Accounting News Roundup: How Secure is SaaS?; Highest Marginal Tax Rates by State Under Dem, GOP Plans; Familiar Rich People | 09.23.10
Blockbuster Files for Bankruptcy After Online Rivals Gain [Bloomberg]
“Blockbuster Inc., the world’s biggest movie-rental company, filed for bankruptcy after failing to adapt its storefront model to online technology pioneered by rivals such as Netflix Inc.
The company listed assets of $1.02 billion against debt of $1.46 billion on a Chapter 11 petition filed today in U.S. Bankruptcy Court in New York. The company said it reached a deal with a group of bondholders on a plan of reorganization and secured a $125 million loan to finance operations.”
SaaS security: McAfee’s response [AccMan]
“One question that gets raised time and again: Is SaaS secure? The answer depends on with whom you speak. My take is that any vendor that cannot answer a set of well defined questions is probably not going to meet the minimum requirements for me to recommend a service.
Earlier today I attended a Salesforce.com presentation and among the speakers were Dell, Wells Fargo and McAfee. Both companies are deploying Salesforce and in particular its Chatter service to thousands of users. I put the question to Marc Benioff, CEO Salesforce: ‘How do you demonstrate to users that services such as yours are secure without going down technical rat holes?’ ”
Friended for $100 Million [WSJ]
“Mark Zuckerberg, the 26-year-old founder and chief executive of Facebook Inc., plans to announce a donation of up to $100 million to the Newark schools this week, in a bold bid to improve one of the country’s worst performing public school systems.”
Senate Holds Hearing Today on Lessons from the Tax Reform Act of 1986 [TaxProf Blog]
“Senate Finance Committee Chairman Max Baucus (D-Mont.) will convene a hearing [today] to examine the lessons from the Tax Reform Act of 1986 and look at ideas for tax reform that will make the code simpler and fairer, while helping American businesses compete in the global economy.”
Top Marginal Effective Tax Rates by State under Rival Tax Plans from Congressional Democrats and Republicans [Tax Foundation]
The big winner is Hawaii with California taking first runner-up.
The Richest People in America [Forbes]
The usual: Gates, Buffett, Ellison, a lot of Sam Walton offspring, a pair of Kochs and Hizzoner.