• Investors Dissed as Two Appointed to IASB [The Summa]
Investors appear to have been short-changed by the latest appointments to the IASB. Dr. Elke König and Darrel Scott both have corporate accounting backgrounds and represent decidedly different ideas about what accounting rules should be, according to Prof. Albrecht, “Corporations prefer flexible accounting rules so that similar transactions can be accounted for differently by companies or even by a single company. Investors prefer more rigid accounting rules so that transactions are accounted for in a uniform manner.”
Further, the purpose of financial reporting is quite different between the IASB and the FASB, “In the United States, the purpose of financial accounting is widely viewed as providing information to investors so they can make the best investment decisions. In contrast, the purpose of financial accounting under the IASB is to help companies raise capital.”
• Fixing Seasons of California Discontent [WSJ]
California is approaching the last few months of its fiscal year and that means one thing: another huge budget shortfall! The Journal reports on the State Legislature trying to fix it’s impotent ways:
Two groups are pushing ballot initiatives they say would purge that chaos from Sacramento’s budget process. A bipartisan group, California Forward, is pushing a reform to let legislators pass budgets by a simple majority instead of the current two-thirds threshold. Repair California, which is affiliated with a pro-business group, is gathering support to hold a constitutional convention to rewrite state laws. Such a convention could alter the budget process and other facets of governance in California.
California Forward would like to put a measure on the November ballot that allow the legislature to pass budgets with a simple majority but require a two-thirds majority to raise taxes. That sounds like something, plus these IOUs are just plain embarrassing:
“We just have to stop the madness of these IOUs being issued and these horrible budget delays,” said Bob Hertzberg, a former Democratic speaker of the California Assembly who is co-chair of California Forward. “It sends a message…that California is dysfunctional.”
Yeah, we’ve gotten that message; specifically about the legislature.
• S.E.C. Enforcers Focus on Avoiding Madoff Repeat [NYT]
The Times profiles members of the new SEC Dream Team where Bernie Madoff is not to be spoken, “Many here refer to the scandal…as ‘the event’ or ‘the incident.’”
It was an incident all right.
Of course, the mind-numbing bureaucracy didn’t help, “Under Ms. Schapiro’s predecessor, Christopher Cox, investigators had to get approval from the five S.E.C. commissioners to negotiate financial penalties against corporations. She lifted that restriction. Enforcement lawyers had always had to get permission from the commission to open an investigation involving subpoenas. She has authorized the enforcement division to do that on its own.”
Now that Team Khuzhami can get down to business without all the rubber stamping, we’re expecting great things. It’s not like they can get worse.
Talk about self inflicted wounds? Should the rigid immigration laws pass in the state of Arizona? Look out California–THE SANCTUARY STATE.Currently so many other states are teetering on the edge of bankruptcy, because of the illegal alien invasion. Millions upon millions of more decrepit, desperate illegal immigrant families will be heading your way? Think of it! Your utra-Liberal assembly ruling the roost in Sacramento, will have to borrow even more money from Communist China, just as our derelict political old mens club in Washington have done Your need to loan that extra cash, with astronomical interest to pay for even more “Anchor Babies” welfare. Be assured Illegal aliens know all the loop holes, to get at all that public welfare cash. and government entitlements. Arizona said enough is enough and while their own congregations of poverty stricken population, have have been cut back (just as California) on welfare subsidies to share with illegal immigrant families. The people of Arizona frustrated with the lying garbage from Washington, have taken their immigration laws into their own hands at last, while California still dishes out billions of dollars a year. We are told illegal aliens don't get food stamps, low Income housing or many other government entitlements. Why do you think Pregnant women sneak across the border, to siphon off taxpayers dollars.
* The Urban Institute estimates that the cost of educating an estimated 800,000 illegal alien school children in the nation's seven states with the highest concentration of illegals was $3.1 billion in 1993 (extrapolated to $4.6 billion in 1996 by FAIR), but this estimate does not at all take into account the additional costs of bilingual education or other special educational needs.
* It is estimated that the number of children born to illegal aliens each year is 165,000. This figure is based on the crude birth rate of the total foreign-born population (33 birth per 1000) and the size of the illegal alien population (five million).
* In 1994, California paid for 74,987 deliveries to illegal alien mothers, at a total cost of $215.2 million (an average of $2,842 per delivery). Illegal alien mothers accounted for 36 percent of all Medi-Cal funded births in California that year.
* TAKE INTO ACCOUNT THIS WAS 1994-1996. CAN ANYBODY EVEN MAKE A CONSERVATIVE GUESS OF WHAT CALIFORNIA IS DISHING OUT? DON'T EVEN THINK FOR THE ACCOUNTING OF EVERY OTHER STATE? CALIFORNIA IS BROKE.
The joke is going to be on California when countless numbers in Arizona, pack up their possession and head for the neighboring state. Perhaps Governor Richardson will welcome these lawbreakers with open arms, as we already know he issues drivers licenses to them. Of course Utah and the great state of Texas may receive additional occupancy as well, who will expediently offer them welfare like the once Golden State. It's a crying shame that foreign nation get preference over our own pregnant mothers our sick and infirm. What excuse do politicians have to sell American jobs overseas, while importing discount labor. Enact amendment to the 1986 Simpson-Mazzoli bill, don't use propaganda to say the laws were broken–when never enforced. Tell your Washington and state Senators and Representatives what–YOU–want, and not–CONSPIRE–with the special interest lobbyists? Here's the Capitol Switchboard number 202-224-3121 ONE LANGUAGE, ONE FLAG AND DEPORT–ALL–ILLEGAL IMMIGRANTS. IT CAN BE DONE WITH THE NEW GENERATION OF E-VERIFY.