March 2012 archive

How to Manage Vendor Risks

Whether we like it or not, all business have to deal with outside third-party vendors.  Many business professionals understand the risks in dealing with vendors, but do not really have the processes in place to mitigate this risk.  Managing vendor relationships is key to a business’ long-term success.  As business is becoming more global, the …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/how-to-manage-vendor-risks/

The Quiet Surge in Bond Prices

Just recently, long term bond yields have been on the rise. Specifically, ten year Treasury bond yields just hit a five month high on Monday, March 19, 2012. (Late October 2011 was the last time it was higher.) Despite this recent yield hike, almost no one is talking about it. However, if this rising trend …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/the-quiet-surge-in-bond-prices/

Hunger Games has an Important (but usually missed) Theme

The long-awaited movie adaptation of the book, “The Hunger Games”, opened last night. The publicity and anticipation for the opening was intense. The movie’s success is assured. Although no one will miss the action, at its core, the movie genre involves teenage coming-of-age, combined with a love story. But, practically none of the publicity and …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/hunger-games-has-an-important-but-usually-missed-theme/

Mets owners insist on being treated like “losers” as part of their Madoff settlement

Once a Ponzi scheme is uncovered, most investors find that they have lost their money.  However, there are also usually some “winners”, ie those that benefited from the scheme by removing both their initial investment and (usually high) returns prior to the scheme’s collapse. The Court in the Madoff case previously confirmed that the determination …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/mets-owners-insist-on-being-treated-like-losers-as-part-of-their-madoff-settlement/

IRS ignoring payments required by its whistleblower program

A former bank executive filed suit against the Internal Revenue Service (IRS) for failing to pay him a whistleblower award for information submitted in 2007. As initially reported in the Washington Post, Joseph Insinga … alleged that Rabobank Group, where he worked as an executive for more than a decade, helped seven companies avoid hundreds …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/irs-ignoring-payments-required-by-its-whistleblower-program/

Big Four Attempt to Increase Their Influence

The “Big Four” accounting and audit firms are spending more than they have since 2002 (the year they lost one of their own in the Enron debacle) on lobbying the US government.  According to a Reuters analysis of congressional disclosure reports, the four accounting powerhouses spent a combined $9.4 million last year on in-house and outside …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/big-four-attempt-to-increase-their-influence/

NJ Supreme Court case requires privity of contract in accounting malpractice suits

On February 16, 2012, in Cast Art Industries, LLC v. KPMG LLP (A-51/52-10) (066891), the New Jersey Supreme Court unanimously reversed an Appellate Court decision that had upheld liability against KPMG failing to uncover accounting fraud involving an acquisition by Cast Art Industries of KPMG client Papel. The decision upheld the privity requirements of New …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/nj-supreme-court-case-requires-privity-of-contract-in-accounting-malpractice-suits/

L.A.’s pizza is worse than Anchorage’s and why your expert’s survey may be unreliable

Los Angelenos think highly of their hamburgers. Not so much their pizza. According to resident responses, L.A. hamburgers rank fifth best of 35 U.S. cities based on a report by Travelandleisure.com. But L.A.’s pizza ranks 28th, seven spots from dead last. It is no surprise that L.A. residents are less proud of their pizza than …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/l-a-s-pizza-is-worse-than-anchorages-and-why-your-experts-survey-may-be-unreliable/

Finally! A poll asks the question we really care about

Undoubtedly, one of the decisive issues in the upcoming November 2012 presidential election will be about taxes:  Should some pay higher taxes than others?  If yes, who, why, and how much more? Until recently, practically every national poll asked whether tax rates should be increased, decreased, or kept the same.   For example, one of the …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/finally-a-poll-asks-the-question-we-really-care-about/

Former CEO recognized for whistleblower action

Michael Woodford has been recognized with the 2012 Cliff Robertson Sentinel Award by the Association of Certified Fraud Examiners (“ACFE”) for the whistleblower actions that allegedly led to his ousting from the company.  As the new CEO of Olympus Corporation, Mr, Woodford exposed alleged fraud at his own company.  The allegations involved improper accounting attributed to …

Continue reading

Permanent link to this article: https://betweenthenumbers.net/2012/03/former-ceo-recognized-for-whistleblower-action/