CliftonLarsonAllen Just Gained 200 People
Image via CliftonLarsonAllen CLA has merged with New Jersey’s SobelCo (a firm we’ve heard only good things about) and produced the obligatory press release about the union. Shout out to Allan Koltin, the prenuptial counselor of accounting firm marriages, who helped with the deal. News release: Today, CLA (CliftonLarsonAllen LLP), the eighth largest accounting firm […]
Accountant Behaving Badly: In This Instance, CPA Is An Acronym For ‘Child Predator Asswipe’ (Allegedly)
New Jersey Certified Public Accountant and accused Child Predator Asswipe Amit Bhatt was arrested last week and charged with sexual assault and endangering the welfare of a child who is a preteen. The Bergen County, NJ Prosecutor’s Office issued the following press release on Jan. 27: Bergen County Prosecutor Mark Musella announced the arrest of […]
New Jersey Sends Erroneous Note to Taxpayers Telling Them to Pay Up, Forgets to Say Oops
Around 2,000 New Jersey taxpayers were sent a note from the state saying they underpaid their 2013 tax liabilities. OK, that happens. Thing is, they didn't actually owe any money: Meg Bracelin of Long Valley received one of the warnings. "I knew I made all of my estimated tax payments per my accountant’s instructions," she […]
Man With Deep Pockets Busted Stealing a Lot of Laundry Money
Just how many loads of laundry could one do with $460,000 in stolen quarters? That's probably not the question asked by public works inspector Thomas Rica, who pleaded guilty this week to stealing that much in quarters from the meter collection room of the New Jersey town for which he worked. “We’re dealing with the […]
Governor Christie Redeems Himself By Signing “CPA Death Penalty” Legislation in New Jersey
This from our friends at the New Jersey Society of CPAs: On January 13, Governor Christie signed legislation (A1545) supported by the NJSCPA that eliminates the “five-year death penalty” provision for CPAs and other licensed professionals. The legislation also streamlines the reciprocity process for out-of-state professionals applying for licensure in New Jersey. The bill will […]
This New Jersey CPA’s Kitschy Crib Is Amazing
The following video from the New Jersey Society of CPAs features Marty Abo, CPA giving a tour of his hilariously awesome house. This house is great because it is the complete opposite of every CPA house I have ever been inside. It's kitschy. It's unpractical. IT'S FUN. Just watch and try telling me you don't feel […]
Bright Ideas: The New Jersey Society of CPAs Is Peddling a Comprehensive Compensation Report
Can I preface this post by saying I absolutely LOVE this idea? I'm not sure how many other state societies are on board with this but they need to get their butts in gear and follow the lead of NJ stat if they aren't. With the economic recovery moving forward, the New Jersey Society of […]
Do Older Students Automatically Do Better on the CPA Exam?
A tipster would like an answer to the following: Why are the students at Thomas Edison State College are scoring better on the CPA exam than the average bears? According to Susan P. Gilbert, Ph.D., (Dean of the School of Business and Management at TESC): they are self directed, more discriminating due to age, and […]
Chris Christie *Knows* That Warren Buffett Is Man of Means and Capability
That's a nice way of putting it, anyway. New Jersey Governor Chris Christie said billionaire investor Warren Buffett, who called for the nation’s wealthiest people to pay more taxes, should “just write a check and shut up.” “I’m tired of hearing about it,” Christie told CNN’s Piers Morgan in an interview that aired last night. “If […]
New Jersey Works Out Its Big CPA Exam Application Kink
You guys remember earlier this month when we found out that some eligible CPA exam candidates in New Jersey were incorrectly rejected by CPAES, the company the NJ Board uses to process exam applications? Yeah, well, that’s fixed now.
According to NJSCPA Director of Communications Don Meyer, the current NJ regulations regarding educational requirements to sit for the CPA Exam have been and will continue to be the “law of the land” until the State Board determines otherwise.
• Under the current regulations, applicants wishing to take the CPA exam prior to earning the full 150 credit hours must earn a bachelor’s degree from an accredited college or university, take 60 semester hours of “liberal arts” courses AND take specific government, finance and business courses.
• However, due to some confusion about the interpretation of those regulations, the Board will on an interim basis grant waivers to candidates to sit for the exam if they have 120 semester hours of general college level education and a bachelors degree.
