Allen: Every dime justified Aug 16, 2009
There were some reasons that caused confusion, there were some accounting issues, Allen said. I can see where (Best) was coming from. (Wasilla Frontiersman, AK)
Starke audit full of recommended changes Aug 15, 2009
When the auditors worked with the city to correct some of the accounting issues mentioned, there were no funds found missing or unaccounted for. Bradford County Telegraph 2009. (Bradford County Telegraph, FL)
Regulators shut down big lender Aug 15, 2009
that provides financing for mortgage lenders, and a civil probe by the Securities and Exchange Commission concerning accounting issues and the bid for federal bailout funds. From the Saturday, August 15, 2009 edition of the Augusta Chronicle Reader Comments Note: Comments are not edited and don't represent the views of The Augusta Chronicle. (The Augusta Chronicle)
Greenberg to pay SEC $15m, putting AIG lawsuit to rest Aug 7, 2009
In a statement yesterday, Greenberg said the agency s complaint does not blame him for the vast majority of accounting issues involved in the adjustment and does not accuse him of fraud. If it had, he was confident that he could defeat in court any such claim. (Boston Globe)
SEC Slaps Greenberg on AIG Accounting Aug 7, 2009
It continued: "Mr. Greenberg has consistently made clear that he personally never engaged in any fraud whatsoever and that the vast majority of AIG's Restatement was unnecessary and concerned accounting issues for which he had no responsibility.". Smith's attorney, Andrew M. Lawler, said in an e-mail: "Some of the transactions in the Complaint filed by the SEC today are almost ten years old. Although Mr. Smith was originally inclined to litigate this matter, resolving the SEC matter allows him... (BusinessWeek)
Stocks Finish Higher Aug 5, 2009
This concludes the SEC's investigation of accounting issues at GE relating to four accounting matters in 2002 and 2003. GE has previously corrected for the effects of these matters in its financial statements in SEC filings made between May 2005 and February 2008. (BusinessWeek)
GE pays $50M settlement to SEC Aug 5, 2009
The accounting issues are. The application of a certain accounting rule to GE s since-discontinued commercial paper hedging program and, separately, to certain swap derivatives where fees were paid or received at inception. (Louisville Business First, KY)
GE settles SEC accounting case for $50M Aug 5, 2009
The probe involved accounting issues between 2002 and 2003. The SEC said the issues were corrected in filings between 2005 and 2008. (Albany Business Review, NY)
First Financial Northwest, Inc. Reports Second Quarter 2009 Financial Results Jul 24, 2009
Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs that may be impacted by deterioration in the housing and commercial real estate markets and may lead to increased losses and nonperforming assets in our... (Primezone Releases)
Sizing Down Digital-TV Wins Jul 12, 2009
In a June research report, Eagan expected the bulk of the remaining over-the-air customers to sign on to pay TV in the second quarter (about 158,000 homes), while Ryvicker contended that accounting issues would push back the bulk of the impact into the third quarter ... But the reasoning behind Ryvickers prediction is mainly because of accounting issues. (Multichannel News)
Make loan program lender-friendly Jul 2, 2009
He says there are accounting issues and software challenges of split-billing the customer for principal [payments] and SBA for interest electronically. But the biggest problem is that lenders are prohibited from selling ARC loans to secondary-market investors as they would other SBA loans. (Atlanta Journal-Constitution -- Opinion)
Irwin Financial Corporation Announces Sales of Assets and Managerial Changes Jul 2, 2009
These transactions are designed to give us the time necessary to complete our work with the Treasury and private investors who have committed to make equity investments as part of our recapitalization plan," concluded Miller. Additionally, Irwin announced a reorganization of managerial responsibilities in the commercial banking segment. John Wilcox will assume the role of President of the commercial banking division of Irwin Union Bank and Trust. Brad Kime, the current President of commercial... (PR Newswire)
'matchmaker' In Arrears Jun 26, 2009
Guagenti would only say, "Patti Stanger is no longer a client. We do have some accounting issues but I'm sure they'll be resolved." Stanger's new rep said, "Everything's being worked out. They're in negotiations to take care of it right now.". . (New York Post -- Gossip)
Ulticom Announces Settlement With SEC Jun 19, 2009
Important factors that could cause actual results to differ materially include: the timing for the completion of the Company's financial statements is dependent in part on the Company's reasonable assurance that no further accounting issues that may impact the Company will be identified by its majority shareholder, Comverse Technology, Inc., during its preparation and audit of its financial statements; the results of the Company's evaluation of revenue recognition based on the application of SOP... (Primezone Releases)
