buck. He’ll tell you.

[Thanks, Tax Docket]

Job of the Week

Job of the Week: SAS 70 Solutions Needs Senior Auditors

GoingConcern
August 18, 2010

SAS 70 Solutions, Inc. is conducting a national search for Senior Auditors, with specific focus in California, Illinois and Texas.

Select qualifications include 2 to 5 years of Big 4 experience and currently holds or is pursuing any of the following certifications: CPA,
CISA, CISSP, PCI QSA and/or CIA.

Company: SAS 70 Solutions, Inc.

Title: Audit Senior

Location: National search with specifirnia, Illinois and Texas

Compensation: Competitive

Position Type: Permanent

Position Type: Full Time

COMPANY DESCRIPTION

SAS 70 Solutions was the first ever CPA firm founded for the purposes of performing SAS 70 audits. It is now the largest non-Big 4 provider of such services in the world. Over time, the company’s services have expanded to include other attestation services, such as SSAE 16 and AT 101 examinations, AUP reviews, and Trust Services certifications. The company also performs PCI DSS validations and ISO 27002 compliance assessments.

The company’s personnel are almost exclusively the alumni of the “Big 4” / Tier 1 global accounting firms. SAS 70 Solutions’ clients are located throughout the United States, and include a significant number of publicly traded and Fortune 1000 companies, as well as privately held organizations of all sizes.

SAS 70 Solutions builds on the best of what the “Big 4” firms have to offer, such as the ability to offer high quality professionals to our clients. It also eliminates the parts of the job that personnel tend to dislike about their “Big 4” experience, including time reporting, chargeability goals, small and arbitrary bonus amounts, sales pressure, and the practice of using inexperience associates to provide the bulk of professional services.

RESPONSIBILITIES

Because SAS 70 Solutions does not employ inexperienced associates, senior auditors provide the majority of all “hands-on” activities with oversight from an audit manager and shareholder. Activities include standard project execution and report preparation activities. Senior auditors report to audit managers, which rotate based on client assignment. Audit managers generally handle project planning and interaction with the client prior to an engagement. Client engagements typically last less than three weeks, which allows senior auditors the opportunity to work on many projects over the course of each year.

DESIRED QUALIFICAITONS

• Bachelor’s Degree in accounting, finance or other related topics
• Between two to five years of related experience within professional services in financial auditing, operational auditing, information systems auditing, internal auditing, information security consulting and/or risk consulting
• Achieved the “senior” auditor/consultant level at a “Big 4” firm
• Currently holds any of the following certifications – CPA, CISA, CISSP, PCI QSA and/or CIA
• Willingness to pursue relevant professional certifications (e.g. CPA, CISA, CIA, CISSP, PCI QSA, etc.)
• Demonstrated entrepreneurial abilities, client focus, industry savvy, and the ability to work independently or as part of a collaborative team
• Advanced written and verbal communication skills
• Strong analytical and interpersonal characteristics
• Ability to operate in a dynamic environment
• Demonstrated consistency in values, principles, and work ethic

BENEFITS

• Competitive salary
• Quarterly performance bonus, which has historically averaged in excess of $20,000 per annum
• The opportunity to work with other highly skilled personnel on a constant basis
• No time reporting!
• No financial audit support work!
• No chargeability goals, sales goals or managed fee goals!
• Monday morning through Thursday evening considered “standard travel”, with little or no travel scheduled on Fridays, Saturdays, or Sundays
• Travel bonuses for any non-standard travel (e.g., overnight flights and/or Friday, Saturday or Sunday travel)
• Confirmed client schedule and related travel that extends months into the future and rarely changes within 30 days of an engagement
• Twenty-five (25) days of personal time off
• Immediately vested annualized employer 401(k) matching of 6% of the employee’s base salary
• Employer paid (or subsidized) health, vision and dental insurance
•Employee directed health savings account

TRAVEL

Out-of-town travel is estimated at 50%, or more, and is heavily dependent on the candidate’s location. Candidates must be available to travel and work in excess of standard hours when necessary.

Questions or Resumes may be submitted to careers@sas70solutions.com

For further information about SAS 70 Solutions, Inc., visit http://www.sas70solutions.com. SAS 70 Solutions, Inc. typically does not pay relocation expenses for employment candidates. Non-US citizens will not be considered. SAS 70 Solutions, Inc. is an equal opportunity employer (EOE) and strongly supports diversity in the workplace.

Is Ernst & Young Dishing Out iPhones to New Associates?

