• Accused Perot Staffer Led ’79 Hostage Rescue – The SEC will be dropping the charges due to losing all the evidence… Not really but give it time. [WSJ]
• Goldman to benefit from new OTC derivatives rules: Citi – Surprised? [Reuters]
• IRS Tells Auditors to Look at Loans by Offshore Funds – The IRS continues its role as party-pooper. [Bloomberg]
• PCAOB Issues Report On First Year Implementation of AS5 – There’s room for improvement auditors. Sounds like your personal performance reviews. [FEI Financial Reporting Blog]
Related Posts
Preliminary Analytics | 12.02.09
• SEC Steps Up Insider-Trading Probes – Healthcare and retail mergers from the last three years are getting the scope. [WSJ]
• Why accountants need to be bloggers – Tracy Coenen makes the convincing argument. [Blogging Suits]
• Catholic Archdiocese to Pay $14.4 million in Taxes to City of San Francisco – Too bad The money is already spent. [JDA]
• Wells Fargo to shut 122 branches in California – Mostly Wachovia branches that are too close to existing stagecoach branches. [Los Angeles Times]
• Whisky Makers Spend $800 Million to Age Scotch for China, India – Apparently, the Chinese and Indians are into the Glens. [Bloomberg]
Preliminary Analytics | 12.28.09
• A Modest List of Financial Analysis ‘Red Flags’ – “Patrick Byrne is the CEO” isn’t one of them but Overstock.com does get mentioned. [The Accounting Onion]
• Tax Vox’s Lump of Coal Award: The Worst Tax Ideas of 2009 – California gets its very own spot at #4. [Tax Vox]
• War on Wall Street as Congress Sees Returning to Glass-Steagall – Bank break up courtesy of Maverick? [Bloomberg]
• How the VP of Finance at Koss steals millions – “For the year ended 6/30/09, Koss had sales of $38.2 million and profits of $2 million. For the year ended 6/30/08, Koss had sales of $50 million and profits of $4.5 million. If Sachdeva stole $20 million over the last four years, that’s $5 million per year…. and far exceeds the profits for the last couple of years. How did no one notice?” [The Fraud Files Blog]
• New security restrictions could hurt airlines – As if they needed help. [Reuters]
• Black Eyed Peas Didn’t File Tax Returns for Years – Due to ‘an inadvertent oversight’. [Web CPA]
• Gee, Who WASN’T Bribed? – This involves one large process of elimination. [The Market Ticker]
We understand that the first day back after the Christmas break could be one of the worst on the entire year. Especially if you’re one of the few actually working. We’ll check in with you unfortunate souls later today.
Preliminary Analytics | 08.31.09
• Frank Said to Back Broader Fed Audits – “In an interview Friday, Mr. Paul said Mr. Frank agreed to allow a vote on the bill and to work on language that would allow the Government Accountability Office, the investigative arm of Congress, to audit the Fed’s monetary-policy operations.” [WSJ]
• Fed makes $14bn profit on crisis loans – In case anyone needed another reason to audit the Fed. [FT]
• Big Firms Are Quick to Collect, Slow to Pay – “As credit markets remain tight and banks rein in lending, corporations are being forced to squeeze more cash from their day-to-day operations at a time when revenues are slowing and the economy remains weak. ” [WSJ]
• The Savings Rate Has Recovered…if You Ignore the Bottom 99% – Dubious government stats? The horror. [Naked Capitalism]
• Raft of Deals for Failed Banks Puts U.S. on Hook for Billions – “The agency’s total exposure is about six times the amount remaining in its fund that guarantees consumers’ deposits, exposing taxpayers to a big, new risk.” She Bair, rebuttal? [WSJ]