• Stanford’s Money-Losers, Unlike Madoff’s, Get No Help From SIPC – Sucks. [Bloomberg]
• Ex-SEC Lawyer: Madoff Report Misses Point – “Genevievette Walker-Lightfoot told Dow Jones Newswires on Thursday the SEC inspector general should have focused more of his attention on how supervisors, rather than the staff examiners and investigators, handled the agency’s many stillborn probes of Mr. Madoff.” Supervisors? Responsibility? Get out. [WSJ]
• Zimbabwe to get $500m IMF loans – Seems silly that these are called loans. [BBC]
• U.S. Job Losses Increased in August, Unemployment Rose to 9.7% – And the spin is that this good news. [Bloomberg]
• Congress to probe SEC’s lapse on Madoff – Because this is a perfect opportunity for members of Congress to talk about how smart they are and how stupid the SEC is. We haven’t had enough of these anyway. [Reuters]
Related Posts
Preliminary Analytics | 12.10.09
• SEC’s Khuzami ‘Skeptical’ of Auditors’ Claims on Privilege – Privlege shmivlege. [FEI Financial Reporting Blog]
• Obama Proposes $12,000 “Cash for Caulkers” Program – Including the most immature montage ever. [TaxProf Blog]
• Overstock.com and Patrick Byrne Have an Enemies List That Includes Friends and Family Members of Critics – Using Facebook no less. Anyone surprised? [Sam Antar/White Collar Fraud]
• Madoff Auditor Plea May Signal Other Probe – Tax charges thrown in with David Friehling’s guilty plea may indicate that prosecutors may be building a case against other Friehling clients including the Madoff sons. [WSJ]
• Broadcom Co-Founder Cleared in Backdating Probe – “U.S. District Judge Cormac J. Carney made the announcement after Samueli, owner of the NHL’s Anaheim Ducks, spent two days testifying for the defense in the fraud trial of a former executive for the telecommunications chip maker. ”You have restored my faith in the criminal justice system,” an exhilarated Samueli told the judge in federal court in Santa Ana.” Avoiding prison will do that. [AP via NYT]
Preliminary Analytics | 09.09.09
• War of Words Heats Up Over Cadbury – “Kraft Foods Inc. ratcheted up the rhetoric in its takeover battle for Cadbury PLC Tuesday, with the U.S. food giant dismissing criticism that the $16.8 billion offer is too low, as the two sides dug in for what is likely to be a months-long merger saga.” This will be the new story that involves confectionary in the coming months.
• Madoff’s Belgian Shoes Stashed as U.S. Markets Home – Shoes only get mentioned once but dog feces being thrown at the marshals gets mentioned at least twice. A title change may be in order. [Bloomberg]
• Goldman chief hits at ‘useless’ banking – Stemming the tide LB? [FT]
• July consumer credit falls a record $21.6 billion – “July consumer credit outstanding fell at a 10.4 percent annual rate to $2.47 trillion”. In other words, people are either wising up or we not interested in helping participating in the economic recovery. [Reuters]
Preliminary Analytics | 11.30.09
• Michigan Coach Rodriguez and the Tax Man – UM is paying $2.5 million of Rich Rod’s buyout obligation. The IRS might want to call that income. [TaxProf Blog]
• Why Accounting Matters – It matter. Why else would so many people (read: government bureaucracies) covet the oversight of it? [FEI Financial Reporting Blog]
• Suing Audit Firms re: Madoff: The Iguana In The Room – “Issues of control and the issues of the ‘agency’ relationship between the auditors’ international umbrella ‘coordinating’ firms and their member firms figure prominently in the Madoff feeder funds filings that include the international firms as defendants.” [Re: The Auditors]
• Jr Deputy Accountant Interviewed by Liberty Pulse’s the Pulse – Topics include Tim Geithner’s uncanny resemblance to Beavis. [JDA]
• Buyers Take a Pass on Some Failed Banks – Banks that seemingly have leprosy. [WSJ]