September 2007 - Posts
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Accountability investigators say Congress could increase the deterrent for late-filing companies and other abusers, while boosting revenues. Companies that file tardy tax returns – or don't file at all – could face larger penalties than in...
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Changes to a rule intended to help small private companies with financing could result in discouraged businesses, according to attorneys. Participants in a Securities and Exchange Commission roundtable criticized proposed rule changes that the SEC claims...
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In our M&A Roundup for the week ended Sept. 23, transaction values nearly tripled, thanks to four billion-dollar-plus acquisitions. Dealmaking experienced a bit of a surge last week, nearly tripling in value to $12.69 billion from the prior seven...
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The company jettisons the firm because Former SEC chairman Richard Breeden and Breeden's associate L. Edward Shaw oversee the Big Four firm's prosecution agreement and sit on the company's board. H&R Block reported that it ha dropped its auditor,...
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Banks face up to a new—and chillier—environment. A huddle of emperor penguins, clustering together to ward off the Antarctic cold, swirls slowly, forcing birds in the middle of the group towards the frozen outer ranks. In the same way, continuing...
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Lawsuits that allege destruction of evidence and a breach of confidentiality leave the airline finance chief temporarily relieved of duty. Mesa Air Group placed Chief Financial Officer George Murnane III on administrative leave while it investigates issues...
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How companies are using the idea of speed dating to get closer to investors. Investors look forward to research from Dresdner Kleinwort strategist Albert Edwards as much for its humour as its financial insight. One popular note mixed Edwards' thoughts...
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Despite scrutiny and a crackdown on fraud, securities class-action litigation filings are rebounding. When William Lerach, the class-action lawyer who won more than $7 billion for Enron investors, plead guilty this week to criminal conspiracy charges...
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Company says it simply cannot figure out U.S. GAAP revenue recognition rules, and will stop trying. NEC Corp. says it is stumped by U.S. accounting rules for revenue recognition and has given up trying to comply with them. The Japanese electronics giant...
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The student-loan company responds to reports that proposed buyers have been saying that the conditions of the previously agreed-upon deal might not be met. Sallie Mae has gone on the offensive to make sure its agreed-upon $25 billion buyout is completed...
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The House of Representatives passed an extension to the Terrorism Risk Insurance Act which would expand the program until 2022. Two days after the Bush Administration said it would veto an extension of the Terrorism Risk Insurance Act, the U.S. House...
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While the company sorts out backdating problems, a Wall Street shark circles. BEA Systems said the NASDAQ Stock Market has given it until November 14 to file its delinquent financial reports with the Securities and Exchange Commission, or face delisting...
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Investors are divided over whether the current liquidity crunch represents a short-term event or a structural crisis, a Greenwich Associates study finds. Institutional investors have grown fed up with structured financial products and fixed income products...
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The 17th-century business world revealed in Samuel Pepys's famous diary is not so far removed from our own. "Most happy in the keeping of all my accounts, for that after all the changings and turnings necessary in such an account, I find myself right...
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The components maker won't face fines or penalties, but is ready to shell out attorneys' fees. Jabil Circuit said it has settled a derivative lawsuit stemming from the backdating of stock option grants to certain members of senior management. The proposed...
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A securitization scheme results in civil charges for three former auditors of a now defunct factoring firm. The securitization fraud that is partly responsible for putting a financial services firm out of business is now causing problems for that company...
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Erin Callan is promoted, as current finance chief O'Meara will heads up global risk. Lehman Brothers has shaken up its finance department. The investment bank said that Chief Financial Officer Chris O'Meara will assume the role of global head of risk...
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A $385.4-million LBO by Michael Eisner-led Tornante and Madison Dearborn wins holder approval. A long battle for control of Topps Co. ended quietly, with shareholders approving the $385.4-million leveraged buyout by Tornante Co. LLC, which is controlled...
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The headhunter's optimism suggests job churn for CFOs. Touting bright prospects for executive recruiting in general and for its own growth in particular, Heidrick & Struggles International reported on Thursday that it would begin paying a dividend...
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In the five years since Sarbanes-Oxley was enacted, the percentage of accountants sitting on board audit committees has doubled, according to a new report. Accountants are apparently making inroads on corporate board audit committees. Over the past five...
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Hanover Insurance CFO resigns after 3 weeks on the job. The former Keane Inc. finance chief cites personal reasons. John J. Leahy resigned as executive vice president and CFO of Hanover Insurance Group Inc. after less than three weeks on the job, citing...
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Chief information officers see funding limits as one of the biggest barriers to pursuing ambitious IT projects, according to a recent Accenture study. With several studies over the past three years showing that chief information officers regard business...
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Private equity's voracious appetite for financial talent is opening new doors for CFOs, if they can stomach the risks. It is often said that making changes at a large company is like turning around an ocean vessel: a long, slow process. Harry Morley knows...
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Bloomberg story cites two sources as saying the SEC wants to depose the CEO in its options backdating case against general counsel Nancy Heinen. The Securities and Exchange Commission has subpoenaed Apple Inc. CEO Steve Jobs to give a deposition in the...
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The new Meadowlands stadium won't qualify for tax-free status. The privately-funded stadium that is currently being built to house New York City area's two professional football teams is apparently not so private after all. It turns out that taxpayers...
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