May 2008 - Posts
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A bid for a new job allegedly involved forged SEC correspondence and fake statements by a previous employer — which he claimed was his current employer. Federal prosecutors have brought criminal charges against a Florida man for engaging in a bizarre...
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Blame the subprime mess on your own bad investments, not on accounting, FASB's investor group says. Are bankers covering up their own blunders by blaming their mishaps on fair-value accounting? One investor group — an offshoot of the Financial...
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A Deloitte survey finds that many workers are leery of the career impact from taking advantage of nontraditional work schedules. Your company may have gone to great lengths to create flexible work arrangements, but that doesn't mean employees are...
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The big financing firm goes on the defensive, citing balance-sheet and liquidity improvements. CIT Group is mad as hell and refuses to take its downgrade from Moody's Investors Service without a fight. Moody's Thursday dropped CIT's senior...
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Finding no silver lining in spiking fuel costs, Silverjet is the latest airline to shut down. Silverjet didn't cite skyrocketing fuel costs as its reason for ceasing operations Friday, but it didn't need to be said. If the price of oil doesn't...
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At the end of a 40-year career in finance, Olivier Poupart-Lafarge of Bouygues reflects on lessons learned. While this year marks the retirement of several CFOs — Anthony Di Iorio of Deutsche Bank, Phil Hodkinson of HBOS and Paul Rayner of BAT,...
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The Kerviel trading scandal was bad. It could have been worse. Société Générale has been the object of much scrutiny and some mockery since news broke in January that Jérôme Kerviel, a lowly trader in an unexciting market...
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New research reveals the most popular routes into the executive suite. Marketing used to be the route to the chief executive's chair, but the world has changed. Now, says Monika Hamori, professor of human resources at Instituto de Empresa in Madrid...
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Years of planning come to fruition for the combined CEO and CFO of the first rock-and-roll theme park. Eight years after Steven Goodwin dreamed of creating the world's first rock-and-roll theme park, he can finally break out his air guitar. In June...
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New survey of S&P 500 finance chiefs shows a median 5.2-percent 2007 gain, while the boss averaged 1.3 percent. Median CFO pay increased by 5.2 percent in 2007, to $2,894,275 from the prior year's $2,752,027, according to a new Equilar study of...
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FASB and IASB join forces to seek public comment on the most basic elements of accounting — like what it means to be a "reporting entity." The Financial Accounting Standards Board and the International Accounting Standards Board are going...
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FBI, U.S. attorney, SEC charge James Gansman and an associate for illegal trades on seven deals in 2006 and 2007. A former Ernst & Young partner and an investment banker were indicted for participating in a scheme to trade on inside information about...
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Quarterly results are hurt at Sears and helped at Costco, but Wall Street is surprised in both cases. Two big retailers Thursday reported earnings that surprised Wall Street — one on the upside and one on the downside, but both related to a weak...
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KPMG International survey shows multinationals preparing for higher VAT, other levies, as global tax rates generally fall. Multinational corporations are preparing for a surge in indirect taxes from governments, according to a global survey of senior...
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Tracing CFOs' top concerns through time. "What better way to launch a magazine about strategic financial management in Europe," we wrote in our first issue ten years ago, "than to dedicate the first issue to another launch of significance...
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NIRI survey shows earnings guidance being provided by two-thirds, up from 51 percent last year. Earnings guidance may be back in vogue. Two-thirds of investor relations professionals responding to a recent National Investor Relations Institute survey...
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Their expertise may be in demand at business schools, but finance chiefs often fall flat unless they really work at it, professors say. Delivering lectures to a business-school class may sound easy compared to, say, preparing for a sensitive earnings...
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Just this week, three companies aim to shore up finances by deferring deliveries, raising prices, and cutting employees. At least two major companies made decisions this week in response to the surging price of oil, while a third is mulling a big change...
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Italy's troubled state airline takes $152m fleet-value impairment charge in reporting big 2007 loss. Italy's troubled state-run airline, Alitalia SpA, warned that it needs a recapitalization "as quickly as possible," after posting a...
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First Southwest settles with SEC after regulator claims that company intervened in auctions without adequately disclosing its positions. A Texas broker-dealer has agreed to settle Securities and Exchange Commission charges related to its practices in...
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Time to seek alternatives to China? Some CFOs think so. I was hosting a dinner of multinational executives in Shanghai recently when the CFO of a well-known U.S. company that has been operating in China for ages told me that he was about to conclude a...
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Will GE, Showtime, or Robert Redford spoil the tax-free treatment of the Cablevision-Sundance Channel deal? On May 7, 2008, Rainbow Media Holdings LLC, a programming subsidiary of Cablevision Systems Corporation, announced that it had reached an agreement...
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Wells Fargo/Gallup optimism index shows a precipitous drop, and a fifth straight quarterly decline. The pessimism among small business owners is deepening by the quarter. A Wells Fargo/Gallup Small Business Index survey conducted in April — compiling...
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In our M&A Roundup for the week ended May 25, no deal tops $1b, but smaller transactions touch all corners of the globe — mostly with U.S. interests on top. Dealmaking plummeted to a mere $2.74 billion in the week leading up to the Memorial...
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Bankruptcy move by Bay Area city reflects labor costs, shrinking tax revenue, and deficit — a common problem for municipalities. The City of Vallejo became the largest California municipality to file for bankruptcy protection under Chapter 9 of...
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