To read more, check out this update from NJSCPA.
New Jersey CPA Exam Candidates Get Incorrectly Rejected by CPAES
I’m sorry we missed this last week, I’ve been busy making arts and crafts and railing on misguided kids.
According to the NJSCPA, some New Jersey CPA exam candidates got disturbing news from CPAES when they were told they did not meet the state education requirements.
The New Jersey Society of CPAs was recently alerted that a number of CPA Exam candidates in New Jersey had their applications rejected by CPA Examination Services (CPAES) because they did not meet the education requirements. Upon further investigation, the NJSCPA learned that there has been some confusion about th New Jersey’s regulations concerning education requirements.
The NJSCPA is currently working with the New Jersey State Board of Accountancy to bring about a resolution to this situation that is in the best interests of CPA Candidates and the public. We expect to have a more detailed announcement about that resolution following the State Board’s next meeting on October 20.
At the moment, here is where we stand:
CPA Exam candidates whose applications were rejected by CPAES are encouraged to request a waiver. CPAES will hold your waiver request until the State Board makes its announcement in late October.
CPA Exam candidates who have submitted applications, but have yet to receive any type of notice from CPAES, please be advised that CPAES is holding your application until the State Board makes its announcement in late October. Any applications received between now and that announcement will be held until further action by the State Board.
The lone comment on the NJSCPA post states:
Well, this explains a lot. I applied for the exam more than 3 months ago and still haven’t heard a word. My understanding, which was gained by reading the NJSCPA, NASBA, and AICPA websites, was that in NJ one only needs to complete a Bachelor’s degree to sit for the exam. The 150 hour credit-specific requirement was always referenced to in the licensure section. I, for one, will be pretty upset if they decide to reinterpret these guidelines.
New Jersey! Why didn’t you guys tell me this?! For the record, I think I Pass the CPA Exam has the most comprehensive state CPA exam requirement page outside of NASBA’s own Accountancy Licensing Library, so if you have questions about individual jurisdiction requirements, check there also.
1. Education Requirements To Sit For The Exam:
• Bachelor degree or above with accounting concentration
• 120 semester units from an accredited university or educational institution
• Note to international candidate: NJ State Board only recognizes ECE as the only foreign credential evaluation agency for their state.2. Additional Requirements To Get CPA License:
Education:
• Fulfill 150 semester hours AND any of the following:
• Graduate degree in accounting
• MBA with
• Any graduate degree with 30 hours in accounting classWork Experience:
• 1 year of public accounting experience supervised and verified by a licensed CPA
Ethics Qualification:
• There is no need to take the CPA Ethics Exam by AICPA. Instead, you’ll need to take an ethics course offered by these providers
3. Residency & Age Requirements:
• US citizenship not required
• NJ residency not required
• Minimum age: 18
Now this might not be a big deal to anyone else in the country but I’m sure anxious NJ candidates on a deadline did not appreciate this fubar snafu. This might be an appropriate time to analyze what else CPAES “administers” on behalf of the state boards of accountancy that choose to use their services:
• Process and evaluate requests from candidates seeking special accommodations under the Americans with Disabilities Act (ADA). This involves an individual negotiation process with each candidate, including receipt of a signed agreement from the candidate
• Notify National Candidate Database (and/or candidate) of candidate’s eligibility to take the examination
• Remit portion of fees to boards, if requested
• Remit portion of fees to National Candidate Database for distribution to NASBA, AICPA and Prometric
• Assist boards of accountancy in acquiring necessary hardware and software to communicate individual candidate credit status • Hold scores of candidates with deficiencies after obtaining board approval electronically with the National Candidate Database (transmitting both data and funds) and, if necessary, AICPA and Prometric
• Assist boards in addressing and resolving any electronic communication issues involving CPAES and the National Candidate Database
• Track candidate progress from scheduling through CBT examination delivery
• Receive candidate scores from National Candidate Database
• Analyze scores and post appropriate credit to candidate records, including expiration dates
• Provide boards with score reports, including
• Print and distribute score notices to candidates after board approval
• Provide passing candidates with licensure and other information
• Answer candidate questions about score results and diagnostics
• Maintain permanent electronic files for all candidates
• Issue written, oral and electronic reports to boards
• Prepare statistical reports of candidate performance
Put into perspective, that’s a pretty big snafu if, in fact, CPAES bumbled CPA exam candidate applications. That’s a big if until we hear the final word from NJSCPA.
