Deloitte CEO Joe Echevarria and former President Bill Clinton at the Middle Market Perspectives Event in New York.
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Compensation Watch: Deloitte Tax Sets a Date
- Caleb Newquist
- August 9, 2010
Rejoice Deloitte Tax Troops. Your wait is nearly at an end, although from the sounds of it, you might be disappointed:
Word from our office tax managing partner has been that the compensation pool for raises is about 4-5%, which I think is going to make a lot of people pretty unhappy. But I guess with all the rumors out there and with Deloitte being the last of the Big 4 to release comp numbers, they decided to hold this forum. I’m expecting the same song and dance (weak revenue, highlighting all the other benefits besides comp) to try to stem the tide of people leaving. Since January, we’ve lost about 15 people (at all levels) out of about 110 in our office tax practice, and I doubt the news regarding comp will keep others from jumping ship.
Who: All US Employees
What: Overview of FY11 US employee compensation, including:
• Review the objectives and strategy of our compensation program
• Review the components of compensation
• Review the FY10 annual incentive plan
• Review the Tax compensation process and next steps
• Answer your questionsWhen: Tuesday, August 17, 2010
Time: 8 am to 8:30 am –regional compensation town hall
8:30 to 9:00 am -optional local office debrief with practice lead
Depending on how the town hall goes, the “optional” debrief could be an extremely interesting discussion. If audit or advisory have receive similar communiques, send them our way and we’ll continue to keep you updated on the countdown.
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Outgoing Deloitte CEO Cathy Engelbert Is Going to Be Commissioner of the WNBA
- Jason Bramwell
- May 15, 2019
For those of us wondering what Cathy Engelbert is going to do next once her […]
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Lawsuit Against Deloitte Gets New Life
- Caleb Newquist
- October 29, 2009
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.
According to AM Law Litigation Daily, a judge in Seattle has allowed a revised lawsuit to proceed that lists “Washington Mutual officers and directors, underwriters, and the auditing firm Deloitte & Touche” as defendants.
The revised lawsuit was trimmed down to a “concise” 267 pages from the original 388 that the judge described as “verbose” and “disorganized”.
The plaintiffs allege that “offering documents contained “materially misstated financial returns for WaMu” and that “offering documents contain false or misleading statements as to WaMu’s internal controls”.
Specifically — without getting into too many gory details — the plaintiffs say that WaMu did not have a sufficient loan allowance in a “manner commensurate with the quality of its home mortgage products” and that their “Loan Performance Risk Model” that determined the allowance, was basically bunk.
Deloitte, as the auditors, was supposed to call WaMu on all this shoddy work and the plaintiffs aren’t satisfied with the job they did. Unfortunately, this all amounts to a pretty major (and long) headache for Deloitte but their attorneys at Latham and Watkins are probably grateful.
Let us be the first to welcome Deloitte back to the high-profile litigation party.
Second Time’s the Charm for Plaintiffs in Washington Mutual Complaint [AM Law Litigation Daily via Law Review]
Wamu.pdf