Tyco Execs Still Stinking Rats
From Reuters “An appeals court on Thursday upheld the criminal convictions of former Tyco International Ltd Chief Executive Dennis Kozlowski and former financial chief Mark Swartz, both of whom are serving prison terms for fraud.” These punks collectively stole $150 million from the Company before being convicted back in 2005. Check out these sexy glamor shots…
Continue reading...Cool Accounting Tools For Cool People
Thursday, October 16, 2008
Mashable.com just released a really sweet list of online accounting and budgeting systems for smart and cool peeps like ourselves. I’m really psyched to see all the innovation in budgeting, accounting, billing and personal financial management that’s appearing on the internet. It’s about freakin’ time. Now, if you could only get all these disparate systems to [...]
Continue reading...I Am Legend
Thursday, October 16, 2008
First off, thanks to Warner Bros for this great pic. Like Will Smith’s character in I Am Legend, one needs to be prepared in these uncertain times. With the Dow down 733 points and Asian markets, represented by the Nikkei and Hang Sang Indexes falling 10% or more, it’s no wonder why law abiding citizens [...]
Continue reading...FIN 48 Deferred???
Thursday, October 16, 2008
Plagued by a failure to correctly implement Fin 48 amongst major public companies, it seems as if FASB is backing down on the requirement of non-public companies to comply with the disclosure requirements. Thank goodness. If nearly third of public companies can’t get their FIN 48 shit together, how the hell do [...]
Continue reading...Lessons on Leasing
Wednesday, October 15, 2008
CFOs are frequently engaged in accessing the needs and costs of adding facilities or maufacturing space. Depending on whether you are having your GC review the lease or are working with a commercial leasing company such as Colliers, here is a short-list of items to keep an eye on: Include a provision for lease audits that [...]
Continue reading...Entellium - Simply Crooked CRM
Tuesday, October 14, 2008
Entellium is now the latest Phucked Company! Word is they have laid off 2/3rds of their workforce and their site is soon to be AWOL. I’m sure Ignition won’t invest a dime again in another start-up without seeing a clean audit opinion. Full article here from TechCrunch including the actual US District Court Complaint that [...]
Continue reading...Gurley Wisely Advises Startups To Tighten Their Hatches
Monday, October 13, 2008
In this TechCrunch article, Bill Gurley, General Partner at Benchmark Capital, tells CEOs and CFOs of startups that now is the time to conserve coin and hunker down. Also in the article, the following points are made by a CEO who went through major layoffs during the dot bomb crash in 2000: You don’t realize how fast [...]
Continue reading...FASB Coughs Up Some Guidance on Fair Value
Saturday, October 11, 2008
FASB finally got off their asses and published some extended guidance on adoption of fair value reporting for assets for which there may not be a market. How the hell do you do that? Here is an article I caught on Bloomberg. FASB Staff Position 157-3 addresses the following: Use of cash flow assumptions Broker [...]
Continue reading...Quote of the Week
Friday, October 10, 2008
“This is worse than a divorce. I’ve lost half my net worth, and I still have a wife!”.
Continue reading...“Mayday, Mayday, We’re Going Down”
Friday, October 10, 2008
The Dow closed at 8,600 today (back to 2003 levels). No one is quite sure where the bottom is…7,000 levels would take us back 11 years to 1997 and 5,000 levels would take us back to 1996. We’re probably a ways off from 5,000 but at this rate of descent we could be [...]
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Friday, October 17, 2008
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