New Jersey Hasn’t Forgiven Ernst & Young for the Whole Lehman Brothers Thing
I mean, you know how it is, when you lose $192 million. It’s a tough thing to forget. The Journal reports that the Garden State has renewed its lawsuit against E&Y saying “Those review reports were false, as E&Y knew or should have known that Lehman’s quarterly financial statements were not prepared in accordance with [GAAP].” When reached for comment, E&Y spokesman Charlie Perkins’s voice was barely audible on a nearly worn out tape recording, “Lehman’s demise was caused by the global financial crisis that impacted the entire financial sector, not by accounting or financial reporting issues.” Wouldn’t it be nice if Chuck had Nick DeSanto sing the statement? With a rock accompaniment? At least it would liven up this story again. [WSJ]
Another Ernst & Young Employee Is Yearned for in Craigslist Missed Connections
This past summer, a comely E&Y auditor was the subject of a missed connection for “personal and professional” reasons. As disappointing as that is, we’re hopeful that we can make true Internet love happen, as another E&Y employee is the object of someone’s Craigslist Missed Connections post, which makes us wonder if the firm’s recruiting efforts have taken a turn for the superficial. Regardless, this particular encounter is of anonymous affections but is far less creepy.
I had to split up the post since our lady friend opted not to use the “Return” button. The rest of it is on the next page.
Since this was in Rutherford, we’ll go out on a limb and say that this is a Secaucus employee. If you’ve got some idea of who, what and where, help us figure out a way to get these two together. We’re trying to make some love happen, people.
[via Craigslist]
Some in New Jersey Aren’t Crazy About This Film Tax Credit Situation
A chorus of angry politicians and a national coalition of Italian-Americans called on Gov. Chris Christie Thursday to veto a controversial $420,000 film tax credit awarded to the hit MTV television show “Jersey Shore.” “The governor needs to step up for decency and veto this. If the show wants to go somewhere else, let ‘em,” said state Sen. Joseph Vitale (D-Middlesex), who said it includes negative stereotypes of young Italian-Americans. “Let us just hope against hope that New Jersey taxpayers don’t end up paying for ‘Snooki’s’ bail the next time she is arrested. What a terrible, terrible and misguided waste.” said State Sen. Paul Sarlo (D-Bergen). [NJ.com via DMWT]
Here’s a Video of 500+ CPAs Failing to Juggle
The woman who throws a small hissy-fit at 3:05 makes it all worth it.
Earlier:
So You Think Your CPA Can Dance?
Accountant with Frightening Mugshot Pleads Guilty
Remember this guy?
If you recall, Hector Sanchez swiped $40k from his church to spend in “casinos and restaurants” which is arguably the lamest thing you could do with forty large of a God’s money. What about spending it on a facial to soften that nice bone structure? Yeesh.
New Jersey Should Send a ‘Thank You’ Note to California and New York
“In the recently-released 2011 State Business Tax Climate Index, New Jersey finally moved out of its last-place ranking on that list, in part due to Christie’s veto of the millionaires’ tax he mentioned during his interview. While it still ranks a pretty dismal 48 out of 50, it proves that improvement is possible, even in a state with a tax policy legacy as historically abysmal as New Jersey’s.” [Tax Foundation]
Garden Stater Needs Help Choosing Between Ernst & Young and Deloitte
Welcome to the “Thank Tim Flynn It’s Friday” edition of Accounting Career Couch. In today’s post, we have soon-to-be Big 4 employee wringing her hands over which firm to choose in New Jersey – Ernst & Young or Deloitte. Will the wrong decision put her career on the path to ruin? [effect]
Looking for career advice? Is your integrity being challenged? Need ideas on how to woo an unresponsive accountant addicted to love? Email us at [email protected] and we’ll help you chase down the love of your life (or recommend a good lawyer).
Back to our Garden State go-getter:
I have received an offer for a full time position at both Ernst & Young and Deloitte, NJ offices. I am coming right out of college and would like to get input on which one to choose. Both of them are really great and I like the people at both places- although I can say that I felt better taken care of with Ernst & Young (they had partners calling to extend the offers and made many follow up calls to make sure they get all your questions answered.
