Footnotes

Footnotes: Turbo Tim Geithner, KPMG Swings and Misses, Facebook Does Employees a Tax Solid | 09.10.12

French newspaper to France's richest man: "Get lost, you rich bastard" [NS via TaxProf] Tim Geithner had a pretty good finish in Nation’s Triathlon 2:33:07 [WaPo] KPMG strikes out in bid to toss Texas Rangers fraud suit [TRNI] Finance Chiefs Should Steer Better Board Reporting, Experts Say [CFO] Why Facebook Is Paying the Tax Tab on Employee Compensation […]

Footnotes: Facebook Blamestorming; The Influentials; Grover Owned Tampa | 09.07.12

Facebook Investors Know Exactly Whom to Blame [Bloomberg] Top 100 Influential People [AT] In Retrospect, CNBC Thinks Investing With Bernie Madoff Wasn’t Such A Bad Idea [DB] Reading the Tax Reform Tea Leaves [Tax Foundation] Are You Ready for Candy Corn Flavored Oreos? No, Of Course You’re Not [Gawker] An Ad Agency Crowdsources Its Own […]

Footnotes: PwC’s Charity Work for ResCap, A Morbid Proposal, Trusting Your Accountant | 09.06.12

Chart of the day, party neighborhood edition [Felix Salmon] ResCap Says PWC Review Could Cost $250 Million, Up From $180 Million Since retaining PwC in May 2011, ResCap has paid the company $51.7 million in fees and expenses, the filing said. Since the bankruptcy filing, PwC has racked up about $7 million per month, but ResCap […]

Footnotes: Working the Pole for Tax-Exempt Status; Grant Thornton Dodges Last Refco Claim; One Down, Three Big 4 to Go | 09.05.12

NY Court to Decide if Lap Dance Is Tax-Exempt Art [AP] Obama Is Wrong On Romney Tax Plan Impact [Bloomberg] Peregrine trustee asks permission to hire PriceWaterhouseCoopers [DMR] Refco Trustee Dismisses Last Claim Against Grant Thornton [BBW] Auditors Give Banks a Pass on Reserves, KPMG Report Shows We've got three more "Big Four" inspections reports […]

Footnotes: Once Upon a Time, Paul Ryan’s Ex-Girlfriend Stole From Ernst & Young and Other Strange Things | 09.04.12

PwC to investigate computer meltdown at RBS [Telegraph] Paul Ryan's Ex-GF Served Prison Time For Wire Fraud Deneeta D. Pope — who made headlines recently as Ryan's African-American GF in college — was indicted by a Grand Jury in November 1999 for allegedly swindling her former employer — Ernst & Young — out of $77,000. Pope pled guilty in […]

Footnotes: Labor Day Weekend Edition | 08.31.12

That's it for us, capital market servants. We'll return Tuesday. Have a safe and laborless weekend! Laboring In The Big 4 – A Labor Day Special Report A little flash from the past. [RTA] World's richest woman says poor should have less fun, work harder Just in case you were beginning to think rich people were deeply […]

Footnotes: Broker-Dealer Audit Quality; Try Listening; Conventions’ Price Tag | 08.30.12

Four Years After Madoff, Audits and Auditors of Broker-Dealers Still Lousy Having your private company or fund audit performed by a Big Four audit firm is no guarantee of quality. As a matter of fact, I would argue that the quality may often be less than what you might get at a medium-size, regional firm […]

Footnotes: Bain Execs’ Taxes; A Former Bain Exec’s Taxes; Ingenuity at D.E. Shaw | 08.29.12

How Bain Capital execs lower their taxes Tax law is a funny thing, because certain strategies aren't black and white. They're subject to interpretation. When I asked a PE tax attorney if what Bain is doing is allowed, she told me that "allowed" and "not allowed" isn't always the right way to think about it. [Fortune] Man […]

Footnotes: Bain and PwC; Muni Bond Interest on the Chopping Block?; Isaac Blows | 08.28.12

Bain Capital Partners and PwC: A Rich and Varied Relationship [AB] Should Congress Curb Tax-Exempt Municipal Bonds? [T]here is the politics [to consider]. Is Congress really going to tell bondholders that those tax-exempts they bought in good faith (and at relatively low yields) are now going to become taxable? Imagine seniors with pitchforks. On the other […]

