Even though lots of you are beyond help but regardless, we’ve heard that P. Dubs hosts dining etiquette get-togethers in order to teach you heathens how to use a napkin, leave your feet off the table, not to lick your plate when finished, etc.
Never having the pleasure, inform us and our less dignified readers about your experiences at these or similar events so we can all learn something.
And for God’s sake, if you’re going to one of these events this week, we’ll remind you of our only advice: wear pants.
Interview Questions Thread
There is lots of talk about interviewing going on this week so we’ll run a thread on questions that you recruits might be getting or are getting. Hopefully this first question isn’t “Where are your pants?“
Most firms, regardless of size, seem to ask the same questions, so if you feel inclined, tally the cliché ones in the comments. You’ll get more interesting responses here anyway.
But also feel free to submit questions that you are asking your potential employers and their less-than satisfactory responses. This will most certainly be the place where you can ask the questions you want to ask and you’ll get honest responses from our brilliant readers. Do your worst.
Get Your Fix
![]()
Check out the latest updates on this week’s layoffs. And Bubbles is our favorite junkie.
That is all.
Joe Francis Can Now Get Back to ‘the Business at Hand’
A judge has convinced ‘some brilliant legal minds’ and prosecutors with some slimy witnesses to reach a plea agreement in the Joe Francis tax case.
Francis’s original plan to argue that anything related to topless girls was obviously a ‘business expense’ was apparently too confusing for prosecutors to understand.
The defense attorneys also must have realized that Judge James Otero may have been on to something when he suggested that they settle before trial.
More, after the jump
AP:
Otero told prosecutors during a hearing earlier this summer that they should consider resolving the case before it went to trial. He had also questioned Francis’ ability to control himself in the courtroom during the trial, nearly sending him to jail when he learned that Francis had taunted a prosecutor.
Definitely a shocking revelation that Joe Francis wouldn’t be able to control himself, being the purveyor of class that he is. However, perhaps we judge to quickly as it sounds like he has grown through this whole ordeal, which included nearly a year in jail:
“The one thing I’ve learned about myself during this process is that I can be a difficult client, but they are a fantastic group of brilliant legal minds who recognized the truth when they saw it and had the passion to care about what happened to me,” Francis wrote in his statement.
The truth has been recognized, friends. We can all comfortably move on.
Plea deal ends ‘Girls Gone Wild’ founder tax case [AP via TaxProf Blog]
Grant Thornton Will Now Let You Tell Everyone How Great the Weather Is
We’re happy to report that the generosity at Grant Thornton continues. We found out earlier in the week that those of you that did something special, which may or may not involve an outift that wasn’t of your choosing, would be included in GT’s small bonus pool.
According to a tip we received, The Baumer and Co. has now decided that those of you that remain will be rewarded with the ability to make banal status updates at work:
During the experienceAugust all-personnel call, Ed Nusbaum announced the firm’s plans to open access to several external Web sites from Grant Thornton’s network. These sites include social networking and personal email sites such as Facebook, Yahoo! Mail, Gmail, and MSN Hotmail.
I am pleased to announce that access to these sites is now open.
This unexpected show of appreciation is almost overwhelming. As a tribute, leave cliché responses to this latest development in the comments. In this particular case, the more cliché, the better.
Preliminary Analytics | 09.24.09
• Omaha’s Oracle of Style Sings the Praises of a Chinese Suit – And probably will take the opportunity to spread the folksy seed around. [WSJ]
• Employee of Perot Affiliate Charged With Insider Trades on Takeover Talks – “[Reza] Saleh began buying call options, which give the holder the right to buy stock at a specific future time and price, between Sept. 4 and Sept. 18, according to the SEC complaint filed in U.S. District Court in Dallas. Around that time, several Perot executives and board members, including Mr. Perot, became aware of the takeover negotiations, the SEC alleged.” [WSJ]
• Acorn Sues Over Video as I.R.S. Severs Ties – And the Fox News grave dancing begins…[NYT]
• CFOs plan to invest in technology – When the economy recovers, sayeth Bob Half. [Washington Business Journal via DBJ]
• Microsoft says no plans to buy Electronic Arts Yet. [Reuters]
• The beginning of the end of meaningful regulatory reform – Banks 1 gazillion, Congress 0 [Felix Salmon/Reuters]
Review Comments | 09.23.09
• Audit by Ernst & Young says RSK MiG worth only 3.5 cents – Someone remind us why the Cold War such a big deal? [Russia Times via Alert 5]
• Celebrity Tax News: Floyd Mayweather, Jim Thorpe – Floyd paid over $5 mil, Thorpe’s looking at two years. Nice work fellas. Hire an accountant you dolts. [TaxProf Blog]
• Under The Right Conditions, Imagine How Masterfully This Guy Could Massacre A Food Eating Challenge – Hizzoner can put the wieners away but is a calories counter. No word on any refunding. [DB]
• Palin Addresses Asian Investors – What “investors” are listening to her? Let’s pretend that this didn’t really happen. Great. [WSJ]
• How to Answer an SEC Comment Letter – Submit your suggestions in the comments. Cap it at three words you chatty Cathys. No more, no less. [CFO]
(UPDATE) Rumor Mill: Small Firm Doesn’t Want You to Start Just Yet Either
Telling new associates to get comfortable is apparently contagious. A tip we just received informed us that a local Bay area firm, Frank Rimerman & Co. is deferring start dates for new hires from September to July January 2010.