I have been going through some company reviews for both, and it seems to be that the major complaint for EY is the salary raises and the limited opportunities for career advancement (I would like to know if this is accurate information). As per Deloitte, the main complaint seem to be the long hours- which is expected for a Big 4, however career advancement seems to be very good. – once again I would like to know if this is accurate and if it is true that career advancement is better at Deloitte than it is at EY.
I would really appreciate your help as I need to get back to these companies within a month and it is a very large decision to make.
Dear Jersey Girl,
Our knowledge about the Garden State amounts to a just a few things:
1. Medford and Byram Township seem like nice places to be from.
2. The Nets suck.
3. Pretty much anything from The Sopranos.
4. No matter how convenient it is in reality, we don’t like taking the PATH.
None of these points help you. What we can tell you is that effort made by the E&Y partners may be the tie-breaker. If everything between the two firms seem the same and the E&Y partners won big points with you, that’s who you should choose.
Now. Your concerns in the other two areas are a little unfounded. First – Ernst & Young’s most recent salary increases were better than Deloitte’s until the recent mea culpa by the Green Dot Gang so if nothing else, they’re staying competitive.
Secondly – we’re not sure what you mean by “limited opportunities for advancement” but E&Y is a huge firm with plenty of opportunities. Plus, if you want something to happen, you’ll make it happen. Doors don’t slam shut just because you choose one firm over another. Plus, the path to partner is long with a big parking lot right in front of it.
As far a long hours are concerned – this has been covered ad nauseam. You’re working lots of hours no matter what. This should not be a decision point.
As far as the specifics about the offices across the Hudson, we’ll leave that up to the peanut gallery. Help the girl out.
Accounting News Roundup: Tax Cut Political Football Goes Flat; Google’s Remarkable Tax Planning; Yes, IRS Agents Are Strapped | 10.21.10
Tax Cuts Slide To Back Burner On Campaign Trail [WSJ]
It’s a sign that a decision by Democratic leaders, to put off a vote on extending the tax cuts until after the Nov. 2 elections, may be paying off politically.
“It’s harder to write an ad portraying a vote that hasn’t happened yet,” said Brian Gaston, a former senior aide to House GOP leaders and now a lobbyist at the Glover Park Group.
Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes [Bloomberg]
Google y $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.
Google’s income shifting — involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” — helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.
TUI Travel CFO Quits After Accounting Error [Dow Jones]
In an embarrassing admission, the company said an ongoing audit for the fiscal year ended September 2010 had highlighted the accounting error in the integration of IT systems in its U.K. mainstream business that had accrued over a period of four to five years and which increased its total write-off for 2009 from GBP29 million to GBP117 million.
Chief Executive Peter Long told Dow Jones Newswires that the issue had been identified when it reported its third-quarter results but continued to investigate the matter and “only last night were we able to determine the scale of the problem.”
Banks Clueless on Foreclosure Mess Severity [Jonathan Weil/Bloomberg]
The biggest U.S. mortgage lenders and servicers say they’re putting the foreclosure mess behind them, and that it never was a major problem. The reality is these companies are so big and unmanageable, the people in charge of running them have no way to know if that is true.
One thing that remains unknowable is how many flawed home- mortgage records and foreclosure proceedings are out there waiting to be unearthed. Dozens of federal and state agencies are investigating. It’s anyone’s guess what they might turn up.
NJ man cashes $158G check IRS mistakenly sent him [Asbury Park Press]
He figured no one would notice.
For ‘B-to-B’ Companies, Finding Facebook ‘Friends’ Can Be a Struggle [WSJ]
These days, even small “business-to-business” concerns like Bill.com are experimenting with social media, perceiving the popular online hangouts as low-cost, easy-to-use venues for attracting new customers and retaining existing ones. But unlike their consumer-focused counterparts—retailers that sell smartphones, jeans, games and other personal products—so-called B-to-B businesses seem to be having a harder time connecting with their target audience.
Some IRS agents carry guns, too, agents tell UAB accounting student group [Birmingham News]
“My first day on the job, I thought, ‘Why are they carrying guns?'” said Donald Smith, a UAB graduate and special agent with the IRS-Criminal Investigation unit.
