March 2008 - Posts
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In our M&A Roundup for the week ended March 30, there's still a pulse if one looks at certain markets — not just Indian firm Tata Motors buying Jaguar and Land Rover, but also in a credit-card deal and a blank-check acquisition. Last week's...
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Under the Treasury Secretary's proposal, the new Corporate Finance Regulator would look like a trimmed-down version of the SEC. Tucked away among the five new regulators called for in U.S. Treasury Secretary Henry Paulson's blue-sky blueprint...
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The Institute of Management Accountants forms a committee to bring the accounting-rule gripes of small companies to the forefront. Just because Jim Smith oversees the finances at a private company doesn't mean he's immune to the rules and regulations...
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Disney Enterprises will need more than a spoonful of sugar to take the medicine it was dealt by the tax court's "federalist" type ruling. Like most states, New York State permits or requires related corporations to report their results of...
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In the next quarterly filing, companies should include new disclosures for valuations of assets and liabilities marked against nonexistent markets, according to commission guidance. The Securities and Exchange Commission has sent 30 letters to CFOs, offering...
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First quarter lethargy in the U.S. reflects credit markets and economic slowdown, and a 71-percent plunge in deals by financial buyers. It's been clear for a while that merger-and-acquisition activity has been weak in the U.S. But volume in the first...
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Procter & Gamble "retrospective" compensation system takes into account the market environment and unusual events during the year. Want to create a culture that breeds higher achievers? According to Procter & Gamble CFO Clayton Daley...
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Interisland and transpacific carrier, unable to sell itself and hammered by competition, closes passenger operations and works to sell cargo business. In deciding to close its passenger operations, interisland carrier Aloha Airlines blamed its own "aloha"...
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Retiring Cisco CFO Dennis Powell leaves with this message: the key to finance is people and strategies, not just a good accounting system. At the end of the day, a CFO is only as good as the people around him. Those are the words of wisdom Dennis Powell...
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Senate Majority Leader Harry Reid last year recommended Luis Aguilar and Elisse Walter to the president to fill the empty SEC seats. The Bush administration announced late Friday afternoon that it plans to fill the two open Democratic slots on the Securities...
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Corporate users of credit-default swaps and similar instruments soon must show where they report them on their balance sheets and income statements. If you think the Financial Accounting Standards Board's new disclosure statement on derivatives doesn't...
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A class-action suit will proceed in California, but senior associates and employees in the firm's tax and consulting arms are excluded from the class. A class-action lawsuit charging that PricewaterhouseCoopers misclassifies auditors without CPA licenses...
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The second-tier auditing firm offers "the best combination of cost and quality," the company says. Grant Thornton is in as IDT Corp.'s independent auditor for the rest of its current fiscal year. Big Four firm Ernst & Young is out, a...
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Emission regulation is likely to be a reality in the United States by 2013. CFOs need to prepare a strategy for managing emission credits now . . . or watch that money go up in smoke. Even thought the US does not have mandatory carbon caps, companies...
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Directors' and officers' liability insurance coverage could be cost more and be harder to come by, according to a policyholder attorney. The subprime-mortgage mess will likely tighten the coverage and cost of the insurance policies that cover...
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A change in the application process means that starting April 1 more companies will be chasing the same finite number of available visas. American companies looking to hire non-immigrant workers from overseas to work in specialty fields, including accounting...
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The suit reportedly charges that the company deceptively marketed the securities as liquid equivalents to money-market funds and did not reveal material information about them. Citigroup Inc. is the latest financial giant to become a target of litigation...
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JPMorgan Chase quintuples its bid for its battered rival. Now for the hard part. The dramatic $2-a-share rescue of Bear Stearns was, almost everyone agreed at the time, the best way out of an awful situation. Bear was going for a song, but that was better...
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Several mega-banks are blocked by court order from pulling out of the private-equity deal. The leveraged buyout of Clear Channel Communications just might get done afterall. A Texas judge issued a restraining order that seemingly prevents the banks that...
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The credit drought continues to cast a pall over markets. The rescue of Bear Stearns has been greeted in some quarters as the salvation of the financial markets. The Federal Reserve's commitment to lend money to investment banks has revived sentiment...
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Eight-year-old action had claimed the copier maker committed accounting fraud to hit earnings targest. Xerox Corp. said it will pay $670 million, and KPMG LLP will pay $80 million, to settle an eight-year-old securities lawsuit filed on behalf of Xerox...
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What advice would you give the next president? Dear Sen. McCain: Please know that we support you by a wide margin over both the Democratic contenders combined . So if it were up to us, a Barack Obama and Hillary Clinton "dream ticket" wouldn't...
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The group that helped lawmakers write the Credit Rating Agency Reform Act says the law isn't being enforced — and worries that even better enforcement might not be enough to rebuild market confidence in ratings. Credit rating agencies could...
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Finance chiefs are viewing environmental and sustainability efforts through a new prism: profiting from saving the planet. Sustainability issues are moving from a risk management focus to a revenue generation opportunity. That is, executives are moving...
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Bankruptcy examiner says KPMG "acquiesced" to mortgage lender's deficient accounting, but that the lack of a finance chief didn't help. Allegations of KPMG's complicity in deficient accounting may lie at the center of the bankruptcy...
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