Our suggestion is to starting pwning noobs*.
*The first definition you sick bastards.
KPMG Is Probably Happy This Guy Left Prior to Getting Really Creative
A former KPMG partner has pleaded guilty today to conspiracy charges related to tax shelter scheme.
According to the WSJ, “[Robert] Pfaff is currently serving a 97-month prison sentence after he and two others were convicted on tax evasion charges last year in a case once billed as the largest tax-shelter fraud case in U.S. history. In that case, prosecutors had alleged that Pfaff and another former KPMG employee left KPMG in 1997 and formed an investment adviser known as Presidio Advisory Services, which was little more than a ‘tax shelter mill’.”
Doesn’t ‘tax shelter mill’ sound like a wonderful place of capitalistic creativity and entrepreneurship where things just magically happen and you don’t why or how? Sort of like a financial Charlie and the Chocolate Factory? The kind of place where you wish you worked?
Ex-KPMG Tax Partner Pleads Guilty In Tax-Shelter Case [WSJ]
Your Hire Date is Delayed, Now What?
Inspired by recent events which I shall not get into here because of CPA Wrangler/client privilege, I figured now might be the time to do a quick “how to survive if you thought you were starting with the Big 87654 but suddenly won’t be until 3 quarters from now” refresher. Here you thought you got a sweet gig and now it’s all about making it until your delayed start date.
First and foremost, you’ve got your parents. They might have even put you through school. Your Dad may have called me at the CPA Factory asking if he could put your CPA Review course on his credit card (awww what a nice guy). Maybe they aren’t totally disappointed in you yet and haven’t lost their savings to Alan Greenspan’s bubble fixation. Whatever the situation, you should know by now that this is the first place to tap for extra cash, not your couch.
More, after the jump
Secondly, maybe the Universe is trying to tell you something. Is this really what you want to do with your life? Public accounting? Really? No one’s saying you’ve got to have a spiritual awakening or anything but maybe this is the time to evaluate the direction your life is trying to take. If nothing else, take it as a sign that you could use a Sabbatical.
Let’s not forget that you should be employable somewhere else. So instead of sitting around on the Xbox 360 eating ramen until you show up all pretty and polished for your first day at the Big 87654, go shop your shiny ass to other firms who might have the cash to cover your paycheck. If you’re looking for an easy way to meet the experience requirement and get your CPA and are lucky enough to have a trust fund, you’re totally fine sitting around pwning 12 year olds at Halo. But if you actually want to be an accountant for the rest of your life, go out there and sell yourself to a smaller firm who might appreciate your skills, not leave you waiting like a bad Craigslist blind date.
The last thing to keep in mind here is that sometimes it really is not you but me. Firms are scrambling to keep the quality staff they have and replenish the stock that are moving out of public accounting; take advantage of this. As we pointed out here on Going Concern already, don’t trip on the recruiters, they might be out of a job in a few months. It’s a bloodbath out there so slap on your gloves and try not to get any on your nice blue tie.
And if things get really bad, you can always froth lattes at the local coffee shop for the next few months. Give me a discount on my quad black eyes and I’ll tell you what *I feel* might be on the FAR exam next window *cough*
Hang in there, kids!
(UPDATE 4) KPMG Layoffs Follow-up
There are several cities where we can confirm layoffs but total numbers are hard to come by and KPMG is not returning our calls/emails at this time. Here are cities that we definitely know got hit:
• Chicago – At least five in Int’l Tax. At least one in financial services tax.
• Denver – Transaction Services
• Kansas City – Six to eight in Tax
• Houston – Transaction Services
• San Fran – Five in Fed Tax
• LA and OC – Several comments report ten to twelve in tax for LA, five for OC
• DC/Tyson’s Corner/McLean – Between five and eight total in tax and advisory.
• Silicon Valley – Thirteen total. Five to Seven Mostly in Tax, possibly some in EVS and one in Transaction Services.
• Seattle and Portland – Two in Tax for each
• Salt Lake City – Three in Tax
• Detroit – Three to five in Tax
• Jacksonville, FL – Two in Tax
• New York – Three in the transfer pricing specialty group in the tax practice. Three in the real estate practice. According to our source, these were performance performance related.
• Boston – Two in Fed Tax and one in M&A
• Nashville – Two in Tax
• Tampa – Two in Tax, one manager and one SA
We haven’t been able to confirm much out of the New York office, although it sounds as though Transaction Services has had some cuts. If you’ve got new details on any city, let us know.
UPDATE: See updates above. Altogether it appears to be over thirty-five in the west alone. Continue sending us updates.
UPDATE, Thursday, 11:54 am: Information is still crawling in. We heard that the number of nationwide layoffs for Advisory was 50, including 20 in the NY/Boston offices but we’re still waiting on more information. Continue to send tips in and make sure you note which office you’re in. Oh, and apparently the Dallas office needs SA’s in audit.
UPDATE, Friday, 12:30: Still a few tips coming (see updates above) in but it seems the worst (hopefully) is over.
UPDATE, Monday 3:04 pm: Just a couple more updates above for Nashville and Tampa.
Thanks to This Week’s Advertisers
A quick word of thanks to this week’s advertisers on Going Concern:
• De Beers
• Soul Calibur 4 PSP
If you’re interested in advertising on Going Concern, email us at advertising@breakingmedia.com. Thanks!
