“We have followed the IRS regulations as they’re currently written.”
~ The outgoing BP CEO, explaining the $9.9 billion tax credit the company took in the second quarter.
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The Frank-Dodd Act Could Solve Part of the Unemployment Problem
- Caleb Newquist
- July 15, 2010
“In 2,500 pages of dense prose, we’re about to receive legislation that could better be entitled ‘The Lawyers’ and Lobbyists’ Full Employment Act.”’
~ Harvey Pitt, former SEC Chairman, graduated with his law degree from St. John’s in 1968.
The FASB Is Prepared for the Wailing and Gnashing of Teeth
- Caleb Newquist
- May 27, 2010
“[It] will not be very warm.”
~ FASB Chairman Bob Herz, on the financial services industry’s reaction to the Board’s new proposals for valuing loans and loan-like instruments at their market value.
Write It Down: No More Financial Crises Ever
- Caleb Newquist
- June 26, 2010
“[It will] help prevent another financial crisis like the one that we’re still recovering from.”
~ President Barack Obama on the financial reform bill.