February 2008 - Posts
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For Koslowski and Swartz, a tiny speck of light appears down a long, long tunnel. New York State’s top court has agreed to hear new appeals by former Tyco International executives Dennis Kozlowski and Mark Swartz, Reuters reported, citing a court...
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The troubled auto parts maker asks for an extension in case its reorganization funding falls through. Delphi Corp. has asked for an additional two months to put together a reorganization plan without outsiders getting involved. The bankrupt auto parts...
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The GAO tears apart the federal workers' comp program, which made more than $7 million in overpayments in 2006. Two years ago, the Department of Labor amassed $13.3 million worth of inaccurate payments for federal employees in workers' compensation...
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Short-term investments were erroneously recorded as cash. Waters Corp. said it will restate unaudited financial statements for the first three quarters of its 2007 fiscal year to reclassify marketable securities on its balance sheet. The company classified...
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With the job getting tougher, one in four Fortune 1000 companies bid adieu to their finance leaders in 2007 alone. For large-company finance chiefs considering job switches, the good news is that a lot of CFO positions are opening up. The bad news is...
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Many CFOs don't want to deny shareholders the right to approve executive pay, according to a BDO Seidman survey. CFOs, the ultimate team players, might not always agree with company policies they're responsible for executing. Here, maybe, is a...
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The company plans to pull out of the London Stock exchange at the end of March. Tenneco Inc. said it will withdraw its listing from the London Stock Exchange, effective March 31. The automotive systems maker said cited the limited trading of its shares...
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Some insurers reckon they can teach investment bankers a thing or two about handling risk. With their snappy name and flashy mathematical formulae, "quants" were the stars of the finance show before the credit crisis erupted. Now the complex...
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A new ranking of corporate responsibility reports. The burgeoning "carbon neutral" and "fair trade" policies espoused by companies are more than just marketing, according to Heidi Welsh. The analyst at RiskMetrics says that the consultancy's...
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The department's "citizen's guide" to the U.S. government's official financial report — so full of weaknesses it can't be audited — sees a long-term "fiscal train wreck" from runaway entitlements, for example...
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The two groups don't agree on much when it comes to how public companies pay their top leaders. The majority of both company directors and institutional investors believe Corporate America's image has been shattered by the way companies pay their...
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Flood of red ink, including goodwill impairment from Nextel deal, is fifth-largest quarterly loss for an S&P 500 firm since 1990. Say good-bye to the dividend. Sprint Nextel Corp. reported a fourth quarter loss of $29.5 billion, reflecting a noncash...
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More than 200 new laws slated to take effect in China this year create an assortment of issues for businesses. Ng Wailun should be one happy CFO. This year, his company, Shanghai-based pharmaceuticals and skin-care products distributor Profex, will see...
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From 1997 to 2003, the fitness-center operator massively overstated stockholders' equity and understated net losses. Bally Total Fitness Holding, just out of bankruptcy and under a new private ownership, settled financial fraud charges with the Securities...
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One-time finance chief of Symbol Technologies, now part of Motorola, pleads guilty in stock-option backdating fraud case but gets probation. It looks like the former CFO of bar-code device maker Symbol Technologies has avoided the prospect of being covered...
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The PCAOB mulls whether to give more instruction for the supervision of individual auditors — and could refine the board's approach toward sanctioning audit abuses. The Public Company Accounting Oversight Board is considering whether to bolster...
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Can China's CFOs keep their companies from growing out of control? Few ways of getting around China are more harrowing than a nighttime taxi ride through the countryside. Invariably, such trips are taken at high speed. With one hand on the steering...
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Attorneys are up in arms about an IRS ruling that nixes corporate deductions for executive compensation. A recently-issued private letter ruling (LTR 200804004) signaled a radical change in the Internal Revenue Service's position regarding the nature...
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The Financial Accounting Standards Board's parent outfit gives the FASB chairman more power to rule over a trimmed-down board. By paring the Financial Accounting Standards Boards membership to five from seven, keeping the voting process streamlined...
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The PCAOB's advisory group tears apart an SEC group's proposal to give guidance to auditors and managers in defending their decisions. Accounting experts could spend days on end debating which is better: a more prescriptive set of rules (like...
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Wireless service provider reports it has an $83-million unrealized Q4 loss on its auction rate securities. MetroPCS Communications became the latest in the growing line of companies to take hits from their positions in auction rate securities. The provider...
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The former KPMG accountant and Boots finance chief tells how his financial background helps make him a better CEO. There's a long list of troubled companies, ranging from bankrupt airlines to sluggish car companies, that have asked former CFOs to...
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Vote allows Swiss giant to shore itself up against massive subprime-related losses. Shareholders helped Swiss bank UBS take a giant step toward recapitalizing and strengthening its balance sheet, as they approved a $12.14 billion emergency capital injection...
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Hugh Q4 noncash writedown, along with job cuts by the Toronto-based phone equipment giant, come as its ex-CFO and ex-controller still face Mounties' fraud complaint based on a 2004 probe. Embattled Nortel Networks this week dealt with problems for...
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The government says they failed to get evidence to support the auditor's opinion on statements at the auto parts maker. Two Deloitte & Touche partners have settled Securities and Exchange Commission charges alleging that they engaged in improper...
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