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Tax Nonsense

"Nero fiddled while Rome burned, but at least he didn't strike the match. Members of Congress are doing Nero one better. In the middle of the second global financial crisis in two years, Congress is...

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Mary Schapiro's Mythology

Tom Selling (TS) at Accounting Onion, blasts SEC Chairwoman Mary Schapiro (MS) with respect to her support of IFRS convergence, 26 May 2010,...

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Butchering the Sacred Cow

"This will not be done because Americans do not really want major spending cuts. To demonstrate my point, let us consider America's sacred cow, tax-funded education. ... That would mean expenditures in...

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TAKS Progress

"Texas schoolchildren generally performed better on the all-important TAKS test this year, but some superintendents, state lawmakers and statisticians are casting doubt on the gains. That's because the...

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Mother of All Bubbles

Jesse has a 16 June 2010 post as Jesse's Cafe Americain, calling the US dollar, "The Mother of All Bubbles". No argument here. Here's a link:...

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More Self-Serving AICPA Claptrap

I got an e-mail from the AICPA's "Center for Audit Quality" on 16 June 2010, saying it opposes a permanent exemption for companies with market capitalizations under $75 million from compliance with SOX...

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Congress Finds Revolving Door

"A Senate panel asked the [SEC's] inspector general to review the agency's 'revolving door,' which shuttles many SEC staffers into jobs with the companies they once regulated. .... Mr. [Charles]...

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Accounting Onion Almost Makes Me Cry

Tom Selling's 15 June 2010 post at Accounting Onion applies SFAS 52, Foreign Exchange Accounting, giving an absurd result. He slams the SEC, FASB and Big 87654 all at once for this. Good show Tom....

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Where's the Crime?

"US authorities arrested Lee Farkas, the high-rolling former chairman of a failed Florida mortgage lender, and charged him with orchestrating a seven-year, multibillion-dollar fraud that contributed to...

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Are CPAs Racist?

"Thomas Jones decided to go into accounting when a CPA spoke about the profession at his high school's career day. ... But Jones' story is uncommon. African-Americans make up only about 1 percent of...

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The SEC and DOJ Fold

"The Justice Department's decision last week to abandon a criminal probe against current and former exectuives at [AIG] underscores the difficulty facing prosecutors who want to hold individuals...

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Just-In-Time For Disaster

"Car production lines worldwide look set to grind to a halt as the flight ban over much of Europe begins to starve manufacturing of key electronic components. ... The problems highlight industry's...

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Middle East Decision Time?

"Yesterday I had an exchange with someone, formerly associated with an American intelligence agency, who claims to be knowledgable about the Middle East. I offered the following view on the Middle...

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States Repudiate Pensions

"Many states are acknowledging this year that they have promised pensions they cannot afford and are cutting once-sacrosanct benefits, to appease taxpayers and attack budget deficits. ... 'We can't...

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Financial Engineering and BP

"In retrospect, the pattern seems clear. Years before the Deepwater Horizon rig blew, BP was developing a reputation as an oil company that took safety risks to save money. An explosion at a Texas...

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SEC Takes Over Gulf of Mexico

"In the five years before the Deepwater Horizon exploded, federal investigators documented nearly 200 safety and environmental violations in accidents on platforms in the Gulf of Mexico, describing a...

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Texas Schools Pass Stress Tests!

"Even with such low standards, the Texas Education Agency decided to rate hundreds of Texas schools and scores of Texas districts as 'academically acceptable' last year--the lowest 'passing'...

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Continuing Wall Street Control of DOJ

"The Justice Department on Thursday announced the arrests of nearly 500 people in what it billed as a nationwide 'takedown' of mortgage scams, many of them directed at homeowners in financial distress....

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Wait Listed By Jail-17

"As far as jails go, the Los Angeles Police Department's gleaming, new Metropolian Detention Center is about as good as it gets. ... The new detention center sits empty because of the city's dire...

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Yves Smith and Junior on TARP

Yves Smith (YS) has a 23 June 2010 post at her Naked Capitalism blasting "Timmy Boy" Geithner's recent comments about TARP's "success". YS's got this knocked. Here's a link:...

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WSJ Shills For IRS

"Congress wouldn't tax Roth IRAs, would it? ... But dozens of less-convinced readers have asked Tax Report about Congress's intentions, and well-known IRA expert Ed Slott says he hears it from...

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California's Gestapo-3

On 19 June 2010 I got the California State Board of Accountancy's Spring 2010 Update. From page 18, "Do you presently live and work out of state, but continue to maintain an active California CPA...

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Why Rubashkin?

"A federal judge in Iowa on Monday announced a prison sentence of 27 years on financial fraud charges for Sholom Rubashkin, the former manager of a kosher meatpacking plant where hundreds of illegal...

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California Today, Texas Tomorrow-2

"The demographer who warned a decade ago about Texas' unhappy mix of dismal education achievement and high poverty is more concerned than ever. Actually, he's frightened. ... Some don't see much...

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Muni Madness

"Investors are ignoring warning signs in the $2.8 trillion municipal-bond market, raising the risk of a reckoning, according to some market specialists. Numerous municipalities are struggling...

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