Footnotes: E&Y’s Legal Trouble in HK; Celeb Tax Troubles, Explained; GOP Tax Planks | 08.27.12

HK regulator launches legal proceedings against Ernst & Young Hong Kong's securities regulator said on Monday it had launched legal proceedings against Ernst & Young for failing to produce accounting records related to a Chinese company as specified, the latest auditor to run into trouble over a Chinese client. Ernst & Young claimed it did not have […]

Footnotes: IRS Helps Get Cash For College; Target Avoids the SEC; Quantifying Waves | 08.24.12

Thanks for allowing me to be your Master of Ceremonies today, kids, it's been my pleasure as always. Have a safe, happy and hopefully work-free weekend out there and Colin will be back to annoy the crap out of you all on Monday. Love, AG. Automated IRS system helps with college financial aid application [Shore […]

Footnotes: Bad, Bad Auditors; Bernanke Out Under Romney; Preparing for (the Possibility of) Civil War | 08.23.12

Bad Grades Rising at Audit Firms [NYT] Romney confirms he'd replace Bernanke [The Hill] Madoff Trustee Cleared to Return $2.4 Billion [WSJ] The US-China Accounting Standoff [HFN] Judge Wants Tax Increase To Defend Against (Possible) Civil War [Forbes] Grover Norquist Opposes Insane Texas Judge’s Tax Plan Asked for a ruling on whether such a tax increase […]

Footnotes: Goolsbee on Romney’s Tax Plan; PC Makers Taking Lumps; Don’t Mess with Gangster Granny | 08.22.12

Mitt Romney's Tax Plan and the Middle Class [WSJ, Earlier] Six Reasons My Kid is Better Than Your Kid [DT] Already Behind The Eight-Ball: Auditors of Broker-Dealers Are A Disaster [Forbes] If You’ve Got A Problem With Paul Ryan, Say It To Dan Loeb’s Face [DB] Despite Sales Drop, Dell CFO Is Bullish on Laptops Brian […]

Footnotes: More Trouble for Lauryn Hill, SEC Whistleblower Gets Paid, Worst Congress Ever | 08.21.12

Exploring Mitt Romney’s Taxes and Tax Plan [Economix/NYT] Lauryn Hill Now Facing State Tax Troubles [DT] Accountants: What it takes to start your own business [JofA] SEC Issues First Whistleblower Program Award “The whistleblower program is already becoming a success,” said SEC Chairman Mary L. Schapiro, who advocated for the program. “We’re seeing high-quality tips […]

Footnotes: Apple’s Value, Middle Class Charity, Simpler OCI | 08.20.12

Apple Becomes the Most Valuable Public Company Ever, With an Asterisk [Bits/NYT] Romney's tax returns take 2 [DMWT] The Rich Are Less Charitable Than the Middle Class: Study [CNBC] GOP lawmaker accuses SEC of dragging feet on JOBS Act [The Hill] ZAGG CEO Sold Stock Three Days before His Resignation [WCF] FASB Proposal Aims to […]

Footnotes: Office Gossip Is Good; Norquist: Ryan Will Basically Be Cheney; A Counteroffer for Obama | 08.17.12

Standard Chartered Fought the Lawsky and the Lawsky Won [Bloomberg] Baseball star Eddie Murray settles SEC insider trading charges [Reuters] Moonlighting: Office Gossip — Good for You?? [ATL] Russell Wasendorf Didn’t Mean “I have embezzled millions of dollars from Customer accounts at Peregrine Financial” In A Literal Sense [DB] Ryan Would Play ’Similar’ Role To […]

Footnotes: Sony Got a Lousy Audit; A Dewey Salary Data Dump; Ponzi Scheme Du Jour | 08.16.12

Sony Corp. and the Mystery of the Lousy Audit [Bloomberg] Dewey Have Data on How Much Partners Got Paid? Yes — Thanks to the Partner Contribution Plan [ATL] Walter White wanted for manufacturing meth [TN via io9] Man, 87, Busted for 400 Pot Plants in Backyard [Reuters] Ex-UGA coach Jim Donnan charged in Ponzi scheme […]

Footnotes: Janna Ryan, Standard Chartered Settles, The Groupon Backlash | 08.14.12

