Nothing is official with Becks of course but PwC has signed on as the first sponsor of England’s bid to host the World Cup in 2018.
Seriously, P. Dubs. Think about it. With the sole exception of RSM McGladrey, accounting firms are totally rejecting the “sex sells” mantra. This is your opportunity.
PWC backs England’s World Cup bid [BBC]
Archive for October 29th, 2009
Our only point is that if it wasn’t for the nice little explanation of the survey on the website, we would have assumed they had a huge room filled with survey elves working day and night.
Anyway, today GT issued its latest press release of its “national survey of U.S. CFOs and senior comptrollers”.
BDO’s managing partner Simon Michaels is emphatic. Fee income might be down 5% and profits down too, but underlying performance has been “solid”.
“When you look across the international networks, and across domestic firms, that is a pretty solid performance. Our national turnover has seen a modest contraction over the past year but that is purely as a result of lower levels of transactional and other one-off assignments.”
Plus there’s this: “In the end the firm made 10% of partners redundant [i.e. laid off] and around 8% of the UK workforce.”
Still going with solid?
Some people think so. Emily Chasan at Reuters discusses the perceived rise of accounting irregularities today:
“Corporate balance sheets may be showing signs of the wear and tear from the prolonged U.S. recession as accounting irregularities are starting to surface at growing numbers at U.S. companies.”
Okay but don’t accounting regularities happen all the time? If the economy is humming along nicely does that mean that less companies are engaging in accounting hocus-pocus? Hmmmmm.
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Taxes
Homebuyer Credit to Continue Helping People Get into Crazy Debt?
By Caleb Newquist
Maybe! The opportunity to take advantage of the current credit expires on November 30th. Luckily, the brain trust known as the U.S. Senate is all over this and is going to get a new plan in place come hell or high water.
The best part is that under the Senate’s latest proposal, the credit will now be “extended beyond first time buyers,” as reported by Bloomberg.
So, if you’ve lived in your current shack for five years and you’re looking to upgrade, you’ll be eligible for a $6,500 credit. First time homebuyers will still receive an $8,000 The new extension of the credit would be available for home purchases under contract by April 30, 2010 and close by the end of June.
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Fraud
Judge, Possibly Fearing a TP’d House, Denies Bail for Madoff CFO
By Caleb Newquist
Poor Frank DiPascali. The man’s name will be forever connected to largest Ponzi schemer (with, allegedly, the smallest penis) in history and he feels terrible about that.
Looks like DiPascali, who was a “CFO” in Ponzi World but in reality was probably just the best liar, will remain eating his meals with a spork until the end of his days.
His attorneys were trying bust the guy out so he can help investigators find a new Madoff cohort to put front and center but a judge denied bail yesterday despite a boatload of conditions:
Mr. DiPascali’s failed bail attempt came despite a new proposal presented by defense lawyers and prosecutors that included a $10 million bond, co-signed by nine people, including members of the DiPascali family, and the pledge of about $2 million in personal property. The new proposal required Mr. DiPascali to wear an electronic device that would plot his location by satellite. It also barred him from leaving home without an escort from the Federal Bureau of Investigation, except in a medical emergency.
Maybe the judge isn’t big on satellite technology but with Halloween on Saturday, it could have been a decision made on a more personal level. Those Madoff victims are a touchy bunch.
Court Denies Madoff Aide’s Request for Bail [NYT]
Deloitte has managed to keep its name out of the news lately, except for breaking ground at its version of Animal House and releasing the number of employees it has on LinkedIn.
On a more litigious note, Deloitte has managed to keep its name out of well publicized lawsuits, whether they relate to Madoff feeder funds or subprime lenders. Until now, that is.
• Doing deals between angry parties – ‘Shouting Is Good – or at Least Not Necessarily Bad’ [BBC]
• Economy in U.S. Expands for First Time in More Than a Year – There is the unemployment thing… [Bloomberg]
• Galleon paid banks millions for ‘edge’ – $250 mil just last year. [FT]
• Accountant Sentenced to House Arrest in UBS Tax Case – Stephen Rubenstein is the first UBS scofflaw to be sentenced. [AP via NYT]
• Ask the taxgirl: Donating an Engagement Ring – Somebody wants it. [Tax Girl]
Review Comments
Review Comments | 10.29.09
By Caleb Newquist• Chrysler to offer live TV service in vehicles up to 20 channels starting in December – Because we can’t squeeze in enough at home. [CT]
• Wall Street Journal closes Boston bureau – Dow Jones and Market Watch will stay for now. [Reuters]
• CFOs on the Move: Week Ending October 30 – Motorola, Nissan, Nokia all have new chiefs. [CFO]
• Not Good Enough – Gotta good job? Still need a second job? [Financial Armageddon]
• Citrin Cooperman to Merge in Carrow Doyle – Combined firm will have $80+ million in revenues and have offices in Philadelphia and New York looking to expand to Boston, and Washington. [Web CPA]