It's obviously a slow day when a number of media outlets are concerned with what Kevin Smith and Jon Lovitz think about taxes. This audio is NSFW, so use headphones unless someone yelling "fucking asshole," amongst other things at your workplace is considered kosher. [via TaxProf]
For starters, “taxes” is an awful word, it pains him to have to utter it so often. Secondly, Rahm Emanuel could really use his mouth washed out with soap.
I’m sorry, have you met my libertarian friend Adrienne Gonzalez? She’d probably agree with you on several issues but you’d have to get comfortable with the colorful language.
“I […] contacted my accountant who said they knew nothing about any lien. The lien has been paid. I do intend to find out how this lien happened without the knowledge of myself or my accountants. I hope none of this reflects negatively on mine and Ozzy’s moral character.” […] “Just because you’re paying someone doesn’t mean they’re doing the job correctly,” she wrote on Friday. Three days later she added, “You can’t rely on anyone but yourself. You have to be on top of your own business affairs. My fault … lesson learned.”
Ozzy Osbourne pays off U.S. tax debts [Reuters]
“Swearing does provide a sort of release that other language doesn’t provide.”
~ Dr. Daniel Zimmerman, a co-author of a study that says cursing can “clear the head,” and “conveys the sort of aggression that is rewarded with honors and promotions in high-stress workplaces.”
GM filing warns on reporting [Detroit Free Press]
This may come as a shock but General Motors, despite filing paperwork for its IPO, admits that they still don’t have effective internal controls.
“[I]n regulatory filings about its upcoming initial public offering, GM warned potential investors that ‘our internal controls of financial reporting are currently not effective.’
Experts are divided on whether the warning — one of about 30 risk factors identified by GM in a document describing a planned sale of shares — is just an obscure accounting matter or a red flag that taints GM’s financial reporting
The 10 Highest State Income Tax Rates For 2010 [Forbes]
If you’re single and make $200k or $400k and married in Hawaii, you get dinged for 11%, the highest ranking state on the list. Dark horse Iowa comes in at #5 gets 8.98% of taxable income over $64,261. That’s above New Jersey and New York tied at #6.
Transocean accuses BP of withholding data on Deepwater Horizon and oil spill [WaPo]
Just when you thought the ugliness was slowing down (at least in the media coverage), ” Even as they work together to kill the Macondo well in the Gulf of Mexico, the oil giant BP and the deep-water drilling rig company Transocean are in an increasingly bitter battle over what went wrong on April 20 to trigger America’s worst oil spill.
The conflict flared Thursday when Transocean fired off a scathing letter accusing BP of hoarding information and test results related to the Deepwater Horizon blowout that killed 11 people, including nine Transocean employees. Signed by Transocean’s acting co-general counsel, Steven L. Roberts, the letter says that Transocean’s internal investigation of what went wrong has been hampered by BP’s refusal to deliver ‘even the most basic information’ about the event.
‘[I]t appears that BP is withholding evidence in an attempt to prevent any entity other than BP from investigating the cause of the April 20th incident and the resulting spill,’ the letter states, and it demands a long list of technical documents and lab tests.”
How to tell when your boss is lying [The Economist]
Apparently cursing is a good sign.
Koss reports smaller quarterly loss on 14% sales decline [Milwaukee Journal Sentinel]
The company lost $423,450 for the six months ended June 30th. They spent $1.12 million on legal fees related to Suzy Sachdeva.
Rangel Is in Talks to End Ethics Case [WSJ]
“Negotiations between lawyers for Rep. Charles Rangel (D., N.Y.) and House ethics investigators continued on the eve of a public hearing Thursday that was expected to lay out the charges aga ethics panel announced last week its plans to present a case against Mr. Rangel, his lawyers have been in private discussions about a possible settlement to avoid a hearing. A central issue is the wording of the House ethics panel’s findings about Mr. Rangel’s alleged ethics violations, according to a person familiar with the case.”
Audit reveals billions of dollars of Iraqi oil funds gone missing [Guardian]
Hard to believe that there would be trouble tracking the money over there, “The US department of defence has called in forensic accountants to help track $8.1bn (£5.2bn) of $9.1bn in Iraq’s oil revenue entrusted to it after the fall of Baghdad, following an official audit that revealed the money was missing.
The funds were to be used for spending on reconstruction during 2004-07, a period when Iraq was under weak transitional rule.
The report was issued today by the Special Inspector General for Iraq Reconstruction, which had previously criticised poor book-keeping by senior officials throughout the last seven years.”
Fannie Mae, Freddie Mac Still Too Big to Nail [Jonathan Weil/Bloomberg]
“This month Congress passed the 2,323- page Dodd-Frank Act without any clear understanding of why the financial crisis happened — and without doing a thing to address Fannie and Freddie, which were central players. Now the Obama administration says it will deliver a reform proposal to Congress by January on the nation’s housing-finance system, including Fannie and Freddie. Yet the government still hasn’t undertaken any comprehensive inquiry into why these companies blew up and who was at fault.”
IMA Launches New Website to Support Accounting Community [Business Wire]
“IMA™, the association for accountants and financial professionals in business, unveiled [Wednesday] its new website, now making it even easier for professionals to experience IMA’s range of valuable resources and services. The website can be accessed at www.imanet.org.”
How to Get a Job in Financial Regulation [FINS]
The SEC, FDIC and CFTC are all hiring in the wake of Dodd-Frank. But landing a gig with the Feds isn’t like landing a job anywhere else. FINS breaks it down for you.
George Carlin Never Would’ve Cut It at the New Goldman Sachs [WSJ]
What’s next? They take your will to live? “The New York company is telling employees that they will no longer be able to get away with profanity in electronic messages. That means all 34,000 traders, investment bankers and other Goldman employees must restrain themselves from using a vast vocabulary of oft-used dirty words on Wall Street, including the six-letter expletive that came back to haunt the company at a Senate hearing in April.”
Alex Rodriguez Objects to Rangers Bankruptcy Plan [Bloomberg]
Chances are, A-Rod doesn’t know the particulars but he would like the $24.9 million he’s owed.