November 2008 - Posts
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Paul Volcker, now officially an economic advisor to the incoming Obama administration, is famous as a fierce inflation fighter. But he also has strong views on accounting topics that might soon become mainstream economic issues. Google Paul Volcker, and...
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A potentially record-breaking deal to take Bell Canada private is stalled after KPMG reveals the telecom giant may not pass the solvency test. The reportedly largest leverage buyout in history may not be completed because the company could fail to meet...
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TARP deal from the original $700b in bailout money brings the U.S. 4 million preferred shares and a warrant for common. American International Group Inc. received $40 billion from the Department of the Treasury under the Troubled Assets Relief Program...
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During a time of hiring freezes, it's a good idea to get a grip on best practices for filling in with interim workers. Many companies have implemented hiring freezes lately, but "freeze" doesn't necessarily mean absolute zero. Critical...
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Standard-setters are seeking input on how to tweak the rules in response to the credit crisis. But they don't appear to be getting any quick answers. For months now, standard-setters and regulators have been collecting criticisms and warnings about...
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As its third finance chief in this volatile year, Johnson brings to the troubled mortgage finance company strong opinions and experience dealing with adversity. Fannie Mae tapped outspoken financial-services-industry veteran David M. Johnson to serve...
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Anheuser-InBev moves to pay down $9.8b bridge loan, and other companies, too, pay special heed to their bridge financing. Bridge loans are getting extra attention in the challenging global credit market. The Anheuser-Busch InBev brewery behemoth, for...
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Bank-client relationships are fraying, and TARP capital will do little to stimulate lending to companies in need of funds, say finance chiefs. Frosty, with no thaw before the end of next year. That's the forecast CFOs and other finance execs gave...
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The only place to raise capital to make hay out of the bargains that AIG and other insurers are dishing up is the stock market, an M&A expert says. It's a commonly held truth about free-market capitalism that its potential to destroy some companies...
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Leasing-industry association shows new-business volume falling 9.1 percent in October, year-to-year. Equipment leasing is another victim of the economic tailspin, with overall new leasing business volume for October falling 9.1 percent year-to-year. The...
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The battle against backdating, a shrinking FASB, and a rush toward global standards framed Conrad Hewitt's two-and-a-half years at the commission. Securities and Exchange Commission chief accountant Conrad Hewitt — after more than two years...
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The auditors' watchdog will ask the SEC to approve a budget of $157.6 million in 2009. The Public Company Accounting Oversight Board plans to ask the Securities and Exchange Commission for a 9-percent budget increase for 2009. The requested $157.6...
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Financial institutions' bleak Q3 financial results doesn't bode well for the agency's 2009 outlook. Third-quarter profits for banks and thrifts declined by 94 percent compared to last year, further calling into question the ability —...
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The insurance giant, 80-percent owned by the U.S. in exchange for its $83.6b in borrowings, eliminates 2008 and 2009 bonuses and salary hikes at top level; announces other restrictions. American International Group Inc. — the federal supplicant...
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CBS loses its argument with New York and is taxed on its "transfer" of real estate to Viacom. This month, CBS Corp. lost a tax case against the state of New York when the government successfully proved that the media company's shareholders...
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Global economic reversal and plunging commodity prices torpedo a hostile $68b stock deal that at one point had been worth $188b. The deterioration of the global economy claimed its biggest victim in the potential deal arena, as BHP Billiton Ltd. dropped...
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The government plans to bailout asset-backed securities and housing debt. The government is now giving bailout money to companies that provide credit cards, student loans and car loans. The Federal Reserve Board on Tuesday announced the creation of the...
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How much influence will governments have over banks? As well as capitalism's future, a recent congressional hearing on American International Group's bail-out debated an invoice for $1,488 from the salon at the St Regis resort, California. The...
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By year's end, FASB standards wil require companies and banks to reveal a lot more than ever before about their off-balance-sheet transactions. Accounting standard setters voted to stick a Band-aid on securitization rules today as a way of addressing...
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Forensic Center researchers say companies should pay careful attention to their fraud controls as temptations to manipulate numbers appear to rise during times of great financial struggle. Companies that have filed for bankruptcy protection are three...
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In our M&A Roundup for the week ended Nov. 23, four of the ten largest North American deals involve Canadian natural-resource companies — in a slow period that shows signs of picking up today. The merger-and-acquistion focus was on Canada last...
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AICPA and UNC November survey shows "overwhelming" pessimism — not just about the U.S. economy, but about their own firms. The pessimism felt by CFOs and senior-level executive CPAs about the U.S. economy surged in the fourth quarter after...
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Hewitt research — measuring shift away from equities — still shows that saving levels overall have only dipped to 7.8 percent from 8 percent. U.S. employees seem to be resisting the temptation to save less in their retirement accounts, a Hewitt...
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Many firms urgently need more cash to boost their liquidity and to help ward off the economic ills. At first glance Citigroup, a giant of American banking, and Wolseley, a British firm that makes building products, have little in common. The former is...
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A lifeline for Citigroup. America's financial firemen have tried all manner of measures to tackle the blaze engulfing its banks. Still the flames lick. Under an agreement hurriedly hammered out on Sunday November 23rd, Citigroup, a troubled giant...
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