First Financial Northwest, Inc. Reports Having An Independent Stress Analysis Performed On Its Loan Portfolio Jun 6, 2009
"At March 31, 2009, the Bank far exceeded the minimum regulatory capital ratios for well capitalized banks with 15.65% Tier I Leverage, 23.14% Tier I Risk-Based and 24.40% Total Risk-Based capital ratios.First Financial Northwest, Inc. is a Washington corporation headquartered in Renton, Washington. It is the parent company of First Savings Bank Northwest; a Washington chartered stock savings bank that was originally organized in 1923. It serves the Puget Sound Region of Washington including... (Primezone Releases)
City to Review Energy Efficiency Plan Figures May 20, 2009
The programs are designed in a timely and efficient manner with attention to depreciation, tax credit, rebate and accounting issues. Washington Missouri 2009. (Missourian Publishing, MO)
County identifies auditing problems May 19, 2009
Advertisement Santa Barbara County is not only having money problems, it s also having some accounting issues. That s why county Auditor-Controller Robert Geis has recommended an audit committee be formed to add oversight and accountability to the billing process in county departments. (Santa Maria Times)
Irwin Financial Corporation Announces First Quarter 2009 Results May 12, 2009
" Segment Results Pre-tax income (loss) by line of business is shown below. Percent Net Income(loss) before tax 1Q 2009 4Q 2008 Change 1Q 2008 ($ in millions) Commercial Banking ($35) ($27) (28)% $1 Commercial Finance (3) (4) 26% 7 Franchise Finance (2) (0) (339)% 8 Small ticket Leasing (exiting) (1) (4) 66% (1) Home Equity (42) (18) (137)% (27) Subtotal, Operating Segments (80) (49) (63)% (18) Other Segments, Including Parent (9) (13) 31% (18) Income taxes 5 42 (89)% (14) Consolidated Net... (PR Newswire)
Ag Growth Announces Results for the Three Months Ended March 31, 2009 May 7, 2009
"Company ProfileAg Growth is a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories and grain aeration equipment. Ag Growth's sales, marketing, and distribution system is comprised of approximately 1,400 dealers and distributors that distribute product in 48 states, nine provinces, and overseas.Non-GAAP measuresReferences to "gross margin" are to sales less cost of... (CCNMatthews Press Releases)
Diebold Agrees to Pay $25M to Settle Charges May 5, 2009
Diebold also said it had been informed that the U.S. Attorney's office for the Northern District of Ohio will not bring criminal charges against the company over transactions and accounting issues covered in a Securities and Exchange Commission probe. Regulators began reviewing the way Diebold reports revenue in early 2007. (ABC News -- Wire)
IFRS convergence on track in US Apr 30, 2009
In recent months the two bodies have mainly focused on mark-to-market accounting issues, but the project remains on track for a timely completion said IASB's Tom Jones. "I don't think this fair value issue has derailed it at all. We're quite prepared to delay other projects that aren't on the key list to make it", Jones told delegates at the Reuters Global Financial Regulation Summit. (Accounting Web, UK)
Green shoots and glimmers Apr 19, 2009
And some analysts expressed considerable doubt about Wells Fargo's assumptions, as well as other accounting issues. Meanwhile, Goldman Sachs announced a huge jump in profits from fourth-quarter 2008 to first-quarter 2009. (NJ.com -- Times)
Needham Business Notes (April 19) Apr 15, 2009
He advises clients on business and accounting issues ranging from business planning and equity compensation to mergers and acquisitions. In addition, he has extensive experience in assisting companies in raising capital in the public and private markets. (Needham Tab, MA)
Soares aide put on paid suspension Apr 15, 2009
He soon called in a team of experts to examine "accounting issues.". Robert Gavin can be reached at 434-2403 or by e-mail at rgavin@timesunion. (Albany Times Union)
Bankers get a model rush Apr 9, 2009
These accounting issues arise totally out of the main problem - that banks want the freedom to carry valuations for these assets far in excess of what the market is willing to pay for them. For, in the final analysis, the value of everything is not determined, or at least should not be determined, by what the owner thinks they are worth, but by what competitive bidders in an informed free market are willing to put up in cold hard cash. (Asia Times Online)
KPMG International Sued for $1 Billion by New Century Trustee Over Audits Apr 2, 2009
Any implication that the collapse of New Century was related to accounting issues ignores the reality of the global credit crisis, Ginsburg said yesterday. This was a business failure, not an accounting issue. (Bloomberg -- US)
Calif. lender blames KPMG for its failure Apr 2, 2009
"KPMG acted in accordance with professional standards in New Century, and we will vigorously defend our audit work. Any implication that the collapse of New Century was related to accounting issues ignores the reality of the global credit crisis. This was a business failure not an accounting issue.". The lawsuits said that New Century, formed in 1995, began to invest more heavily in subprime mortgages early in this decade as that market heated up. (Fresno Bee -- Business)
