Russia and China can suck it re: the U.S. Dollar, according to Moody’s, “In the absence of a credible alternative it’s hard to see abrupt changes and that’s not even in the interest of the creditors,” Pierre Cailleteau, managing director of sovereign risk at Moody’s, said in an interview in Tokyo yesterday. The credit rating “remains solid,” he said earlier at a briefing.”
Do you like apples?
Moody’s Says World Has ‘No Credible Alternative’ to U.S. Dollar [Bloomberg]
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Eating Hours: Are You in Denial?
- Caleb Newquist
- August 27, 2009
Do we need to say anything else? Ok, we’ll say a little.
Now that there’s less of you doing the same amount of work, it’s entirely possible this could be a hell of a problem, especially come winter.
So who’s doing this? You getting word directly? In writing? If so, for God’s sake, send us the email. If you’re getting less obvious pressure we want to hear about that too.
If you’re doing it, get some stones and quit doing it. Get yourself a support group if ness.
Don’t even try telling us it’s not going on, we heard about it in the Twitterverse. Gospel.
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Do Recessions Cause Accounting Irregularities?
- Caleb Newquist
- October 29, 2009
Some people think so. Emily Chasan at Reuters discusses the perceived rise of accounting irregularities today:
“Corporate balance sheets may be showing signs of the wear and tear from the prolonged U.S. recession as accounting irregularities are starting to surface at growing numbers at U.S. companies.”
Okay but don’t accounting regularities happen all the time? If the economy is humming along nicely does that mean that less companies are engaging in accounting hocus-pocus? Hmmmmm.
But there’s more argument for “it’s the economy stupid”:
“Statistically you can show any time you have a recession or some type of tremendous decline in an economy you’re going to see financial pressures on companies,” said Bruce Dorris, program director at the Association of Certified Fraud Examiners, noting that corporate employees can sometimes be motivated to be overly aggressive with accounting or commit outright fraud to meet targets, particularly in difficult economic times.
The article cites Apollo Group’s stock dropping 18% yesterday after announcing that the SEC was starting an “informal inquiry” into its revenue recognition policies. It also lists Overstock.com, Town Sport International Holdings (owns NYSC), Zale Corp and also Huron Consulting whose stock price is still down 40% since the announcement of the SEC investigation. All these companies have delayed earnings reports or had investigations into their accounting practices.
So feel free to discuss your clients and their creative nature in this economy. Are their hard-nosed GAAP puritan ways caving to earnings pressure or are your partners the ones caving in the name of client service? Nobody wants a to be working on a client that’s going through a restatement. Nobody.
Accounting irregularities may be on the rise in U.S. [Reuters]
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Craptacular Caption Poll Reminder
- Caleb Newquist
- November 19, 2009
We’ve got a close race in the craptacular caption contest. Polls close tomorrow night at midnight, so you’ve still got plenty of time to vote if you haven’t already.
And if you truly think you’ve got worse digs than this, send us your photos, we’re curious as how sadistic clients can be when it comes to accommodating their auditors.