Paul Ryan’s Wife Is A Housewife Now, But She Used To Be A Lawyer And A Lobbyist At PwC, no less. [ATL] New York’s A.G. Probes Nonprofits’ Political Spending [Bloomberg] Grant Thornton creates scholarship fund for MSU students [AT] British Bank in $340 Million Settlement for Laundering [NYT] Punishing Groupon: Social Media Backlash? [CFO] First Strippers, […]

Footnotes: Paul Ryan’s Tax Returns, Paul Ryan’s Budget Plan, Paul Ryan’s Record | 08.13.12

Groupon’s Accounting Still Evolving [WSJ] Ryan Plans to Release Two Years of Tax Returns [AT] The Ryan Budget Plan May Be the New Centerpiece of Campaign 2012 [TaxVox] The Paul Ryan Record on Tax and Budget Policy [Tax Foundation] Insane Clown… Plaintiffs? Juggalos Consider Suing the FBI [ATL] Here Are Cinema’s 100 Greatest Maniacal Laughs […]

Footnotes: Dodgy Banks, Online Retailers with Sketchy Accounting, a Notable Obama Bundler | 08.10.12

What Goldman Sachs Did and the Justice Department Didn't [Bloomberg] Emails Describe Overstock.com Waging War — On Behalf of its Enemies [Gary Weiss] You Misplace 5 Or 6 Billion Dollars And All Of A Sudden People Stop Trusting You To Keep Track Of Your Money When JPMorgan’s whale drowned a lot of people asked “where were […]

Footnotes: Accounting Firms Get a Fun New Assignment | 08.09.12

Mitt Romney’s wrong: You can balance the budget through taxes. But you may not want to. [Wonkblog/WaPo] Zynga Is Said To Grant Stock Awards To Staff After Earnings Miss Stock options were given to all of Zynga’s full-time workers shortly after its earnings report on July 25, said the person, who asked not to be […]

Footnotes: Stay Classy, KPMG San Diego | 08.08.12

Indigestion for ‘les Riches’ in a Plan for Higher Taxes [NYT] IRS Workers Discouraged From Finding Fraud, Report Says [WSJ] Misunderstanding Tax Reform: The Case of The Olympic Tax Elimination Act Senator Rubio and Congressman Schock are correct that these high taxes on Olympic medal winners are symptomatic of our broken code, but they misunderstand the […]

Footnotes: Phil Mickelson’s Risky Bet, More on Deloitte, Standard Chartered, and Tax-free Medals | 08.07.12

Deloitte and Standard Chartered Bank: In Service To Profit Above All [Forbes] Does the Revolving Door Affect the SEC’s Enforcement Outcomes? [AAA] The Value Of The San Diego Padres Grew $300 Million In Three Years Because Baseball Owners Are Stupid Phil Mickelson was once known as a serious gambler. He bet obsessively on NFL games, even though […]

Footnotes: Nancy Pelosi Jumps to Harry Reid’s Defense and Other Questionable Moves | 08.06.12

Nancy Pelosi: 'It Is A Fact' That Somebody Told Harry Reid About Romney Not Paying Taxes [HP] Chesapeake Expects $7 Billion in Asset Sales This Quarter [WSJ] Governor Kasich's Latest Income Tax Reduction Plan [David Brunori] America’s Hottest Club Is Applebee’s [Gawker] The Numbers Inside a Hot-Button Issue "Who's right: Obama or Romney? Both. Or neither," […]

Footnotes: Setting a Date for Tax Reform (Sort of); Romney vs. Reid, Round 2; Banks’ Shady Customers | 08.03.12

House votes to start considering tax reform by April 30, 2013 [DMWT] Romney to Harry Reid: I pay "a lot of taxes" [CBS] Polish Shot Put Gold Medalist’s Celebration Nearly Interrupts Women’s 10K Final, Ends In Evil Laugh [Deadspin] Cocaine Cowboys Know Best Places to Bank Maybe if the bankers were the ones spraying machine-gun fire […]

Footnotes: Romney vs. Reid; Frank vs. Camp; Man (with Burrito) vs. Woman | 08.02.12

Romney Adviser Accuses Harry Reid Of McCarthyism Over Taxes [TPM] House passes plan for tax reform in 2013 [FAB/The Hill] Senate panel passes tax bill in rare bipartisan show Democratic Representative Barney Frank said the bill would give too much power to Republican Ways and Means Committee Chairman David Camp, and criticized its specificity on tax […]