Caleb Newquist
August 18, 2010

A soon-to-be E&Y associate would really like to get their very own version of Alan the Accountant but would prefer it if Ernie chipped in with the whole iPhone part of that equation:

I’m starting with Ernst & Young in the fall, and was wondering whether you know if Ernst & Young allows iphones to be used with their system like Deloitte? I don’t really want to ask a recruiter or anything just in case it looks bad.

For the record, some of the recruiters are easily rankled, so if there’s anything you don’t want to ask a Big 4 recruiter, you can certainly ask us.

Back to the issue at hand – if your memory serves, you’ll recall that Deloitte has been allowing all professionals to opt for the iPhone for awhile but it was just back in January that the firm quit charging you $13 a month for it.

But as far as E&Y goes, we’ve got no idea what the iPhone situation is, so enlighten the future associate.

Announcements

Thanks to This Week’s Advertiser

GoingConcern
August 18, 2010

A quick word of thanks to this week’s advertiser on Going Concern:

• Sunshine Suites

If you’re interested in advertising on Going Concern, email us at advertising@breakingmedia.com.

Thanks!

News

Author of “Alan the Accountant” Wants Parents to Talk to Their Kids About Offshore Tax Havens

Caleb Newquist
August 18, 2010

Last week we told you about the most important contribution to children’s literature since Mother Goose, “Alan the Accountant” (download it here).

Alan the Accountant may not be the most traditional book in the “turn the page” sense but it will no doubt get the kids thinking about double-entry at an early age and you can never get the kids started on the career path too early, amiright?

After downloading this gem and reading it a dozen times or so, we felt prepared to discuss it seriously.

We had the distinct pleasure of tossing a few questions at the book’s author, Jinky Fox, to see what sort of plans he has for Alan, how he managed to skip out on his accounting career and why it’s never too early to talk to your kids about offshore tax havens.

So you planned to become an accountant but got “sidetracked into fine art.” A couple of questions related to this: 1) By “planned” does that mean you enrolled in a class, walked in and saw the people, turned right around and walked out? 2) Does getting “sidetracked into fine art” have anything to do with a) your pursuit of a sexy art student b) drugs c) walking into the wrong classroom d) all of the above.

I started an accountancy class and walked out after a year. Not because of the nightlife which was everything I subsequently found at art school and more. Accountants definitely know how to party. Rather I hadn’t been introduced to creative accounting. Now I see those figures differently. They can tell a tale as exciting as a six volume 19th century novel or a four hour black and white Swedish epic. There is an art in the numbers.

We’re still of the opinion that there was a sexy art student. Moving on…You say “The series of books planned for Alan the Accountant will help me examine the exciting world of Accountancy that I turned my back on.” This begs a few more questions: 1) “Exciting?” 2) What have you learned about the profession that surprised you and how will you get the kids interested? 3) What makes you think the accounting profession will embrace you after you abandoned it? Accountants can be a touchy bunch, you know.

Fiction lets writers and readers live different lives. We might not be able to live the life of a 17th century nobleman, but we can read Les Trois Mousquetaires. We might not be pirates but we can read Treasure Island. I am not an accountant, but Alan allows me to explore my life had it taken a different route.

Artists rarely sit on the boards of large companies, but accountants have the keys to these exciting corridors of power. Art and accountancy might seem to be unrelated but there is an unexplored link between them. This has been expressed most famously by Andy Warhol when he said, ‘Making money is art, and working is art and good business is the best art.’

Will accountants embrace Alan? I hope so, and I don’t think that a teenage indiscretion will blight their enjoyment. And anyway, it’s not too late for me to retrain.

Well, we’re on your team and despite what some might say, that’s a decent endorsement. Anyway, getting more serious…In this book, you examine the possibilities for Alan’s happiness, which include his finding of an offshore tax haven. Is this really the example that we should be setting for children? I mean do we really want to be having the “UBS conversation” with our kids at such a young age?

Offshore tax havens are an important part of life. Is it wrong for children to learn that some kids have to say goodbye to their friends and go and live on a British dependency in the middle of nowhere? No, I say! They might be the ones ripped from their beds and flown to a sweltering island, only allowed to go home 90 days a year. Life’s not all ipods and ice cream, we have to be honest!

Have it your way but don’t come crying to us when Fox News gets ahold of this. Next – Here in the U.S., accountants are nearly as revered as they are in the UK. You guys have an awards ceremony over there for crying out loud. Do you think that your book can help bridge the prestige in the UK over the U.S.?