Korea wants G20 to delay accounting standard consolidation [Korea Times]
Apparently they have a say in the matter
New Jersey Appeals Court Deals ‘Devastating Loss for KPMG’ Over Malpractice in Cast Art Merger
We briefly mentioned this case on Monday but since everyone seems to have checked out mid-week, we’re sure you won’t mind.
Way back in the dawn of the Clinton Administration, some financial reporting chicanery went down at Papel Giftware, Inc. so that Cast Art Industries of Corona, California would run into the company’s outstretched arms. More specifically, chicanery that consisted of ” ‘systemic, organized, improper accounting practices at Papel.’ ” Cast Art failed in 2003 which made everyone sad/mad.
KPMG was on watch as this all went down and a jury found the firm negligent in 2008 under the Accountant Liability Act.
The bitch of it is, the KPMG partner was thisclose to pulling out of the engagement, “[A] July 2000 letter by KPMG partner John Quinn that said Papel Chief Financial Officer Rick Wasserman gave an ‘unfair and misleading characterization of the accounting and auditing issues.’ Quinn said he was ‘very much inclined’ to recommend ending work with Papel after that year’s audit, according to the opinion.”
That ‘very much inclined’ didn’t result in “we withdraw from the engagement.”
However, since the KPMG is a professional services firm with the necessary means and a reputation to protect (according to some, anyway) they appealed the ruling and on August 26th a three-judge panel of the New Jersey Appellate Division still said, “yep, it’s accounting malpractice.”
This was a thrilling result for plaintiffs who are looking to squeeze more damages out of the firm:
“This is a huge win and no matter how KPMG wants to spin it, it’s a devastating loss for KPMG,” plaintiffs’ attorney Michael Avenatti said in an interview. “KPMG’s appeal of this case may go down as Exhibit A of ‘Be careful of what you wish for.’ Now, we have the ability to go collect potentially $10 million to $20 million more in additional damages.”
Right. The spin.
A KPMG spokesman, Daniel Ginsburg, said the firm is “considering our available options” after the ruling.
“We are pleased that the court affirmed dismissal of the plaintiff’s fraud claim against us, and also reversed the jury’s verdict by ordering a new trial on the issue of damages,” Ginsburg said in an e-mail. “We are disappointed, however, with the court’s ruling on legal issues regarding the plaintiff’s negligence claim.”
Actually, not much spin there. Just one of those kiss your sister/brother moments.
KPMG Committed Malpractice Tied to Cast Art Merger, Appeals Court Rules [Bloomberg]
What if Deloitte Moved Out of New York City?
What happens when you’re the Prized Catch of the New York City real estate market? You threaten to move your operations to New Jersey or Connecticut, of course!
Per a report on GlobeSt.com: “According to IDA documents, Deloitte notes that it is ‘currently assessing options’ for its metro area real estate strategy, ‘including the evaluation of existing in New York, New Jersey and Connecticut.’”
One could assume that this is just a ploy by Deloitte to frighten the IDA into approving $21 million in tax benefits, but Deloitte – currently in four different buildings around the city – bit back with teeth:
In New Jersey, Deloitte US firms “have significant operations, including recently expanded, underutilized class A office space.” Similarly, Deloitte has more than 30,000 square feet of “underutilized” office space in Connecticut, and adds that “various other jurisdictions are being considered” for future growth.
Now before you East Village wannabe socialites and Park Slope stroller pushers freak, let’s break this down.
Deloitte isn’t going anywhere. Corporate Tax breaks are nothing new, right baseball fans?
Even if it were to move across the Hudson to New Jersey, it is doubtful the firm would go farther than Jersey City. Sure, there are comrades in Parsippany; but it would be very difficult to maintain a city presence from exit 45 off of Rte 80. But from a staffing perspective, this would be corporate suicide. What University of Texas (“at Austin” – sure, sure) graduate wants to move to New York City and Not. Actually. Be. In. New York. City?
Recruitment – shot.
Talent retention – HAHAHA.
A handful of current employees thankful their NJ Transit days are over – okay, I’ll give you that one.
Listen – in reality, this is a rather simple case. Manhattan is bleeding vacant office space; Deloitte is promising 2,100 new jobs; no one really wants to take the PATH train to work every morning. This should be a rather slam dunk case.
