Related Posts

Weatherford CFO Not Taking $500 Million Accounting Error Well; CEO Slightly More Upbeat

WTF WFT CFO Andrew Becnel needs a hug:

Weatherford International Ltd. Chief Financial Officer Andrew Becnel called a $500 million accounting error disclosed by the oilfield-service company late Tuesday an “embarrassment,” the damage of which is “impossible to quantify.”

But you know who’s taking this whole snafu in stride? CEO Bernard Duroc-Danner that’s who! BDD told investors on a conference call today that nothing is fucked and that this will all be yesterday’s news in no time:

Chief Executive Bernard Duroc-Danner said there is no risk of a U.S. government investigation or of any tax penalties or fines related to what he characterized as a mistake in calculating the tax rates on dividends moved from one subsidiary to another.

Geez. Give the SEC some credit wouldja? Just because they missed a few things here and there doesn’t mean they won’t ask any questions about your material weaknesses.

Weatherford Finance Chief Calls Accounting Error an ‘Embarrassment’ [WSJ]

Florida CFO: Office Supply Czar will Oversee Paper Clip Exchange

Of course! It didn’t even occur to us that Florida CFO Alex Sink would be far too busy running for Governor to oversee the new CFO Depot. Accordingly, as is the rage in politics these days, there will be a Office Supply Czar to overlook this little treasure of savings.

Not only does the video below inform us of this new critical position in the Florida government, the exact number of paper clips that were counted is made known: 402,419.


When you think about it, the appointment of a czar is a natural progression in the bureaucracy. If there is a specific problem (e.g. an overabundance of paper clips) appointing one individua to get on the problem like stink on a monkey is the best way to address said problem. The creation of a committee, while tempting, has run its course. Why appoint a team of 10 – 12 individuals to talk about a problem when you can get one person (with the appropriate qualifications) to make the solving of the problem their sole purpose for being on Earth?

The BNY Mellon CFO Isn’t Mad at Andrew Cuomo…

…just disappointed about Andy getting all sue-y over BNY Mellon’s Ivy Asset Management’s involvement with Berns Madoff, which will result in more money going to – SHOCK – lawyers.

Bank of New York Mellon Corp.’s (BK) Chief Financial Officer Todd Gibbons told investors Wednesday that the company is “a bit disappointed” about the New York Attorney General’s decision to file a law suit against the bank related to Bernard Madoff’s Ponzi-scheme.

But as a result of the suit, and the current environment more broadly, legal cost are expected to run higher, the CFO said at UBS AG’s (UBS) Global Financial Services Conference in New York.