Footnotes: Kansas City Sports, Atlanta Traffic, and DC Dealings | 08.01.12

Tax payers fund questionable Royals expenses [810WBH] The Kansas City Chiefs Are Using Taxpayer Money To Pay Their Taxes, Too [Deadspin] What happens when a real attorney tries tax protest arguments? Arguments that you don’t have to really pay federal income taxes never go away despite a long and dismal record of failure.  They are typically […]

Footnotes: Microsoft’s 10-K, Stiffing the IRS, and the SEC’s BS Case | 07.31.12

2nd Day of Power Failures Cripples Wide Swath of India [NYT] Microsoft's radical new business plan is hidden in plain sight [ZDNet] Peregrine Financial: 4 Common Methods of Camouflaging Fraud [WSJ] IRS Not Fully Reimbursed for Services to Other Agencies [AT] Federal Jury Doesn’t Want SEC To Take This The Wrong Way, But It Thinks […]

Footnotes: Another SEC Probe of a Deloitte Client and Other Aggravations | 07.30.12

U.S. probe into Chinese client deals fresh challenge to Deloitte [Reuters] 4 Percent Of Americans Think Jamie Dimon Is Prepping His Bike To Jump The 526 Feet Between The Top Of JPMorgan Headquarters And The Roof Of The Old Bear Stearns Building [DB] Dead Cat Mars Usually Lovely Albany Bar Exam Experience [ATL] House to vote […]

Footnotes: Facebook’s Earnings, Dirty Harry Norquist, and Hating The Olympics | 07.27.12

NUGENT: Grover Norquist — Beltway’s Clint Eastwood Dirty Harry Norquist, president of Americans For Tax Reform (atr.org), has never seen a tax increase he supports, which should immediately put him at the head of the line for a Presidential Medal of Freedom once Mitt Romney is elected. If there was a Hall of Fame of Common […]

Footnotes: Auditor Resignations, IRS Auctions, and Charitable Organizations | 07.26.12

Facebook Growth Slows Again; Shares Fall 10% [WSJ] Republicans Shouldn’t Cave on the Bush Tax Cuts [Bloomberg] Madoff Trustee Wants Victims to Get More Money [AP] Woman Accidentally Bakes Family’s Entire Life Savings After Husband Hides It in the Oven [Gawker] Trustee in Darren Berg Ponzi case ordered to pay Moss Adams $74K in legal […]

Footnotes: Mistakes Were Made | 07.25.12

Senate Passes Tax Measure With Election in Mind [NYT] Jumping to conclusions, Malcom Gladwell edition [Felix Salmon] Will Accounting Charges Spoil Facebook’s Earnings Debut? The company will incur a massive charge as it lifts restrictions on employee stock in conjunction with its second-quarter IPO. The company has warned that those could result in nearly a […]

Footnotes: An Unemployed Accountant and Other Things Deemed Unnecessary | 07.24.12

Of Crimes and Punishments — And Where Shall Justice Be Found? [Re:Balance] CFO Snapshot: Aon’s Christa Davies [Q:] What was the hardest part of getting the CFO title? [A:] It was convincing myself and others that I wasn’t a fraud because I did not have an accounting degree. [CFO] Accounting firms have no business on Facebook [AFR] IRS […]

Footnotes: Doomed Video Game Companies and Other Tricky Situations | 07.23.12

Libor: What Criminal Charges Are Likely?  [NetNet] Response to the $21 trillion Tax Avoidance Study [Tax Foundation] The Latest News on Tax Fairness [WSJ] Norquist: Bachmann claim 'indefensible' Americans for Tax Reform president Grover Norquist called Michelle Bachmann’s recent claim about Secretary of State aide Huma Abedin “indefensible.” Bachmann alleged recently that Abedin, wife of former Congressman […]

Footnotes: Lincome Tax Planning and Other Silly Things | 07.19.12

Priceless SpongeBob SquarePants Coins Couldn’t Prevent Collapse Of Peregrine Financial Group [DB] U.S. corporate auditor watchdog gains access to Spain [Reuters] You Got the Accounting Job. Now What? At PricewaterhouseCooper [sic], it takes an average of 13 years to become a partner, says Paula Loop, U.S. and global talent leader for the firm. As a person […]

