“Spongetech’s masterminds are going to prison. File that under ‘unfinished business.'”
~ Gary Weiss, on Spongetech executives who were arrested yesterday for securities fraud and obstruction of justice.
Tag: Quote of the Day
A CEO’s Reaction After Losing $8 Billion in Three Months
“Though more needs to be done, we are seeing some signs of stabilization in the housing market, including house prices and sales in some key geographic areas.”
~ Charles Haldeman, CEO of Freddie Mac. The “more needs to be done” includes additional government funds.
It’s Entirely Possible that the State of Pennsylvania Is Exaggerating Their Intelligence Gathering Capabilities
“If Pennsylvania really had Syndrome’s technology to help it zero in on tax evaders and perhaps blow them off the face of the planet, why would they need an amnesty in the first place? You’d think they would just collect the tax or vaporize the deadbeats. It’s largely a bluff.”
~ Joe Kristan, on this.
Summing Up the Feeling Inside the Big 4
“There are increasing job opportunities in the marketplace and anxiety on the inside.”
~ Bob Moritz, in the Wall St. Journal.
In Case You Are Unclear, The P in GAAP Stands For Principles
“U.S. GAAP is founded upon principles, that’s what the P is supposed to stand for.”
– SEC Chief Accountant James Kroeker arguing at a Pace University IFRS discussion that GAAP is just as principles-based as IFRS.
The Goldman Sachs Hearing – Uncensored! (Literally)
“How about the fact that you sold hundreds of millions of that deal after your people knew it was a shitty deal? Does that bother you at all?”
– Senator Carl Levin (D-MI) to Goldman Sachs’ Daniel Sparks, regarding SEC allegations that Goldman Sachs sold knowingly shitty CDOs to clients.
Sarah Palin Didn’t Need Another Reason to Dislike the IRS
“Who would have thought that the IRS would have a favorability rating a third higher than the tea party movement’s? Or that the IRS would be twice as popular as Palin?”
~ David Cay Johnston, on a recent poll that showed the IRS having a 49% favorable rating versus the former governor’s rating of less than 25% (Nancy Pelosi was 29%).
Enron on the Stage Enjoys Ironic Timing
“[It was] crudely beneficial for us.”
~ Lucy Prebble, playwright, on the timing of the economic collapse and “Enron,” her play set to open in New York next week.
CAQ to Senators Dodd and Shelby: Don’t Screw with Sarbanes-Oxley
“We are writing to urge you in the course of your efforts to reform the financial sector to resist efforts to weaken protections for investors in the Sarbanes-Oxley Act of 2002 (SOX). Specifically, we oppose exempting smaller public companies from compliance with Section 404(b) of the Act. Further, we are troubled by evidence of a proposal to roll back to an arbitrary market capitalization point strengthened internal controls requirements for larger companies that are already in compliance with the provision.”
~ The Center of Audit Quality, in a letter to Senate Banking Chairman Chris Dodd (D-CT) and Ranking Member Richard Shelby (R-AL).
Harry Markopolos Knows What to Do About Off-Balance Sheet Accounting
“[E]liminate all use of off-balance sheet accounting–for any use whatsoever. Everything must be on balance sheet.”
~ Harry Markopolos, on one aspect of financial reform.
Lehman Whistleblower on Ernst & Young’s Reaction to His Letter
“They certainly didn’t support it. On the Repo 105 issue, they knew about it; they did not appear to know that the number was so large.”
~ Matthew Lee, the Lehman Brothers whistleblower, in testimony today.
Pandering to the Teetotalers with Sin Taxes | 04.19.10
“The honest way to raise more revenue would be to raise income tax rates. But it is more politically attractive to tax these kinds of things. No one can get mad at you for taxing people who drink too much.”
~ Peter L. Faber, tax attorney, on sin taxes.