I hope that my little book will bring accountants to the collective bosom of the people. I see a time when Alan the Accountant is the top rated kids’ show on TV. Children of all ages will dream of becoming accountants. Our universities will be so full of accountancy students they will stop teaching all other subjects. Our shops will sell out of calculators, accountants around the globe will be lauded and admired, statues will be built of senior partners and it will all be thanks to Alan.

Honestly, the idea of a Tim Flynn statue is a tad frightening but we like your enthusiasm. Speaking of…More books featuring Alan are forthcoming – what do you have planned? Adventure? Excitement? Adjusting entries?

Accountancy is a field that has not been mined for children’s books before so there is plenty of scope for stories set in the world of high finance. Accountancy is awash with slang and acronyms that are made for children’s books. Titles planned for future editions of Alan’s book include ‘My first investment account’, ‘Adventures in negative growth’ and ‘Darling, come quickly, Freddie just said his first word – EBITDA’

News
The JDA

Hey Media, Leave the Accounting To Us Mmmkay?

Adrienne Gonzalez
August 18, 2010

When Going Concern first launched a year ago, I know we heard more than a few chortles from the audience at the very idea of an accounting news site (or tabloid, depending on who you ask) because, really, how interesting can accounting be? Of course we’ve since learned that cube-dwellers, financial professionals, college kids and accounting enthusiasts are totally into what we do because no one was doing it before and someone had to.

It’s easy to forget that we’re not only utilizing this avenue to rip on obvious boneheads who try to manipulate our precious accounting (we’re talking to you, Patrick Byrne) and make fun of idiot celebrities who don’t pay their taxes but also to bring an accounting awareness to the world at large. It’s not all number-crunching and despite the stereotypes that we ourselves perpetuate, we’re also providing a service by making the obscure world of accounting digestible to non-accountants.

Which is pretty much the entire reason why other media outlets need to back off and leave the really super complicated reporting to us if they’re going to get into things they don’t understand.

Case in point, American Apparel.

The headline was really that American Apparel has been taking the active accounting defense stance lately, getting fired by Deloitte (hint if you’re not into the accounting: that doesn’t happen very often. The other way, perhaps, but the auditors very rarely get spooked and bail like that), rapidly bleeding precious capital and sort of “forgetting” to file important check-ins with the SEC. Oops. That’s where the doubt arises in “going concern doubt”.

In fairness to some media outlets, not everyone bumbled the headline. But for these two, we need to define the term “going concern.” This might be too hipster ironic, even for me.

Thanks, InvestorWords, I’m too lazy to type out this definition myself:

The idea that a company will continue to operate indefinitely, and will not go out of business and liquidate its assets. For this to happen, the company must be able to generate and/or raise enough resources to stay operational.

And then we can get into American Apparel’s future a ‘going concern’ via Marketplace and American Apparel Warns of ‘Going Concern’ via the Los Angeles Business Journal. Yeah, to clarify: that’s what we want, American Apparel has the doubt part to worry about, which was conveniently linked to directly from AA’s preliminary 10-Q to the SEC. See, it’s laid out there for you, all you have to do is read it.

Anyway, I’m not annoyed when people like Emily Chasan write stories about this stuff because she knows what she’s doing. Caleb gets away with it because he knows what he’s talking about. I stick to what I know – ripping on regulatory agencies and bitching about the general state of the industry – and pull it off. There are a ton more accounting writers I could name (Bill at CPA Success, Rick at CPA Trendlines, Francine at Re: the Auditors, Professor David Albrecht, Jim Peterson at Re:Balance, blah blah blah) but I would end up leaving out quite a few talents and I’d hate to offend anyone. Ha.

My point is that you don’t have to be one of them to get the story right. That’s all I’m saying.

The irony of this is not lost on me. I don’t wear American Apparel dammit but I half dress like this awful stereotypical hipster. Don’t ask me what to wear on CPA exam day, I stick to what I know.

Accounting News Roundup: Ernst & Young Is All Over the Emmys; PwC’s Diversity Plea; Switching SaaS Providers Should be Simple | 08.18.10

Caleb Newquist
August 18, 2010

FASB’s Tort Bar Gift [WSJ]
“In the eternal war between the plaintiffs bar and corporations, the lawsuit pack already owns the Senate andNow it seems the nation’s accountants want to give the lawyers another edge.

The Financial Accounting Standards Board (FASB) will soon begin considering whether to require companies to account for the potential cost of ongoing litigation. Supporters insist this is merely about disclosure, but the proposal would hurt investors by offering roadmaps for new litigation and bigger settlements. We first wrote about this in 2008, and FASB retreated amid a business backlash. But FASB’s revised proposal, issued last month, isn’t much better.

