I have not been posting much lately, as you likely noticed.
Took a week of vacation for our fourth visit to North Dakota. Worked a week in the office on several deadlines. Then took another week of vacation in San Diego. Considering the time it takes to get ready for vacation, I have not had much time for blogging for about four weeks now.
In addition, I’ve been on a fairly stringent news diet for three weeks. Not a fast, just a diet. That has also been quite refreshing. I am still quite aware the world is falling apart even through I don’t know much of the current details.
I’m back in the office now so can get back into my routine. Plan to resume blogging at my regular pace.
So, stay tuned!
The Feds will go after those horrible terrible bankers on Wall Street now that the statute of limitations has expired.
A bit of news about companies in the financial world that have long been called too-big-to-fail, or too-big-to-jail.
The New York Times reports a new position paper from the Department of Justice encourages federal prosecutors to go after individual employees as well as companies when there is criminal wrongdoing.
Reporting is at Justice Department Sets Sites on Wall Street Executives. The technical shift is to focus on individuals who engage in the suspected behavior as well as the company under investigation instead of focusing first on the company, settling with the corporate entity, and then considering whether any individuals were involved.
Another massive bank fiasco involving the full cast of TBTF banks, this time for Credit Default Swaps. Where is the boundary of fiascos?
I’m a bit slow on the uptake sometime. There is an entirely new, huge banking mess that I hadn’t heard about before the billion dollar settlement was announced. Another small fiasco is rumored.
Another day, another couple billion out of the stockholders’ pocket.
First the nearly $2B private settlement.
Twelve banks agreed to settle a private antitrust lawsuit. The now-admitted scheme was to manipulate credit default swap rates. Those are deals to cover the loss if a bond defaults.
Here are a few changes in labor law likely in the near future and a couple more on the distant horizon.
Nearest are proposals to make more people subject to overtime pay and classify more people as employees instead of independent contractor.
You can find more info from Accounting Today: Labor Department Driving Changes Accountants Need to Know About. (Cross-posted from my other blog Nonprofit Update.)
A group of CPAs in France believe there is so much value in the Andersen brand that they have formed a new consulting firm which claims worldwide rights to the name.
The firm will launch in 2016. They will do consulting but no audit or tax work.
After delaying their earnings announcement a while, Toshiba announced a ¥224.8B pretax write-down for accounting irregularities which hits net income for ¥155.2B.
That would be US$1.87B pretax and US$1.29B after-tax. Even if those amounts don’t increase that means Toshiba has out Olympused Olympus at $1.7B.
The now-admitted fraud ran for seven years, not the six previously mentioned.
The view inside a Deferred Prosecution Agreement is not pretty. Selling airplane parts to Iran edition.
I’ve taken a look inside one of the hundreds of Deferred Prosecution Agreements that the current Department of Justice has negotiated with corporate felons. It is not a pretty sight.
The value for me in looking at this particular DPA is the admitted criminal behavior is on a small enough scale that I can actually wrap my little brain around the situation.
This particular DPA has been denied by a federal judge instead of getting his automatic rubber stamp approval. The DoJ and now-confessed felon both appealed. The case will soon be heard on appeal. There are ripple effects if the judge’s denial is ratified at appeal.
There is an old saying you should never look at how sausage or legislation is made. Reason is the details can turn your stomach.
Here is what I’ve learned of this particular sausage making effort:
8/8, print edition – Wall Street Journal – Corporate Prosecution Deals Headed for a Legal Test / Justice Department worries judges may gain sway over agency’s pacts with firms under criminal investigation