Review Comments | 06.25.09

• Dispute with E&Y forces Vantis delay – Accountants arguing against auditors. The incestuousness is making us sick. [FT.com]
• UBS to Give 4,450 Names in Settlement – “[The IRS] said the criteria used to select the 4,450 accounts to be turned over is being kept confidential.” [WSJ]
• Scholes, Merton Says Banks Should Value Assets Better [Bloomberg]
• BBVA Likely Winner for Guaranty – “According to people familiar with the auction, the most likely scenario is that regulators would seize Guaranty’s banking unit, Guaranty Bank, and then sell all or most of it to the winning bidder. That is similar to the government’s handling of Colonial Bank, the Colonial BancGroup Inc. unit that failed last Friday and was sold to BB&T Corp.” [WSJ]
• Business to fight SEC director nominations – The most shocking new of the day. [FT.com]
• Citigroup’s Asset Guarantees to Be Audited by TARP – Yesterday’s victims. Here you go. [Bloomberg]

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• It’s Official…Accountants are Normal – This woman is looking for an accountant. This could be you. Okay, probably not. [Accounting Nation]
• Postal Clerk Admits $600,000 Stamp Theft – Beats the hell out of using an AK on the co-workers isn’t it? [WP]
• Madoff Feeder Will Auction Assets “Tremont Group Holdings Inc., which lost more than $3 billion in client assets through investments with Ponzi mastermind Bernard Madoff, has reached a deal to auction off the bulk of its remaining hedge-fund assets.” [WSJ]
• RIP, Colonial Bank, and good luck BB&T [JDA]
• Auditor Independence: Will “Crisis” Cause Compromise? [Re: The Auditors]

• Are Most CEOs ‘Wusses’? – Discuss your favorite. [WSJ]
• Panzner on Goldman Sachs’ “Smart” Money – Thanks to the folks over Goldman Sachs 666 for the plug on AG’s two-part interview of Michael Panzner [Goldman Sachs 666]
• Coke in US family doctors alliance – Since it’s the soft drink they’re talking about it’s even weirder. [FT]
• FASB Gets Practical on a Fair Value Problem – “FASB’s Accounting Standards Update 2009-12 amends ASC 820-10 Fair Value Measurements and Disclosures to clear up uncertainty about how to measure fair value of investments in certain entities that calculate net asset value per share. The guidance is intended to shore up diversity in how investors estimate the fair value of alternative investments such as hedge funds, private equity and venture capital funds, real estate funds, offshore fund vehicles, and funds of funds.” [Compliance Week]