So all that fuss over at Colonial Bank? Accounting irregularities, natch. According to Reuters, “Colonial BancGroup Inc (CNB.N) said it faces a criminal probe by the U.S. Department of Justice (DoJ) related to accounting irregularities at its mortgage lending unit, and the struggling lender warned it may be put under receivership.”
The SEC is also taking a peek at the bank’s participation in TARP. Book cooking for taxpayer funds may have its poster child. Top notch, Colonial. Top notch.
Colonial BancGroup faces criminal probe, FDIC action [Reuters]
Related Posts
Footnotes: Bring on the 10Ks; Don’t Bet on Herbalife; HFTs Need a New Source | 02.20.14
- Adrienne Gonzalez
- February 21, 2014
GrubHub Seamless Joins the Tech IPO Crush GrubHub Seamless Inc., the online restaurant-menu and takeout-ordering […]
Share this:
WSJ: Entrepreneurs Win Tax Case Versus IRS
- Caleb Newquist
- July 9, 2009
Get some coffee, we’re about to talk some tax law…
In a major win for small businesses, a U.S. Tax Court ruled in favor of farmers in Nebraska who claimed that losses from their LLC were not “passive” as the IRS has been arguing for years.
As a result of the ruling, losses from investments in LLP’s and LLC’s held by active participants will be allowed to offset said individual’s personal and investment income.
Prior to the ruling some losses were being carried forward for years until the investment produced a profit or was sold and because the case was heard in U.S. Tax Court, the ruling applies to all states.
The IRS, as always, seems to have outs. Sayeth the Journal, “The agency could appeal the Tax Court ruling to the Eighth Circuit Court of Appeals. It also could try to get Congress to change the law or try a new strategy to maintain the status quo.”
Okay, we made it through that…
Entrepreneurs Win Tax Case Versus IRS [WSJ]
Share this:
Harry Markopolos was in Serious Need of Clean Underwear While Investigating Bernie Madoff
- Caleb Newquist
- July 27, 2009
Super-star fraud detector Harry Markopolos was named Certified Fraud Examiner of the Year at the ACFE Fraud Conference and Exhibition in Las Vegas last week where he discussed his excellent card-counting method and the Madoff Ponzi scheme.
Harry wanted to everyone to know that just because he blew the whistle on Master de Ponz, that didn’t mean he was a hero. “Heros are brave”, he said, “I don’t think I was brave. I know I wasn’t.” He went on to describe his lack of bravery:
“When I started this case, my underwear were white, they quickly became brown and often times turned yellow”
Okay, after that sinks in, let’s discuss some things:
• We don’t want our fraud detection super-heros to tell us that they soil themselves. It ruins the sex appeal.
• Harry Markopolos wears tighty-whiteys. We were certain that he was a boxers man.
• Was no one helping this guy out? You couldn’t let the guy have a break so he can properly evacuate?
Seriously, the least Marko could have done is stuck his dirty undies, the whites, in a case so the ringer wouldn’t look empty.
Go to Clip 3, “The Math Never Worked Out for Us” on page linked below to see the video. Meanwhile, we’re busy looking for new fraud detection hero that can control themselves.
Madoff Whistleblower Named CFE of the Year [fraudconference.com via Accounting Nation]