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Need a place to keep track of all sorts of different types of files? Check out Evernote.

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The New York Times has a great article introducing Evernote as a storage tool for all the stray web articles, spreadsheets and photos that don’t have a logical home otherwise.

Check out An App That Will Never Forget a File.

Here is an intro to a superb tool: …

Need a place to keep track of all sorts of different types of files? Check out Evernote.Read More »

Need a place to keep track of all sorts of different types of files? Check out Evernote. Read More »

EU issues fines for rate rigging of Euribor and Yen Libor, cousins of Libor

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The European Union levied fines on multiple banks for manipulating Euribor and Yen Libor. Those are count parts to Libor. Penalties based on legal concept of operating an illegal cartel.

Money Beat provides a recap in The European Union’s Benchmark Fines: A Breakdown: …

EU issues fines for rate rigging of Euribor and Yen Libor, cousins of LiborRead More »

EU issues fines for rate rigging of Euribor and Yen Libor, cousins of Libor Read More »

Get started blogging. Do it for yourself, even if nobody ever reads anything you ever post.

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Just the process of putting into words what you are thinking will produce tremendous growth. Actually thinking about what is going on around you, in your industry, or in the wider world will stretch you like nothing else.

Do it for yourself!

I have grown tremendously from writing on my blogs. Check out Seth Godin and Tom Peters making that point:

 

[youtube=http://www.youtube.com/watch?feature=player_embedded&v=livzJTIWlmY]

 

A few great lines: 

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Get started blogging. Do it for yourself, even if nobody ever reads anything you ever post.Read More »

Get started blogging. Do it for yourself, even if nobody ever reads anything you ever post. Read More »

Is the $13B JPMorgan settlement actually greenmail?

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Jonathan Weil compares the $13B settlement by JP Morgan to greenmail in his article, The JPMorgan Settlement Isn’t Justice.

After having read the settlement, he realizes this is worse than the typical case of neither admit nor deny guilt wording we usually see in settlements. In spite of the press releases from the government saying JPM admitted misrepresentation, the settlement and statement of facts is worded so vaguely that there aren’t actually any details of what the government believes was done wrong.

Thus, there is nothing to deny: …

Is the $13B JPMorgan settlement actually greenmail?Read More »

Is the $13B JPMorgan settlement actually greenmail? Read More »

For $13B, JP Morgan settles a slew of legal issues

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JP Morgan and the Department of Justice announced a huge settlement that covers a host of legal claims against the bank.

Price tag is $13 billion, but keep in mind that claims credit for $4B the bank separately negotiated with Fannie and Freddie. The Wall Street Journal report is J.P. Morgan, U.S. Settle for $13 Billion.

A few of the key terms: …

For $13B, JP Morgan settles a slew of legal issuesRead More »

For $13B, JP Morgan settles a slew of legal issues Read More »

Is that $13B settlement with JP Morgan justice or a travesty?

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If J.P. Morgan pays out $13 billion to settle claims over residential securities as expected, is it reasonable justice or is it unjust?

There is a divergence of opinion on that question. This post will explore both schools of thought.

Two main issues

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Is that $13B settlement with JP Morgan justice or a travesty?Read More »

Is that $13B settlement with JP Morgan justice or a travesty? Read More »

Dutch bank fined over $1B for manipulating Libor

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Rabobank, based in Holland, will pay a 774M Euro fine, or about $1.065 billion, to U.S. and European regulators.  That according to a Reuters report today:  Dutch Rabobank fined $1 billion of Libor scandal.

Regulators in Japan forced Rabobank to increase their compliance staff in Japan after the bank was caught trying to manipulate the Yen Libor.

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Dutch bank fined over $1B for manipulating LiborRead More »

Dutch bank fined over $1B for manipulating Libor Read More »

Some details firming up on that $13B settlement

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JP Morgan settled up with Fannie Mae and Freddie Mac. JPM will pay:

  • ~$1.0B for loans made by Morgan
  • ~$1.8B for loans made by Bear Stearns
  • ~$1.2B for loans made by Washington Mutual
  • ~$1.1B to buy back loans underwritten by JPM
  • ~$5.1B total package

That’s from the article J.P. Morgan Settles With FHFA, in the Wall Street Journal.

This is part of the larger $13B package under negotiation earlier this week.

My head scratching continues about why Morgan is on the hook for loans made by other banks it acquired at the urging of the feds. …

Some details firming up on that $13B settlementRead More »

Some details firming up on that $13B settlement Read More »

Sentencing dates for KPMG insider trading case

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An article in the Los Angeles Times reports KPMG auditor deserves 3 years for insider trading, probation office says.

The article covers the same ground broken by Going Concern here, which I discussed here. New information is the expected sentencing dates.

The Times article says Mr. London will be sentenced on 12-9-13. Mr. Shaw will be sentenced on 1-23-14.

Won’t be a particularly festive holiday season for either of them. Another earned consequence for both their families.

Update: See Sentencing in London CPA insider trading case set for 2-27-14

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Scratching my head over that $13 billion settlement

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I’m confused by the reports that JP Morgan is close to settling most of the claims against the bank by the federal government in return for a payment of $13,000,000,000.

On one hand…

There are several parts of the long list of Morgan scandals that fully justify punishment, in my opinion. Consider manipulating Libor or prices in the energy market as just two examples.

Since the options of either public flogging or liberal application of feathers preceded by tar are not possible with a corporation, a decent fine would be a good start.

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Scratching my head over that $13 billion settlementRead More »

Scratching my head over that $13 billion settlement Read More »

Be veeeery careful about upgrading to Evernote version 5

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I’ve been using Evernote very heavily since last December. For an accountant, and especially for a blogger, it is a great tool to clip a copy of interesting stuff in a searchable database.  I have a lot of notes.

Friday morning I decided to finally upgrade to version 5.  

Big mistake.

The notes on the upgrade looked fine. The only thing missing from the notes was a comment that the software would not work after the upgrade

I still heartily recommend accountants use Evernote. It is a great research tool. It is a wonderful way to keep track of dozens or hundreds of articles you may want to revisit.  Just think carefully before you upgrade.

After working fine all morning, immediately after the upgrade I could not clip anything and instead got errors saying the software doesn’t work with 64 bit browsers. I tried multiple workarounds and corrections. Firefox didn’t work.  Nothing fixed it. Help site only said the software doesn’t work with 64 bit browsers.  Couldn’t undo the install (all you techies are laughing as you think, you just figured that out?)

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Be veeeery careful about upgrading to Evernote version 5Read More »

Be veeeery careful about upgrading to Evernote version 5 Read More »

First hint of increased turnover in CPA firms

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Going Concern cites a report in Rosenberg MAP Survey that turnover in CPA firms increased in 2012.

The post, BREAKING: Staff Leaving CPA Firms for More Money, says turnover is up to around 16%-18% last year. It had been in the 11%-12% range during 2010 and 2011, according to the article.

I’ve been waiting to see the departures rise, but hadn’t thought the economy had improved enough to start the chair-change parade.

My guess is that when the economy finally takes off, far more than the usual amount of accountants will be looking for a new position. What do you think?

First hint of increased turnover in CPA firms Read More »