"Floyd Norris has the details. Under the guise of helping small businesses, the accounting requirements of Sarbanes-Oxley are being watered down to near nothing."
- Andrew C
from Bookmarklet
"This is a shameless attempt for a freer hand to avoid responsibility and correct marking of assets. If we really wanted to just help small companies reduce their reporting burdens and maintain acceptable financial controls, how hard is it to exempt an appropriate number of firms with modest revenue. Instead, this is yet another grab for control by the same groups that helped caused the previosu accounting crisis in the 1990s and 2000s. The gall is simply unimaginable."
- Andrew C
Norris: "The House Financial Services Committee this week approved an amendment to the Investor Protection Act of 2009 -- a name George Orwell would appreciate -- to allow most companies to never comply with the law, and mandating a study to see whether it would be a good idea to exempt additional ones as well."
- Andrew C
"They also suggested that more foreign companies would list their securities in the United States if they were spared that onerous requirement. No one seems to have asked if investors really would benefit from making it easier to invest in companies that fear such an audit."
- Andrew C
The accounting requirements of SOX don't do anything to prevent fraud anyhow...They need to actually tighten enforcement of companies and not simply ask companies to do better accounting.
- Alex Scoble
I thought there was some deterrent effect by putting the CFO/CEOs personally on the line for the quality of the accounting?
- Andrew C
It didn't stop Madoff or the banking scandals...The only thing that deters fraud is good enforcement.
- Alex Scoble
As Ritholtz points out, though, the banking scandals were aided by explicit waivers from certain regulations.
- Andrew C
"Computer graphics distract the eye./ Downloading music distracts the ear./ Browsing the web disturbs one's taste./ Video games obsess the mind./ Ordering online disrupts one's judgement."
- Andrew C
from Bookmarklet
"Therefore, the Consultant/ cultivates his intuition, instead of distracting himself:/ by avoiding the one, he chooses the other. "
- Andrew C
Open Left:: Only fiscal conservatives would say we can't afford to reduce the deficit - http://openleft.com/diary...
"Truly, only fiscal conservatives like the Blue Dogs would argue that we can't afford to reduce the deficit."
- Andrew C
from Bookmarklet
Blue Dogs live in an incoherent shadow land, not quite conservative enough to be truely Republicans and certainly not liberal enough to be Democrats The problem is without a coherent frame they flay about from issue to issue trying to hang in their shadow land of muddled mddle but mostly not making sense
- WarLord
"Ten years ago today, they repealed [Glass-Steagall]."
- Andrew C
from Bookmarklet
Whoa, John Reed steps up. http://www.bloomberg.com/apps... "Lawmakers were wrong to repeal the Depression-era Glass- Steagall Act in 1999, Reed said. At the time, he supported overturn of the law, which required the separation of institutions that engaged in traditional customer banking services from those involved in capital markets. "We learn...
more...
- Andrew C
"Pensioners, otoh, are subject to "moral hazard." Believing their contracts were viable, reasonable, and negotiated by people who were working in the best interest of the firm--that is, people who were not writing a check with their mouth that their pockets couldn't cash--clearly causes them not to do enough to save. Because they don't understand that mismanagement of their pension is their fault, and that the Pension Benefit Guaranty Corporation will only ensure that their pensions will be paid "up to certain limits," no matter how much extra Roger Smith or Michael Eisner or Jack Welch took from the company for performing almost as well as the rest of the stock market."
- Andrew C
"So, let us say to Mr. Brown and the rest of the workers who depend on their pensions being funded: Don't worry about being treated the way AIG was. You're going to be dealt with as a "moral hazard" problem for believing that the contract you negotiated will be enforced."
- Andrew C
"Yesterday, my longtime friend and mentor Kathy alerted me to Deadly Viper Character Assassins: A Kung Fu Survival Guide for Life and Leadership, a "kung fu-inspired" Christian book/dvd series on leadership integrity published by Zondervan. It looks like it draws heavily from Eastern imagery and Asian martial arts... for no apparent reason. I mean, it lays it on thick."
- Andrew C
from Bookmarklet
Zondervan is a major Christian book publisher. It is (through Harper Collins) part of the Rupert Murdoch media empire. How did such a ridiculous concept get all the way to publishing?
- Andrew C
Barack Obama Names Alan Moore Official White House Biographer | The Onion - America's Finest News Source - http://www.theonion.com/content...
"But in the face of continuing [H1N1] vaccine shortfalls, the prospect of thousands of doses of vaccine being doled out to patients at for-profit medical clinics doesn't sit well with some. Ontario Health Minister Deb Matthews said on the weekend that she hoped to look into whether giving the vaccine to private clinics was ultimately a good use of resources."
- Andrew C
from Bookmarklet
"Michael McBane, national co-ordinator of the advocacy group Canadian Coalition for Health, said giving **publicly funded** vaccines to clinics whose patients pay for care flies in the face of Canada's public health-care system." (emphasis mine)
- Andrew C
But hockey players are a national treasure and must be protected at all costs!
