•In New York City, Fewer Murders on Rainy Days – It’s got to have something to do with those ubiquitous black $3 umbrellas. They’re like security blankets. [New York Times]
•U.S. marshals begin seizure of Madoff property in NY – Quaint penthouse, UES for those cool with living with the ghosts of charities and elderly Jews [Reuters]
•Arnie’s IOUs will pay 3.75 per cent – Ken Lewis will be making his counter-offer shortly [FT Alphaville]
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Review Comments | 07.28.09
• Phibro mum after White House slams reported $100 million payday – “Phibro LLC, the energy trading arm of beleaguered bank Citigroup, was mum Tuesday after the White House criticized a reported $100 million pay plan for its top trader Andrew Hall as ‘out of whack.'” [Reuters]
• Sprint-Nextel to acquire Virgin Mobile USA – “Sprint Nextel, the third-largest US mobile network operator, unveiled a $420m deal on Tuesday to acquire Virgin Mobile USA, the wireless phone company in which Sir Richard Branson’s Virgin Group is the largest shareholder.” [FT.com]
• House Panel Approves New Rules on Executive Pay – “Marking an important victory for the White House, a congressional committee approved on Tuesday legislation closely resembling the Obama administration’s proposal that attempts to impose new restraints on executive pay.” [New York Times]
• Baldness Not a Requirement for Working at Goldman Sachs [Daily Intel]
• Backdating Returns to the Spotlight – “The IRS released new tax guidance this month related to so-called backdated stock options. But discounted options are still not considered ‘qualified performance based compensation.'” [CFO.com]
Review Comments | 07.14.09
• HSBC Sued Over $578 Million ‘Fake’ Profit From Madoff – Simply stated, clawbacks are a bitch. [Bloomberg]
• House Health Bill Slaps 5.4% Tax on Top Earners – “House Democrats Tuesday proposed new taxes on the wealthy to help fund an expansion of government health benefits. But the bill also includes a mechanism to peel back the tax increases if the revenue isn’t needed to fund the bill.” [WSJ]
• IASB promotes ‘fair value’ rule change – “A radical shake-up of how banks and insurers report the value of financial instruments has been proposed by international accounting rule-setters in a bold attempt to resolve an intense dispute at the heart of efforts to prevent a repeat of credit crisis.” Don’t hold your breath on this. Banks won’t be down for it. [FT.com]
Review Comments | 11.10.09
• Tax Code as Swiss Army Scalpel – “It’s hard enough for the IRS to just correctly determine and collect the tax. Pelosicare is one more step in the transfromation of the IRS from a tax collector to a super-agency that shoves aside the cabinet officers nominally in charge of public policy.” [Tax Update Blog]
• ‘Unreasonable’ IRS Demands Squash Bunnymen Tour – Those wankers at the IRS have ruined November. [Web CPA]
• Ex-Managers of Bear Fund Not Guilty – Took the jury less than two days, DOJ. Try harder on the next one. [WSJ]
• GM Chairman Says IPO Timing Uncertain; Paying Debt More Important – Patience. We’ll get back to losing money for everyone just as soon as we can. [WSJ]
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