Accounting News Roundup: Lehman Failure Was a Team Effort; Boston Provident Ex-CFO Faces Prison After Guilty Plea; Who Wants to Watch a Toxic Asset Die? | 03.12.10
• JPMorgan, Citigroup Helped Cause Lehman Collapse, Report Says [Bloomberg]
There’s so much blame to go around: Dick Fuld! Every Lehman CFO that ever worked there! JP Morgan, Citi, Ernst & Young (who we’ll get to shortly), you’re all at fault too! But mostly Dick Fuld. He was putting lots of pressure on Lehman’s balance sheet magicians to reduce the bank’s debt. The report states that Fuld was “at least grossly negligent” and if it gets worse than that, you’ll certainly hear about it.
According to the Bankruptcy Examiner’s report, there was plenty of parties that didn’t help matters. JP Morgan and Citi were demanding more collateral from Lehman as the firm tried to stave off death while E&Y sat back as LEH got all hocus-pocus with their accounting. So pick a company or person you don’t like and point the finger. It sounds like an argument can be made.
All this amounts to largest bankruptcy in history and boy will it sell a helluva lot of books, movie tickets, and HBO subscriptions. Silver lining!
• Trader faces up to 6 1/2 years in prison [Bloomberg via Boston Globe]
Former Boston Provident CFO Ezra Levy pleaded guilty to securities and wire fraud after being accused of stealing $3 million from New York-based Boston Provident Partners, LP. Levy told the judge that he used the money to pay ‘personal expenses’ although no word on what the loot was. Presumably not a fleet of limos.
• We Bought A Toxic Asset; You Can Watch It Die [NPR]
Ever dreamed of owning just a small piece of a toxic asset just watch the slow, agonizing death? Of course! Some reporters at NPR chipped in to invest $1,000 in a bond with over 2,000 bad, really bad mortgages all for the sake of journalistic interest. If the team somehow manages to make money it’s going to charity.
Job of the Day: J.P. Morgan Needs a CFO/Vice President
J.P. Morgan is looking for a CFO to lead its Commercial Credit Card business. This is a product with the Company’s Treasury Services Card Products business unit.
The position is located in the Chicago with an alternate location in New York.
Get more details, after the jump.
Company: J.P. Morgan
Title: CFO Commercial Credit Card – TS Card Products – Vice President
Location: Chicago with an alternate location in New York
Description: Commercial Credit Card is a $300 million revenue product organization within the Treasury Services (TS) Card Products business unit ($700 million revenue). The CFO of Commercial Card reports directly to the CFO of TS Card Products.
Responsibilities: Work closely with the TS Card Products CFO as a critical member of the finance lead team; Partner with the Commercial Card Product management team to manage the product P&L and create transparency into business performanceEvaluate financial results and ensure they are communicated and understood and that the appropriate actions are identified and prioritized; develop and maintain key performance measures for revenue and expense; Development of annual business plan (revenue, expense, capital and project profile); Forecast, Analysis and Reporting of ongoing monthly results including Revenue, Headcount, Direct Expense and Indirect Expense (allocations); Work closely with Controllers team to manage month end close process; Lead meetings with product and operations partners to discuss product revenues, expense plans, and current issuesHelp maintain product pricing model; Develop, evolve, and automate processes to create reporting efficiencies
See the entire description over at the GC Career Center and visit the main page for all your job search needs.
Job of the Day: VP of Financial Reporting and Fund Admin. at J.P. Morgan
The Vice President of Financial Reporting/Fund Administration postion requires someone with extensive experience with funds that are subject to the Securities Act of 1940.
This individual will oversee the preparation of quarterly, semi-annual and annual reports to shareholders and to the SEC.
Get more details on this position, located in Boston, after the jump.
Company: J.P. Morgan
Title: Vice President – Financial Reporting/Fund Administration
Location: Boston, MA
Responsibilities: Oversee the production of the Fund’s quarterly, semi-annual and annual reports to shareholders and file with the SEC; Coordinate shareholder report mailings with transfer agent or distributor; Ensure the timely completion and review of all financial statements prior to production; oversee the preparation and review of filing; Form N-SAR and N-Q; oversee the preparation and filing of Form N-CSR for all funds with SECWork with the Fund’s legal counsel and outside auditors with regard to filings, examinations, and reporting; provide Fund’s Board of Directors and Fund Management with timely, essential and accurate reporting of Fund operations; prepare correspondence for distribution to Fund management and Board of Directors when deemed appropriate; manage all financial reporting responsibilities as appropriate.
See the entire description over at the GC Career Center and visit the main page for all your job search needs.
Job of the Day: Fund Accounting Analyst at J.P. Morgan
Who wouldn’t want to get into Jamie Dimon’s house? JPM is looking for an AVP/Fund Accounting Analyst in Boston.
Check the details for this position after the jump.
Company: J.P. Morgan
Title: Fund Accounting Analyst – Supervisor
Location: Boston, MA
Description: As an Assistant Vice President in the Global Support Unit, you will be responsible for establishing and reviewing the controls of the daily operation, ensuring adherence to procedures and policies, and for providing necessary data to senior management and clients.
Responsibilities: Manage up to four supervisors, each with a staff of four to six fund accountants, senior fund accountants and support positions; Your core responsibilities include: interviewing, hiring and coordinating the training of new employees; performing salary and performance reviews of the staff; reviewing key areas of daily operations in order to ensure accuracy and compliance with procedures and controls; ensuring the completeness and timeliness of reporting to clients, outside parties, and other internal departments; assigning responsibilities and ensuring an efficient work environment; reviewing accounting related issues including posting corporate actions, interpreting tax rulings
See the entire description over at the GC Career Center and visit the main page for all your job search needs.