- cecily
@Cecily: *laugh* Yeah, I couldn't believe it when I read that even more outrageous story, that private clinics were being turned down in favor of NHL teams. ( http://pacificgazette.blogspot.com/2009... )
- Andrew C
"The plea would be the latest twist in an epic fall for Mr. Kerik, who rose from police detective to briefly become the Bush administration's nominee to lead the Department of Homeland Security. "
- Andrew C
from Bookmarklet
"Integrity requires carefully developing and upholding a set of inviolable beliefs. People of integrity are not inflexible, but their decisions are made in the context of strongly held values. Principled leaders must not only set a moral compass, but also effectively communicate a code of conduct to those they lead. They are obligated to remain faithful to their core convictions in...
more...
- Andrew C
"In short, the problem isn't that your insurance costs too much or that you might lose it or anything like that. The problem is that you /have/ insurance, especially insurance through your employer. Ideally you wouldn't have insurance at all or at least you'd have much less of it."
- Andrew C
from Bookmarklet
"That's the essence of where Republicans want to go. And why Democrats aren't making that a lot more clear is a very good question without any good answers. The problem is that you go to the doctor and agree to take the tests the doctor recommends. Shadegg and Hoekstra want a system where if your doctor suggests a biopsy for a suspicious lump you think about the pros and cons. Is it...
more...
- Andrew C
"Goldman, you may recall, was saved with taxpayer money when the panic spread last year. A naïve person might think such a company would see a patriotic virtue in paying taxes. Fannie Mae is currently a ward of the government. So this boils down to a proposal to pay Uncle Sam perhaps 15 cents to avoid paying 20 cents to Uncle Sam. The gall involved in even proposing such a thing is awesome."
- Andrew C
from Bookmarklet
"It also points out one reason companies pay so little in taxes. These tax credits exist as a nonbudgetary way of stimulating investment in low-income housing. It would be a lot cheaper for the government to simply subsidize that, but instead it offers tax credits so there is no "expenditure" for foes of big government to criticize."
- Andrew C
""The freedom to buy health insurance on your own," and choose your own doctor, he said." ... so apparently the GOP plan for opposing health care reform is based entirely on lies and ignorance. I suppose that's one way to run a country, but I think I would prefer the alternative.
- Andrew C
from Bookmarklet
The ignorance and disdain on the Republican/conservative house is staggering, mindboggling. They are really pushing for the US to revert back to 1792, where everything was so much better.
- Rene Wirtz
don't they mean health insurance reform? since the wording has been changed now due to their bleeting. These guys are just spreading fud and downright lies. In the UK we have a national healthcare but we also have a buoyant private market. You have the choice of signing up to an NHS doctor, a private doctor or even no doctor if you so wished. The only limit we really have is that you can't sign up to a doctor outside of your district.
- alphaxion
@alphaxion: I keep explaining how health care in several different European countries works (combination of public and private options, like you mentioned) and most people, who initially are opposed to health care reform, can see the beneift in the proposed bill. Those are reasonable, intelligent people. The strong opposers are the ones who are misinformed and only regurgitate...
more...
- Rene Wirtz
These "great threats to our freedom" jerks would be a lot more honest - if unelectable - if they were rhetorically consistent and opposed Medicare as stridently as they did back when Medicare itself was first getting started.
- Andrew C
if anything it gives them even *more* free will as their choices have been increased. >.< And still I always notice they have no problems with the biggest socialist money pit in the US... the military.
- alphaxion
"That's your grassroots teabag movement that allegedly has the Republican establishment running scared. It /is/ the Republican establishment. They and like minded corporate interests like News Corp are wisely infiltrating and investing in this "grassroots" organization. They don't leave anything to chance. If Marco Rubio wins in Florida, he'll know who his daddy is. They all will."
- Andrew C
from Bookmarklet
It probably says something about me that my notes for places I should go on my vacation in New York are 75% about food.
"There are two big victories at work in New York's 23rd Congressional District. First, the GOP now must recognize it will either lose without conservatives or will win with conservatives. In 2008, many conservatives sat home instead of voting for John McCain. Now, in NY-23, conservatives rallied and destroyed the Republican candidate the establishment chose. "
- Andrew C
"I have said all along that the goal of activists must be to defeat Scozzafava. Doug Hoffman winning would just be gravy. A Hoffman win is not in the cards, but we did exactly what we set out to do -- crush the establishment backed GOP candidate." -- all I can say is, I hope RedState can pull off more victories like NY-23.
- Andrew C
"[updated:] Local police are not willing to confirm it was a tire slashing and say it could be that the poll watcher ran over a bottle." - RedState is funnier than anything I could make up.
- Andrew C
from Bookmarklet
Uprock clip. Man, I'm forgetful; I clicked this link to open in a new tab and almost immediately forgot who pointed me to it. So frustrating.
- Andrew C
from Bookmarklet
"It's been said that the difference between the truth and fiction is that fiction has to make sense. After its third season, Battlestar Galactica steadily failed on both counts."
- Andrew C
from Bookmarklet
i have a big head, but fortunately the rest of my body proportions are a match.
- Joe Silence is not dead
I want to see a whole movie filmed where the characters wear these heads. I know, weird.
- EricaJoy
Come to think of it, Keith Knight (of the comic strips Th(ink) and The K Chronicles) used to have a papier-mache version of his cartoon head. I think he said in a strip a friend made it for him... he appears on the back cover of one of his books wearing it. It's pretty awesome.
- Andrew C