November 2007 - Posts
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With bankrupt Calpine Corp. expecting to make its unsecured creditors nearly whole, it doesn't want to bother tracking down preference claims for less than $1 million. Calpine Corp. has received permission to turn its back on $80 million worth of...
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The former Broadcom executive will plead guilty to obstruction of justice for attempting to destroy evidence of an illegal act. A former vice president of human resources at Broadcom Corp. has agreed to plead guilty to obstruction of justice in connection...
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When corporations discover employee fraud, they deal more harshly with middle managers and lower-level employees than with top managers. Critics of criminal justice in countries ranging from the United States to Korea have long complained of a glaring...
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Charity begins at home for Indian companies that want to expand the domestic market. "Businessmen cannot be philanthropists," says Krishna Kant Rathi, CFO of Pantaloon, a big Indian retailer. "Our concern is profits." Absolutely, but...
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Liquidity concerns grip the banking industry. How long will they last? Write-downs of $45 billion, and billions more to come. A collapse in share prices that has destroyed even more value. The blood of two Wall Street chieftains and many more underlings...
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A second missed filing date is due to the complexity of absorbing an off-balance-sheet conduit into the German bank's results. IKB Deutsche Industriebank will delay for a second time the filing of its results for the six-month period ended September...
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The Comverse Technology subsidiary also will correct errors in expense accruals and revenue deferral. Ulticom Inc. said it will restate its financials for the fiscal years ended December 31, 1996 through January 31, 2005 to correct accounting errors,...
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A report it sent to Congress examines U.S. weaknesses dealing with abuses in transfer pricing, dealings involving tax treaties, and "earnings stripping." The Treasury Department, responding to a Congressional mandate, sent a report to Capitol...
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The distressed-debt ratio quadruples in a month's time though some signs point to a light at the end of the tunnel. Credit quality deteriorated steeply from mid-October to mid-November despite the recent actions by the Federal Reserve to stimulate...
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A crash course in real-world ethics dilemmas, now being marketed by the Big Four firm to accounting schools, generates sizable early interest. Ethics programming abounds in college and university accounting curriculums. And as normal with higher education...
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Investors couldn't care less about key executive changes at Solarfun as its share price soars immediately after the announcment. A company announces that its CFO, another key finance official, and a third executive are departing — and Wall Street...
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Delaware's Chancellor Chandler rules that any complicity in stock-option abuse, including not reporting it, could make a CFO or other executives liable. Delaware Court Chancellor William B. Chandler III, in another tough opinion in the case involving...
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Investigations in four countries are expected to drive up Acergy's tax rate. Acergy S.A., a UK-based oil services company, warned that the results of ongoing tax audits and inquiries in France, the UK, the Netherlands, and the United States could...
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"Groupthink" can result in spectacularly bad decisions, but the malady can be prevented. A plane crashes in the desert and six survivors are left to choose what items to salvage. Should they take a gun? Salt tablets? Heavy overcoats? How about...
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It's been seven years since energy giant Enron collapsed under the weight of massive fraud, but the ripple effect continues. This time it's a trio of British bankers. Just when you thought the Enron scandal was all in the past, three more participants...
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Chinese and Japanese companies are the least prepared to fend off a financial crisis, says a new study from IBM. If a major financial crisis were to hit Asia today, the chances are that globalizing companies in China and Japan will find themselves woefully...
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The former investment banker talks to CFO.com about transforming a regional start-up airline into an international carrier while juggling Sarbox, rising oil prices, and performance metrics. These are heady times for Richard Lark, CFO of Brazil's GOL...
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The debt will reportedly be secured by the bulk of the company's assets and most of its domestic subsidiaries. Dana Corp. has gotten commitments for $2 billion in exit financing, which will enable it to emerge from bankruptcy by the end of January...
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The boundaries between receivables securitizations and loans are blurring. Why does WESCO International Inc. use accounts-receivables securitization, a form of financing so closely linked to the subprime-mortgage meltdown? "Because we can,"...
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Charlie McCreevy wants to allow American private issuers to report financial results using U.S. GAAP by next year. In an act of trans-Atlantic reciprocation, Charlie McCreevy, the European Union Commissioner for Internal Market and Services, called on...
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The 3-1 decision is a bitter pill for shareholder activists who wanted to democratize corporate boardrooms. The Securities and Exchange Commission on Wednesday specifically authorized companies to deny including in proxy statements shareholder resolutions...
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After the International Accounting Standards Board hands off its rules to companies, who ensures the consistency of their application? Six years ago, the International Accounting Standards Board took over as an international standard-setter, using its...
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For the first time in years, computer crimes cost companies more money. A snapshot of the latest Computer Security Institute survey findings on computer crime shows that the average loss per company suffering a breach is up substantially after several...
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Going against the grain, the company wouldn't settle a five-year lawsuit alleging its executives should have known the dotcom boom would bust, leading to $18 billion in losses. JDS Uniphase has won a securities class-action lawsuit, which rarely get...
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To bolster its balance sheet, Freddie Mac slashes its dividend and plans to tender a big block of preferred stock. Freddie Mac announced two key moves designed to boost its capital and conserve cash in the wake of the subprime mortgage crisis. The nation's...
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