• AT&T makes iPhone U-turn – “Bowing to pressure from regulators and consumers, AT&T on Tuesday said that it would allow inexpensive internet phone calls to be placed through its networks from Apple’s iPhones.” New Deloitte associates rejoice. [FT]
• Support Builds for Tax Credit to Help Hiring – Seems like a good idea. [NYT]
• Jr Deputy Accountant Needs Your Help. Srsly. – Kidney…Not really. [JDA]
• SEC Says Frank’s Derivatives Plan May Leave ‘Regulatory Gaps’ – “Business reaction to Frank’s proposal suggests it lacks restrictions sought by critics who blame derivatives for speeding the downfall of American International Group Inc. and for exacerbating the credit crisis over the last 18 months.” [Bloomberg]
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Preliminary Analytics | 08.17.09
• What Buffett’s Firm Bought and Sold WB continues to be long on folksy yet risque analogies. [DealBook]
• US banknotes show cocaine traces – 95% of dollar bill in DC have traces of cola which we find hilarious and just solidifies any preconceived notions we had about our esteemed elected officials. Other cities that had cash with high levels of the llello are Baltimore, Boston, and Detroit. [BBC]
• UBS Tax Crackdown Widens to Hong Kong -“On Friday, John McCarthy, a UBS client in California, agreed to plead guilty to one count of failing to file an annual report to the Treasury Department. A document filed with the plea shows the tax scheme relied in part on channeling funds to a Swiss UBS account held in the name of a Hong Kong entity, the second time accounts in the Asian financial hub have figured in these cases.” [WSJ]
• BB&T Plans $750 Million Share Sale After Colonial – Things already going swell for BB&T. [Bloomberg]
Preliminary Analytics | 11.02.09
• Pandit ‘Near Death’ Cash Hoard Signals Lower U.S. Bank Profits – “The four largest U.S. banks by assets — Bank of America Corp., JPMorgan, Citigroup and Wells Fargo & Co. — have increased their combined liquidity by 67 percent to $1.53 trillion as of Sept. 30 from $914.2 billion in June 2008, before Lehman’s collapse, according to the companies’ third-quarter reports.” [Bloomberg]
• Sarbanes-Oxley 404(b): Auditors’ Reports on Internal Controls — A Shot in the Arm, or a Poke in the Behind? – “Veteran readers here know my deeply skeptical view that Sarbox was never more than a knee-jerk political feel-good exercise – going back to my July 20, 2002 column in the International Herald Tribune: ‘any legislation receiving the bipartisan margin of 97-0 is bound to be fundamentally defective.'” [Re: Balance]
• Zombies Among Us: The Mainstream Media and Financial Journalism – Are the MSM gobbling the Big 4 PR? [Re: The Auditors]
• CIT: A Different Kind of Bankruptcy? – If by different, you mean, “taxpayer money flushed down the toliet” then, no. [JDA]
• Delaware Beats Switzerland as Most Secretive Financial Center – The IRS’ busting up the whole secret Swiss bank thing probably didn’t hurt the First State’s run at double-secret probation banking Mecca. [Reuters via NYT]
Preliminary Analytics | 12.30.09
• Kansas City Fed’s Denver Branch Gives Us a Peek into the Fed’s Secret Decision-Making Process – This should explain some things. [JDA]
• Are lawsuits against CPA’s poised to spike? – “After a year of record-setting investor losses, a leading securities attorney warned that accounting firms will face a rising tide of enforcement actions and litigation in 2010, and should take steps to ensure their client relationship practices reflect recent court decisions.” [CPA Trendlines]
• Jean Stephens, CEO RSM International – The make up sex between RSM and M&P gets a little attention but alas, no mention of NG. [Web CPA]
• GMAC Set for Another Cash Infusion – According to those familiar with the sitch, GMAC is looking to get an additional $3.5 billion on top of the $12.5 bil that’s already been thrown at them. [WSJ]
• FDIC Moves to Seize Slice of Bank-Stock Rallies – “Starting next year, the Federal Deposit Insurance Corp. will ask bidders for some seized banks to offer the agency a chance to profit if the deal is well-received by the buyer’s shareholders.” If banks are going to keep failing, why not get in on this action? [WSJ]
• More ammo for the bazooka – Will the crack fiend aka the housing market score again? [Rolfe Winkler/Reuters]
• Dutch To Use Full-Body Scanners For U.S. Flights – This is one of those hindsight situations. [AP]