Footnotes: Let’s Just Assume Everything Out of the SEC Is on Delay Until Further Notice | 07.18.12

US SEC delays court action seeking Deloitte China audit papers [Reuters] Grant Thornton chief calls for more action on fraud [Australian]   Baker Tilly slammed by $50 million jury verdict Hit with a $50 million verdict for negligence, Baker Tilly Virchow Krause LLP is suing its insurance carrier for refusing to cover most of the damages […]

Footnotes: Mean Regulators and Other Things That Suck | 07.17.12

Does Not Compute: PFG Head Says Spent Stolen Client Money To Comply With Regulator Demands "The note and the statement, which a person familiar with the situation said were left by Peregrine Chief Executive Russell Wasendorf Sr., blames the fraud on "mean spirited" regulators that dogged his firm, saying they were looking to put firms out […]

Footnotes: The Beginning or the End of IFRS and Other Mysteries | 07.16.12

GAAP / IFRS Convergence — Has the SEC Finally Shut It Down At Last? [Re:Balance] U.S. accounting pushback seen as temporary delay [Reuters] SEC Names Acting Chief Accountant [WSJ] Norquist’s Phantom Army [NYT] Auditors Are Asleep at the Switch on Banks' Risk Controls [AB] Republicans and Democrats Able to Agree That the Other Party’s Tax […]

Footnotes: Your Baby’s Stupid Name and Other Regrettable Choices | 07.13.12

In China, Little Urge to Audit the Auditors [NYT] Bankruptcy and fudged accounting in San Bernardino [Reuters] Wasendorf Fraud At Peregrine Lasted 20 Years, U.S. Says [Bloomberg] CEO Of Collapsed Brokerage Firm Unable To Conceal Sense Of Pride In Explaining How High-Level Scam Went Down [DB] Taxing the Rich, and Missing the Point The President’s […]

Footnotes: Did You Get Hacked Today? | 07.12.12

Yahoo hack reveals most-used passwords [CNET] Obama reflects on his biggest mistake as president [CBS] LePage: IRS headed toward killing people [The Press Herald] IRS Form 1099: God Particle Of The Tax System [Forbes] LIBOR Trickery Just the Tip of the Iceberg [CFO] State auditor uncovers bogus NMFA audit [AP] State auditor Hector Balderas says […]

Footnotes: Porn Stars, Puppies, and PEPCO | 07.11.12

Porn Stars Offer Free BJs to Miami Heat Fans, Cause NBA Lawyers To Stand At Attention [ATL] Romney Says He’ll Release 2011 Tax Return When It’s Ready [Bloomberg] Free the Puppies, Tax a Millionaire The right-wing radio hosts say the call for higher taxes is a socialist plot. There are a few delusional politicians who'd like […]

Footnotes: Give Me Liberty or Give Me $220 Million | 07.10.12

Profiles in Liberty: Grover Norquist, Anti-Tax Warrior [United Liberty] The 27 Companies Most Likely To Have An Accounting Scandal [Business Insider] Maryland Governor Misstates State Tax Comparisons [Tax Foundation] Proposed Bill Squashes Tax-Free Online Shopping [Mashable] MF Global deja vu? $220 million goes missing at futures brokerage [LA Times] "It feels like doomsday at mid-size […]

Footnotes: Failure All Around | 07.09.12

IRS: Don't Forget Tax Credit for Day Camp [AT] What The SEC And PCAOB Fail To Acknowledge About Chinese Fraud [RTA] SEC Shuts Down IFRS Decision Time Line [CW] So It Begins… Tony Nitti: "It’s a cheeky bit of strategy by the President.  By backing off his requirement that any lower and middle class extensions be […]

Footnotes: MIA PwC; More Calls for More of Mitt’s Tax Returns; The Greatest 8-K Ever | 07.06.12

Where Was Auditor PwC When Its Client Barclays Gamed Libor? [AB] DEAR MITT ROMNEY: It's Time To Release All Of Your Tax Returns [BI] AIG Sues U.S. Over Alleged $30.2 Million Tax Overpayment [Bloomberg] House sales not enough; Kenny Stabler owes $265,000 to IRS [MPR] Grover Norquist Pledge Against Taxes Attracts Fewer Republican Candidates [HP] […]