Take the provision requiring companies to disclose their liability insurance coverage. Lawyers would be able to target their damage requests to the coverage maximum, or launch new lawsuits in the knowledge that more insurance dollars remain. This is why judges typically insist that coverage only be divulged under a secrecy order.”

Emmy votes are in and now it’s time to start counting [Los Angeles Times]
“With the Emmy Awards just a week and a half away, Ernst & Young LLP, the accounting firm in charge of counting the thousands of votes, will now kick into high gear figuring out who will be going home with a trophy come Aug. 29.

The deadline to get ballots in was 5 p.m. Tuesday. The last vote, as always, was turned in by veteran actress Jody Carter, who actually comes down to the firm’s downtown offices to fill out her ballot in person and turn it in to Andy Sales, the Ernst & Young lead partner for the prime-time Emmy Awards.”

Judge Denounces a Barclays Settlement [Reuters]
“The judge, Emmet G. Sullivan of Federal District Court, said at a hearing Tuesday that he was concerned about the proposed deal in which the bank had agreed to pay $298 million to resolve the charges over its dealings with Cuba, Iran, Libya, Sudan and Myanmar.

“This is a sweetheart deal,” Judge Sullivan said, adding that the average American citizen who gets caught robbing a bank does not get a deferred prosecution agreement, as Barclays did.

PricewaterhouseCoopers Calls on Organizations to Manage Diversity with their ‘Heads, Hearts and Wallets’ [PR Newswire]
“Organizations that leverage diverse talent and manage diversity with their ‘heads, hearts and wallets’ will gain long-term competitive advantages, noted Greg Garrison, Partner and Vice Chairman, PricewaterhouseCoopers LLP (PwC), in a keynote speech at the 2010 Ascend Annual Gala. Ascend is a 5,000-member professional leadership organization dedicated to leveraging the potential of pan-Asians.

Though organizations typically approach diversity from three perspectives — the head, which looks at diversity academically; the heart, which view it in moral terms; and the wallet, which ties diversity efforts directly to the bottom line — unsuccessful diversity commitments often occur because organizations approach the effort from just one of those mindsets.

‘Successful leaders approach diversity using all three lenses,’ stressed Garrison. ‘Looking through these lenses, leaders must act upon what they see and anticipate what is to come to successfully shape the talent that will drive business performance.’ “

Office-Leasing Rebound Could Be Deceiving [WSJ]
“In New York, accounting giant Deloitte recently asked the city for $11 million in tax breaks that would support a consolidation of its New York offices at 4 World Financial Center in downtown Manhattan. Under the lease deal, which isn’t final, Deloitte—which now occupies some 934,000 square feet of office space in the city—would eventually move those operations into just 390,000 square feet at 4 World Financial Center, with options to expand to 630,000 square feet.

Deloitte would spend more than $90 million on building and fitting out the space with a new, more efficient design, according to its application for the tax breaks.”

IRS Probes Apple Employee for Kickbacks [Debits & Credits]
“A grand jury charged Apple’s global supply manager, Paul Shin Devine, who was responsible for selecting suppliers of enclosure materials for headsets for the iPhone and iPod. According to Justice Department prosecutors, who carried out a joint investigation with the IRS’s Criminal Investigation division and the FBI, Devine allegedly transmitted confidential internal Apple information to suppliers in China, Singapore, South Korea, and Taiwan. In return, the suppliers agreed to pay him kickbacks, including payments based on a percentage of the business they did with Apple.”

SaaS switching – should we care? [AccMan]
“In theory at least, a SaaS/cloud approach makes it very easy to switch and the cost is relatively low, provided there isn’t a huge amount of data that needs unpicking and reforming. There is no throwing away of capital investments so no need to justify the decision in the same way you would if you’d installed an on-premise solution. Service providers that offer a freemium approach or a limited try-before-you-buy arrangement may appear attractive but even then it is only as you start to iron out the wrinkles that you find where the weaknesses lay.”

Quote of the Day

Tim Geithner Will Tell You Exactly What He Thinks of Fannie and Freddie

Caleb Newquist
August 18, 2010

“This administration will side with those who want fundamental change. It is not tenable to leave in place the system we have today. We will not support returning Fannie and Freddie to the role they played before conservatorship, where they fought to take market share from private competitors while enjoying the privilege of government support.”

~ The Treasury Secretary has had it up to his coif.

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