Is it possible that the spinelessness of the FASB is spreading some of the firms?
Motely Foley is reporting that MGM Mirage got the Big D to drop the going concern language from its “financial assessment” which we confirmed with the author, Bob Steyer, that indeed meant the audit opinion.
Doing a little digging on this whole sitch, we found that MGM has done some duct tape repairs to its balance sheet in order to convince its banks and Big D that nothing is fucked.
Deloitte, wanting to be troopers and all, probably just had to step back from the whole thing to get perspective. “Yeah, when you look at it from back here, $14.4 Billion in debt doesn’t really look that bad.”
MGM Back From the Brink — for Now [Motley Fool]
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Grant Thornton Interns Don’t Get Coffee, Thankyouverymuch
- Caleb Newquist
- July 27, 2009
Last week we asked for some perspective on the chicanery and lovable idiocy of your interns. Today we learn that about a Grant Thornton intern who “verifies that clients’ accounting records are accurate and sits in on important meetings.”
That’s right, interns are verifying accounting records and going to important meetings. Probably the type of meetings where they get to take notes on internal control procedures while the experienced associates can barely keep from strangling themselves with a network cable.
Yet, life remains unfair for the interns, “Interns who talked to RedEye said they are gaining experience to prepare them for the workforce, but increased intern responsibilities typically don’t come with increased pay or perks or even more respect.”
After going to those important meetings, interns still aren’t feeling respected people. No increased pay. No perks. How can this be? Haven’t they done enough? They tried to earn your respect by making the copies that you asked for and getting totally bombed at firm events. They didn’t mean to ask so many questions about the copier. They’re just new, so they want to make sure they don’t screw anything up.
What else can they do? Shine your shoes? Fill your car up with gas? Buy your lunch (they’re probably making more than associates on a per hour basis anyway)? The summer internship season is winding down so make sure you’re letting them know (and us) how they can go that extra mile to get that full-time offer.
Chicago interns move up corporate ladder [Redeye]
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Madoff’s New Digs in North Carolina?
- Caleb Newquist
- July 14, 2009
Bernie Madoff is “in transit” to prison per a story at Bloomberg. The story’s source was a spokesman from the Federal Correctional Institute in Otisville, NY, where the Master de Ponz requested to be housed.
CNBC has reported that he will serve his sentence in Butner, NC.
Butner has two lovely medium security facilities and one posh low security facility so it’s def not FPMITA prison but it’s not the cushy dorm-style and we would speculate that inmates are only allowed to use sporks at chow time and use Lucky Strikes to buy Juicy Fruit and other luxuries.
Bernard Madoff ‘In Transit’ to Prison, Spokesman Says [Bloomberg]
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Respect the Expense Reimbursement Policy Or…
- Caleb Newquist
- August 11, 2009
With the firms cracking down on expenses of every sort, including canceling the Holidays prior to the autumnal equinox, hopefully the following story doesn’t occur to any of you. At the very least, it can show what can happen when you have blatant disrespect for your firm’s expense reimbursement policy:
More, after the jump
A former Deloitte Consulting manager who disappeared on the day of her sentencing for bilking her employer out of more than $500,000 was found dead in a Costa Mesa park Saturday morning, authorities said….[Jamie] Watkins, a former operations manager for the Santa Ana office of Deloitte Consulting LLP, faced up to 10 years in federal prison after abusing the company’s expense reimbursements to steal about $550,000 to pay for things including property taxes and furniture.
As tragic as this story is, it serves as example to those of you that find yourself regularly explaining to an HR rep the $500 lunches you had at Bobby Vans and the theatre tickets that ended up on your last expense report. This may be where you are headed if you don’t shape up.
Deloitte manager hangs self [Orange County Register]