Unless, of course, Connecticut governor Jodi Rell catches wind that the Green Dot is looking for a new home.
For Everyone in North Jersey, Mass and Rhode Island That Squandered the Last Four Weeks Away, Your Tax Deadline Is Tomorrow
If you were (un)lucky enough to live in one of the flood ravaged counties in North Jersey, Mass, or the entire Ocean State, hopefully you remembered that your extended period of procrastination ends tomorrow.
Yes, unfortunately the last four weeks have flown by and we’re sure that some of you have managed to piss away this time not preparing your tax return. Do yourself a favor and file the extension. You’re hopeless.
Relax, here’s the form.
Some New Jersey Taxpayers Can Put Off That 1040 For Awhile Longer
Are you dreading April 15th North Jersey? Thought so. With just over a week to go until deadline, it may have crossed your minds that you should start tearing your house apart for that W-2.
Well, you can postpone the treasure hunt for now because the IRS is showing mercy on you for the Biblical rainfall that poured on the Garden State last month.
The IRS announced on Monday that they are delaying the filing deadline “for taxpayers who reside or have a business in the disaster area. This includes the April 15 deadline for filing 2009 individual income tax returns, making income tax payments and making 2009 contributions to an individual retirement account (IRA).”
The counties declared a disaster area by the POTUS include Atlantic, Bergen, Cape May, Essex, Gloucester, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, and Union and thus qualify for the extended deadline, which is now May 11th.
New Jersey makes the third state allowed a prolonged procrastination period, joining counties in Massachusetts and all of Rhode Island.
Don’t try to get cute though, Garden Staters, if you’re thinking you can falsely claim residency in one of the affected counties, the IRS will be all over your shit, “IRS computer systems automatically identify taxpayers located in the covered disaster area and apply automatic filing and payment relief.” So appreciate the compassion if you can get it but don’t get any ideas; the IRS is still watching.
New Jersey Severe Storm and Flooding Victims Have Until May 11 to File Their Tax Returns [IRS.gov]
The Fortune 100 Best Companies to Work For: KPMG #88
Last, but definitely not least, on the F100BCTWR is the House of Klynveld. We figure that if you judged the HoK based solely on the fact that it sponsors a golfer who can manage to keeps his pants on for five minutes, they dominate this list. Unfortch, Fortune takes additional variables into account out of respect for the process.
KPMG – Previously ranked #56. It’s great because, “[The] firm introduced a sabbatical program allowing employees to take leaves of four to 12 weeks at 20% of pay. Some 450 employees immediately signed up for it. Employees average 25 paid days off.” Thoughts?
Other interesting stats per the snapshot:
• New Jobs (1 year): -1,581
• % Job Growth (1 year): -7%
• % Voluntary Turnover: 12%
• No. of Job Openings at 1/13/2010: 2,700
• Most common salaried job: Senior Associate with average salary of $78,100
So the numbers aren’t so hot compared to others. Not to worry though! TF is out there rallying the troops even jumping across the Hudson every now and again just to check on everybody. What more could you ask for?
Earlier:
Ernst & Young #44
Plante & Moran #66
Deloitte #70
PwC #71
Scoping | 07.24.09
• Warren Buffett to Teach Kids About Finance in New Web Cartoon [Bloomberg]
• U.K. GDP Shrinks More Than Expected – “Hopes that the U.K. economy was on the road to recovery after a severe recession received a major blow Friday with official data showing output contracted far more than expected in the second quarter.” [WSJ]
• After Buffett Rebuff, CIT Eyes a Breakup – “Conglomerates Berkshire Hathaway Inc. and Leucadia National Corp. made a bid to buy parts of CIT Group Inc. but were rebuffed by CIT, according to people familiar with the matter, because the price was too low.” [WSJ]
• The Man Who Sank New Jersey [Forbes]
Review Comments | 07.23.09
• Dozens Arrested in New Jersey Corruption Probe – “Federal agents swept into New Jersey towns across several counties Thursday morning, charging 44 people, including three mayors and religious leaders, in a federal investigation into public corruption and money laundering.” [WSJ]
• Wall Street Journal Coverage Of Crisis Finally Gets Serious – Cankles. Page one. Yes. [DealBreaker]
• Microsoft revenue misses, shares tumble – In other news, Bill Gates is still rich. [Reuters]