September 2009 - Posts
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Vick allegedly used plan assets to help pay criminal restitution imposed upon the football star after his conviction for unlawful dog fighting. The U.S. Department of Labor has obtained a consent judgment requiring National Football League player Michael...
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Want some of the federal stimulus money? You've got to do more than put your hand out. The $787 billion American Recovery and Reinvestment Act (ARRA), otherwise known as "the stimulus bill," was enacted in February, but funds have just begun...
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When Michael Mancuso came out of retirement to become finance chief of Computer Sciences Corp., he found a company struggling "to keep the wolf away from the door." At 66, Michael Mancuso didn't have to prove himself to anybody. After a...
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Nobel Prize-winning economist Joseph Stiglitz explains why our reliance on the GDP metric masked the economy's ill health before the credit crisis hit. One of the reasons the global financial crisis took the world by surprise may be that our measurement...
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Your office door may be closed for a good reason, but there are many better reasons to open it – and walk through it. It is certainly much easier to be a motivational leader when the news is good and there are plenty of perks to dole out. When your...
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The skills companies value in finance leaders continue to shift with the times, with strategic acumen now edging past capital-markets experience, headhunters tell the crowd at CFO Rising. For a position as important as CFO, the requirements of the job...
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One week after Dell announced plans to buy Perot Systems, Xerox says it will snatch up ACS, another U.S. outsourcing supplier. Further enhancing the status of business process outsourcing, Xerox announced today that it will pay $6.4 billion, or $63.11...
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Despite making so-called inversion transactions unattractive from a tax perspective, the IRS continues to doggedly pursue these foreign corporations with U.S. subsidiaries to curb sustained abuse. At one time, so-called "inversion" transactions...
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Buying Wachovia was strategically astute but financially messy. "Together we'll go far." Wells Fargo's corporate slogan is a pledge to its customers, but it might just as well reflect the San Francisco banking giant's optimism about...
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While PCAOB's year-one review of its revised standard for auditing financial-reporting controls offers praise, it also outlines some problem areas. Auditors mostly did a good job of complying with Auditing Standard No. 5 during 2008, the standard's first...
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Consumers have embraced Twitter and other social networking sites, but is that reason enough for companies to follow suit? What are you doing? Millions of people worldwide now respond to that question by posting text messages on the social-networking...
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Tempted to give public earnings predictions a rest? It could come at the cost of a stock-price drop. While the Dow's dismal performance in the first part of 2009 may have tempted many CFOs to go incommunicado, those who fought that impulse were rewarded...
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National Aeronautics and Space Administration, Freddie Mac, Sara Lee, Harley-Davidson, American Electric Power, Bob Evans Farms, MedCath, NCAA. President Obama plans to nominate Elizabeth "Beth" Robinson to head finance at the National Aeronautics...
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A report says most restatements made on the sly have only a minor negative effect on net income. So, were the fixes even necessary, especially in light of complaints that investors are suffering from information overload? Regulators have long criticized...
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Fewer cylinders, more GPS, backup leases, and better benchmarking, are just some of the ways fleet managers are outpacing rising costs. Paula Morisey doesn't just have a company car, she has about 6,000. As fleet manager for Xerox, Morisey spends...
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An SEC official provides some fundamental advice about handling queries from the regulator. An old-fashioned telephone conversation is at the top of the list. The Securities and Exchange Commission is extending an invitation to public companies to "pick...
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It takes methodical planning, and business unit buy-in, to pull off a successful rapid response to serious risk. But experts say the effort is worth it. How far can risk management be taken? For example, should a company with a superstar risk manager...
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Dominic Caruso fears that a government-run plan would opt for the cheapest product, not the best one. Reflecting a widespread fear expressed by many finance chiefs at the CFO Rising West conference in Las Vegas, Dominic Caruso, CFO of Johnson & Johnson...
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A young "green" truck company eschews both an IPO and venture-capital funding to keep control of its future by lining up private accredited investors. A small company offering a promising new technology needs financing to jump-start the drive...
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Bain & Co.'s Darrell Rigby says some companies have learned how to thrive during a bumpy economic ride. One week after Fed Chairman Ben Bernanke declared the recession to be over — from a technical standpoint, anyway — Darrell Rigby...
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A veteran of GE and Black & Decker, Mark Zeffiro, the finance chief of TriMas, tries to bring an intense management style to the industrial heartland. Even before the downturn, the prospects for growth in America's industrial heartland were grim...
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The computer maker's CFO calls the buy of Perot Systems an "anchor acquisition." Dell plans to buy Perot Systems for about $3.9 billion in cash to get a stronger foothold in the information technology professional services market...
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Many analysts expect that imminent defaults on commercial mortgage loans will alter deal terms. In response, the IRS issues guidance on why some changes to loans held in securitized trusts won't forfeit tax benefits. Many commercial mortgage...
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A generally accepted definition of "continuous auditing" remains elusive, and expert practitioners remain rare. Here are some tips from the trenches for getting a program going. Internal audit departments looking to start a "continuous...
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Sanmina-SCI, Interactive Data, Deckers Outdoor, iGov, Delcath Systems, CloudShield Technologies, Empire Resorts, NeuroMetrix, Omnitrol Networks. Bob Eulau is the new finance head at electronics contract manufacturer Sanmina-SCI Corp. He comes to the company...
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