• Bernanke Sheds Light on Exit Strategy – “Federal Reserve Chairman Ben Bernanke shed light Tuesday on the toolkit the central bank can employ to unwind its crisis measures, but he made clear to lawmakers that the economy remains too weak to start tightening monetary policy.” Better than no exit strategy [WSJ]
• CIT Expects Loss of $1.5 Billion, May Seek Bankruptcy – “CIT Group Inc., the 101-year-old commercial lender seeking to avoid collapse, said it expects to report a loss of more than $1.5 billion for the second quarter and may need to file for bankruptcy if it’s unable to tender for notes maturing next month.” [Bloomberg]
• Apple’s quarterly profit tops forecasts – The good results… [Reuters]
• Yahoo sees drop in income from operations this quarter – …and the bad. [Reuters]
• Which Of Alan Greenspan’s More Quotable Quotes Will Bite Him In The Ass On The Big Screen? [DealBreaker]
• The Goldman Way to Celebrate: a Parody – Well played LB. Well played. [DealBook]
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• Obama’s Advice to Aspiring Politicians: Be Careful on Facebook – This is what some parents were worried about? [Bloomberg]
• Accounting firms – Have maintained their reputation? [FT]
• Madoff feeder fund settles with Massachusetts – $8 mil from a $7.2 billion fund? [Reuters]
• Danger! Jobs most likely to kill you – Instantly. Not after a grueling, tortuous 30+ years, thus accountants are not on the list. [NYDN]
• PCAOB Backs FASB Codification – But if you’re ignoring it, that’s fine too. [Web CPA]