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Lehman Auditors Charged With Fraud Over Questionable Accounting

Posted 05.25.2011 | Business

Prosecutors in New York are set to file civil fraud charges against accounting firm Ernst & Young over the collapse of Lehman Brothers, the Wall Stre...

The Bush Tax Cuts and the Republican Cult of Affirmative Action

David Fiderer | Posted 05.25.2011 | Business
David Fiderer

Capitalists believe in rewarding success and punishing failure. Well, we have ten years of performance data on the Bush tax cuts, and they failed by every possible criterion.

Swiss Banker's Reaction to U.S. Treasury Hiding A.I.G. Loss

Iris Mack | Posted 05.25.2011 | Business
Iris Mack

Goldman Sachs and JP Morgan are being subsidized by the Federal Reserve. Why can't the Fed instead subsidize Americans who want a job? How stupid do they think the American taxpayer is?

Suppose the Tax Cuts Expired

Dr. Philip Neches | Posted 05.25.2011 | Politics
Dr. Philip Neches

The simplest thing is to spend more on things that generate deductions. Give more to charity. Buy a new computer. Do more business travel: go more often, stay longer, upgrade accommodations.

Creating the PFM for Business Banking

Brett King | Posted 05.25.2011 | Business
Brett King

Business Internet Banking can become the platform for much more leverage with business clients, but today it is a very basic transactional platform. We need to shift it to become the PFM of business banking.

American Apparel: Rags To Riches To Rags Story?

The Guardian | Amelia Hill | Posted 05.25.2011 | Business

With sales down by 16% in its 279 shops globally -- 15 in the UK -- the company whose clothes were worn by the coolest kids across the world is now at...

Dell To Pay $100 MILLION To Settle SEC Accounting Fraud Charges

AP | MARCY GORDON | Posted 05.25.2011 | Business

WASHINGTON — Computer maker Dell Inc. is paying $100 million to settle civil charges that it fraudulently used payments from Intel to pump up it...

Bank Of America Makes $10.7 Billion Accounting Mistake

Bloomberg | David Mildenberg and Dakin Campbell | Posted 05.25.2011 | Business

Bank of America Corp., the largest U.S. bank by assets, said it wrongly classified as much as $10.7 billion of short-term repurchase and lending trans...

The Complexities of the Next Big 4 Failure

Caleb Newquist | Posted 05.25.2011 | Business
Caleb Newquist

We've reached a tipping point where if one more firm fails, the rest of them will get out of the business. The firms have all but admitted that the business model will not survive another failure.

Here's Why a Big 4 Accounting Firm Failure Is a Reality

Caleb Newquist | Posted 05.25.2011 | Business
Caleb Newquist

In order to try and give you an idea of the possible fallout from the next Big 4 accounting firm demise we asked two experts to expand on their past writings, discuss the current environment, and to speculate a little about the future.

The LEAST Trustworthy Companies In America (PHOTOS)

Posted 05.25.2011 | Business

By 24/7 Wall Street -- 24/7 Wall St., working together with independent research firm Audit Integrity, has compiled a list of the companies with the l...

What should you do with your tax refund?

Gina Furia Rubel | Posted 11.17.2011 | Healthy Living
Gina Furia Rubel

Now that April 15 is upon us, many will be finalizing and filing their tax returns while others will be asking for extensions. For those planners out ...

Scientists to Congress & Obama: count the carbon in biomass

Nathanael Greene | Posted 05.25.2011 | Green
Nathanael Greene

A group of leading scientists from across the country sent a letter to congressional leaders and Obama officials urging them to carefully count the carbon from biomass burned for energy.

Ken Lewis, Bank Of America: Repo 105 Antecedents At Lehman Brothers

Bronte Capital | Posted 05.25.2011 | Business

I agree with Felix Salmon that the former Lehman staffers who defend Repo 105 are psychopaths -- certifiably insane. They state (as if this justifies...

Former Bear Stearns CEO: Ask My Boss How I Feel About Financial Reform (VIDEO)

Huffington Post | Ryan McCarthy | Posted 05.25.2011 | Business

How does the iconic Wall Street exec -- and former Bear Stearns CEO -- Alan "Ace" Greenberg Feel about Dodd's latest financial bill? In an intervi...

Plaintiffs File Brief in Overtime Lawsuit Against PricewaterhouseCoopers

Caleb Newquist | Posted 05.25.2011 | Los Angeles
Caleb Newquist

Last summer Going Concern initiated its coverage on the wage and hour lawsuits against the Big 4 auditors in California. The implications of the suit could change the face of public accounting.

China's Banks Copy Citigroup in Hiding Bad Loans Off Their Balance Sheets

Jim Jubak | Posted 05.25.2011 | Business
Jim Jubak

The danger in China's off-balance sheet shell game is that a good percentage of the original loans have been made to companies with oodles of political clout but absolutely no chance of every repaying the loan.

Forensic Accountants Dig Through George Washington's Records

Washington Post | Joel Achenbach | Posted 05.25.2011 | Business

One day in 1791, President George Washington received a bill for 60 pounds, 1 shilling and 7 pence from his physician friend James Craik, who regularl...

Shahien Nasiripour

Banks Get Small Win On Accounting Standards | Shahien Nasiripour | Posted 05.25.2011 | Business

A House panel approved a provision Thursday that calls for a new oversight body dominated by bank regulators to advise on accounting rules for banks, ...

FDIC: New Accounting Rules That Would Move | FLOYD NORRIS | Posted 05.25.2011 | Business

Did accounting help cause the financial crisis? A minuet playing out now is showing that the answer is yes -- but not in the way the banks want us to...

Ryan Grim

Moneyed Interests Lining Up For Battle Over Accounting Standards | Ryan Grim | Posted 05.25.2011 | Politics

In the midst of what was supposed to be a Congressional push for increased financial regulation and accountability, a powerful coalition of moneyed in...

Ryan Grim

Shock: American Bankers Association Comes Out Against Bank Reform | Ryan Grim | Posted 05.25.2011 | Business

The American Bankers Association is glad that the House Financial Services Committee made a number of changes to a financial reform package that it re...

Ryan Grim

Accountants, Washington Helping Banks Fluff Profits | Ryan Grim | Posted 05.25.2011 | Business

Look for another rosy round of profits when banks turn in their numbers for the second quarter ending in June when it will be legal for them to improv...

Higher Valuation Allowed for Brooklyn Bridge-Backed Derivates

Larry Arnstein | Posted 05.25.2011 | Business
Larry Arnstein

According to investment bankers, the Brooklyn Bridge can be assessed at its value at some future time, not precisely estimated, but agreed to be "not soon."

Fair Value Accounting Is Back -- Was It Here All Along?

Jeremy Newman | Posted 05.25.2011 | Business
Jeremy Newman

Frank-Walter Steinmeier, the Social Democrat candidate to be the next German Chancellor, has a new take on Fair Value Accounting. He criticized it and said it had encouraged risk taking.