• BofA Denies It Misled on Merrill Bonuses – In other words, piss off. [WSJ]
• Swine Flu May Cause 90,000 U.S. Deaths, Report Says – We’re looking forward to hysterical 24 hour swine flu coverage again. [Bloomberg]
• Bureau of Prisons Denies Madoff Has Cancer – Chest hair removal and getting high is definitely accurate though. [DealBook]
• Philadelphia Eagles Pass on $10k Tax Credit for Hiring Ex-Convict Michael Vick – That explains it. [TaxProf Blog]
• IRS Could Target Off-Shore Hedge-Fund Investors Next ‘Expect U.S. investors in off-shore hedge funds in places like the Cayman Islands, who failed to properly report earnings to the IRS, to be the next target of U.S. tax authorities’ [WSJ]
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(UPDATE) Layoff Watch ’09: Update on Ernst & Young
In addition to the layoffs we reported on yesterday in Chicago and Dallas, we now have reports of cuts in Los Angeles, San Francisco, and Irvine. Our source on the left coast speculates that the current round can’t be too large in scope since everyone is already stretched thin.
So far it’s been in assurance only and we’re scant on details for severance so get in touch if you find yourself with some extra time on your hands or you have details on the numbers in your office.
UPDATE, Wednesday Nov 11th: Our sources are now reporting layoffs in the tax practice including the tax managing partner for the Phoenix office, and an executive director in Denver. We also have reports on tax layoffs in the Southern California offices. Per our source:
• Los Angeles: 4 that I know of. At least 1 Senior, 1 Staff
• Irvine: 4 that I know of. At least 1 staff
• San Diego: 4 that I know of. 3 Senior managers, 1 Senior.
Senior managers are reportedly receiving three months pay and A2’s are receiving one month for severance. Continue to keep us updated.
UPDATE 2, Thursday, November 12th: Twelve advisory professionals in the Pacific-Northwest region.
UPDATE 3, Friday, November 13th: Charlotte office dismissed three audit SA1’s. In the North Central region: Pittsburgh, Cincinnati, and Cleveland offices all laid off three SAs. Twenty total layoffs reported between Pittsburgh (at least three), Cincinnati (at least three), Cleveland (3), and Detroit.
UPDATE 4: Saturday, November 14th: ~5-6 audit professionals in Minneapolis and ~1-2 audit in Milwaukee.
Chicago: In addition to the ~20 layoffs we originally reported there were ~2-3 in support roles were let go.
Deloitte Shares Unique Data on How Many Bullies and Perverts Used to Work for Them
Deloitte Australia has disclosed stats on workplace misconduct and revealed how many people got punted […]
KPMG’s Report on the Atlantic Yards Project Didn’t Impress Some People
We might be going out on a limb here but it seems like a lot of studies that the large accounting firms put out don’t get much attention. There might be a press release and a mention here and there but otherwise not too much excitement.
That being said, KPMG must be thrilled that the Atlantic Yards Report is taking such exception with th lantic Yards Project:
KPMG’s Atlantic Yards market study, conducted on request of the Empire State Development Corporation (ESDC), backs up the assertion that Atlantic Yards might be completed in the announced ten years, rather than, as then-ESDC CEO Marisa Lago said in April, “decades.”
Well, not only are projections about condo values questionable, as I wrote earlier today, but KPMG’s report has some very shoddy research. Consider that the report (dated August 31) claims that Richard Meier’s On Prospect Park is 75% sold. (Only rental buildings are pre-leased.)
However, the New York Times reported September 27:
While the developers say half of the building’s 99 units have been sold, the real estate Web site StreetEasy.com documents only 25 closings through public records.
KPMG claims that the Oro Condos are also 75% sold. But just this week Crain’s reported that prices at Oro had been slashed 25%.
If you’re not familiar with the Atlantic Yards Project, you’re lucky. Let’s put it this way, it’s a $5 billion project that involves moving the New Jersey Nets to Brooklyn courtesy of Nets owner Bruce Ratner and sixteen new high-rise buildings and will be finished long after we get global accounting convergence.
So yeah, a developer’s paradise. Problem is that all the hype has transformed into a giant argument that pretty much involves everyone. As NoLandGrab points out, “if the Atlantic Yards project is so great, why does everyone pushing the project forward, and every alleged ‘study’ extolling its virtues, have to stray so far from the truth to make it appear viable?”
The obvious benefit we foresee is that the project may get rid of the worst Target on Earth but we may lack vision.
As for the Radio Station, they probably had the best of intentions when preparing their report but now, for better or worse, KPMG, who has yet to respond to our request for comment, is near the center of the rage. Enjoy.
What was KPMG smoking? Report claims 75% of Meier’s On Prospect Park has been sold; other statistics are way off [Atlantic Yards Project via NoLandGrab]
KPMG Atlantic Yards Market Study.pdf
UPDATE – July 13, 2010: Hey gang – a bit of belated correction/clarification here. Norman Oder, who writes the Atlantic Yards Report got in touch with us about our little quip about Target. He wrote to us “I know you’re trying to be entertaining, but that’s not close to true. The Target is across the road from the project site.”
So I guess our wishing out loud for the big Brooklyn bullseye to be destroyed won’t be happening (it’s not part of the plans at least) but we stand by our assertion that the Target is a hellhole and needs to be destroyed.