You may have heard that it's a presidential election year. And perhaps you've heard that one of the candidates is a carnival barker that spray tans with Krylon Pumpkin Orange. And maybe you've even heard that said carnival barker has not released his tax returns for public consumption despite decades of precedent. It's all good […]
One of my many ultra liberal friends was yammering on about presidential campaign contributions last night and I, being the skeptical libertarian I am, decided to dig a little deeper into the numbers to prove that be it Republican or Democrat, you're still getting pretty much the same thing. It's sort of like picking a […]
The final Congressional race featuring an accountant is in Virginia’s 11th District where KPMG alum Keith Fimian trails incumbent Gerry Connolly by less than half a point:
Challenger Keith Fimian was able to pick up votes on incumbent Gerry Connolly as a result, but not enough to make a significant dent in Connolly’s lead. There are still approximately 250 provisional ballots to be counted.
As of 1:30 p.m., the vote in the 11th District as a whole is:
Connolly: 111,630 (49.21%)
Fimian: 110, 700 (48.80%)
Fimian has to request the recount and has until November 22nd when the election becomes official. Because the margin is less half a percentage point, the recount would be paid for by Virginia (i.e. the taxpayers). No pressure, Keith. You best sleep on it for a day or two.
A quick rundown of the results on the races we told you about yesterday.
• Wisconsin – Ron Johnson won handily over Russ Feingold disappointing liberals like ATL Editor Elie Mystal and served as a pleasant surprise to libertarians like Adrienne who texted us, “WHOA Feingold got taken out in Wisconsin!! I never thought I would see that.”
• South Carolina – Nikki Haley won over Vinny Sheheen. She will be the first female governor in the Palmetto State’s history.
• Michigan – Rick “One Tough Nerd” Snyder cruised to victory over Virg Bernero in the governor’s race, winning by approximately 20 points.
• Virginia – The one race that is still ongoing is in Virginia’s 11th Congressional District between Gerry Connolly and KPMG alum Keith Fimian. The Wall St. Journal reports, “Connolly is leading by 487 votes. Mr. Connolly has 49.2% of the vote, while Mr. Fimian, who lost narrowly to Mr. Connolly in 2008, has 49%,” and Fimian is confident that he’ll be declared the winner.
So for those keeping score, accountants (all GOP, not surprisingly) are 3-1 with one race still too close to call. We’ll be watching the VA11 race until the bitter, bitter end.
Business Looks to Republicans to Block Rules, Taxes [Bloomberg]
The Republican gains in Congress mean U.S. companies from Goldman Sachs Group Inc. to Wellpoint Inc. may be able to weaken or block what they consider President Barack Obama’s anti-business policies on health care, the environment, taxes and financial reform.
Republicans will use their perch as the new majority in the House of Representatives to try to eliminate funding for parts of Obama’s health care bill opposed by business as well as curb regulations and government spending, Jay Timmons, senior vice president of the National Association of Manufacturer d lobbying group, said in an interview before the election.
PwC Completes Acquisition of Diamond Management & Technology Consultants, Inc. [PR Newswire]
wC US has completed its acquisition of Diamond Management & Technology Consultants, Inc. following approval today from Diamond’s shareholders. Per the terms of the agreement, all outstanding shares of Diamond were acquired for $12.50 per share in cash.
The Complete Idiot’s Guide to Why Democrats Lost [HuffPo]
For the less-politically inclined.
With Recent Change, GAAP, IFRS Differ on How to Treat Debt [A&A Update/Compliance Week]
The International Accounting Standards Board recently finalized a change in International Financial Reporting Standards that tells companies to measure most liabilities at amortized cost, or the historical cost written down over time based on a schedule. Where a company might exercise an option to measure a liability at fair value, any changes in value would flow to equity via the “other comprehensive income” section of the income statement rather than profit and loss.
Major State Tax-Related Election Results [Tax Foundation]
Among them, Prop 19 (aka legalizing pot and taxing the hell out of it) failed.
Election 2010: What the Democratic Debacle Means for Fiscal Policy [TaxVox]
Washington is divided into two camps—those who believe divided government will open the door to compromise on tough fiscal issues, and those who don’t. Put me squarely in the second camp. We are already hearing conflicting messages from both President Obama and House Speaker-to-be John Boehner (R-OH). They give lip service to “working together” and the need for deficit reduction, but will do little of either. Here are five reasons why:
Frank reelected to 16th term [On the Money/The Hill]
But will lose the HFSC Chairmanship. Bob Herz might be enjoying this more than anyone.
GM Could Be Free of Taxes for Years [WSJ]
General Motors Co. will drive away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion.
Knicks Postpone Home Game Before Tests Reveal No Threat From Absestos [Bloomberg]
~ Update includes the Michigan Governor’s race.
Here’s a rundown of some of the more prominent races that feature accountants. All of the polling information cited is the calculated average from Real Clear Politics.
• New York – Incumbent Senator Kirsten Gillibrand leads Republican Joe DioGuardi by approximately 20 points. For those not familiar with DioGuardi, he is an Arthur Andersen alum who made partner at age 31, was the first practicing CPA elected to Congress and is the father of Kara DioGuardi (ask the person next to you if you don’t know).
So it looks as though your bean counter brethren will win at least
two three races (Haley, Johnson, Snyder) with one certain defeat and one that’s too close to call.
If we’ve missed any accountants-cum-candidates in a Congressional or Gubenatorial race, let us know below or shoot us an email and we’ll update the post. Now go vote.
Namely Third Point boss Dan Loeb. Sure it’s nice if the Times, Journal, Daily News and the Post all give you the thumbs up but if Dan Loeb goes to the trouble of telling his own investors that you need to be the Empire State’s next top accountant, that’s probably a little better than you could hope for.
So if you would like to see the NYS public pension problem fixed, Loeb implores you to vote for Harry Wilson tomorrow. If you’re okay with “New York [going] the way of Greece” then you should vote for the other guy (his name is Frank DiNapoli).
Courtesy of our former sister from another mister site, Dealbreaker:
I have chosen only one candidate to bring to your attention, that is Harry Wilson for Comptroller of NY State. He has recently tied incumbent Democratic candidate Thomas DiNapoli in the polls. For those of you who are Democrats, this is not a matter of party politics but literally one of whether we want New York the go the way of Greece and go bankrupt because, trust me, that is the course we are headed towards without sound fiscal leadership.
Daniel Heninger’s WSJ article lays it all out: “New York, like California and many other once-important states, is sitting on a public- pension debt bomb. If it blows, it will take great swaths of the productive American economy with it for years. Harry Wilson thinks he can defuse the New York bomb. If Harry Wilson can get the public-pension death spiral under control in New York—and he just might have the professional and intellectual tools to do it—it should be possible to reform pensions in any state. That matters. The United States needs a growth rate well above the 2%-something that the Obama years have allowed. That means the people in all 50 states have to be pulling on the oars. They won’t be able to do that if their productive energies are being siphoned into more and yet more taxes that will be demanded— indeed virtually mandated—to pay off these pension obligations. It’s Harry Wilson or the deluge.”
Harry and DiNapoli are neck at 44% and which is why it is vital for you and to vote and to please pass this onto anyone else who is registered to vote in New York.
Since most New Yorkers have no idea who is running for NYS Comptroller this should at least put a memorable name in your head.
He was calling them during important votes!
With less than a week to go until the election and Vitter leading by about 16 points, Charlie Melancon figures this particular line of attack can’t hurt anything.