Washington Looks to AIG's Greenberg For Help Apr 2, 2009
He will appear not as a genius of finance but as the deposed chairman of a defamed colossus who still faces a civil lawsuit by the New York attorney general's office over accounting issues. But at a time when Congress is looking for scalps to pay for corporate misdeeds, the fact that Greenberg was invited as an expert not a corporate villain is a measure of his redemption. (Time.com)
Nigeria: Meltdown - Audit Failure May Prolong Crisis Mar 30, 2009
He identified the factors responsible for accounting failures in Nigeria as the failure of the field auditors to gather sufficient audit evidence to clarify controversial accounting issues; field auditors using mainly enquiry or conversational auditing as a form of evidence; not recognising or disclosing key related parties during the audit practice and over reliance on internal controls, among others. Nigeria had in the past witnessed the publication of fictitious financial reports that not... (allAfrica.com)
ALL BUSINESS: Bank fix-it plans may collide Mar 28, 2009
The fear is that companies will use this leeway to boost the value of the loans on their books to "unrealistic levels," said Robert Willens, an expert on tax and accounting issues for Wall Street clients. "The FASB's relaxation of these rules might come at the most inopportune time," he said. (Anchorage Daily News)
West Hills investigates office Mar 26, 2009
"She's being retaliated against because she's trying to bring transparency and shed light on certain financial and accounting issues" at the school, said Howard Sagaser, Caganich's attorney. Caganich, who has been the foundation's executive director since July 2007, has questioned why the foundation is paying West Hills district Chancellor Frank Gornick's fees at the Kings Country Club near Hanford, Sagaser said. (Fresno Bee -- Local)
BankUnited terminates Fannie Mae lending Mar 21, 2009
It said it could not predict when it would begin filing regular financial reports, including those for the quarters ended Sept. 30 and Dec. 31, due to its accounting issues, such as valuing its assets and setting a loan loss reserve. Gracey said BankUnited s discussions with potential investors are ongoing. (South Florida Business Journal, FL)
Councilman faces subpoena over charity records Mar 20, 2009
The councilman s attorneys have said there are some accounting issues that need to be worked through and they hope to have the matter resolved. Looney said her staff needs the records to determine if Willis violated any city codes. (Atlanta Journal-Constitution)
Mutual funds move to restore investor confidence Mar 18, 2009
The fixed one-dollar share price simplifies tax and accounting issues and reduces recordkeeping burdens, the trade group's president, Paul Schott Stevens, said. With more than $8 trillion in foreign and offshore money funds, investors seeking a fixed share price will simply move to other options that are "less regulated, less transparent and perhaps destabilizing to the system as a whole," he said. (International Herald Tribune -- Business)
BANKS POP ON TALK OF ACCOUNTING RULE RELIEF Mar 17, 2009
The accounting issues are complex, but generally banks and other firms argue that current mark-to-market rules have caused them to incur more than 1 trillion in losses on securities and mortgages whose values have cratered during the economic crisis. These institutions argue that applying lower prices to assets in a broken market has only wreaked greater calamity and has forced banks to write down the value of assets that haven't necessarily lost their intrinsic value. (New York Post -- Business)
JSE listing on the horizon Mar 13, 2009
Bongani Mbindwane, the chief executive, said: "The listing is close to finality" but there were some "minor accounting issues" to be dealt with before the shares were added to the JSE's main board. Platfields currently has a market value of about R1. (Business Report, South Africa)
Transcript of a Press Briefing by David Hawley, Senior Advisor, External Relations Department, International Monetary Fund Mar 13, 2009
MR. HAWLEY: I don't have specific comment on these accounting issues at this stage. We need to see what comes out of the discussions with the membership and among the membership. (IMF News)
What earmarks? Don’t see any. Mar 12, 2009
Mark to market is one of those eye-glazing accounting issues for people outside the industry. The rule says that bank books should reflect component assets at whatever price the market values them, without regard to the actual performance of the assets. (Atlanta Journal-Constitution -- Opinion)
Washington's guilty sermonizers Mar 10, 2009
The GSEs eventually did falter and were hamstrung by their accounting issues. By that time, however, the inflationary bias within mortgage finance and housing had become so powerful that the boom in Wall Street "private-label" mortgages/MBS easily supplanted GSE-related credit creation. (Asia Times Online)
Gabriel Resources Ltd: Fourth Quarter 2008 Report Mar 5, 2009
Management is in the process of finalizing phase one, IFRS diagnostic assessment, which includes preliminary Canadian GAAP and IFRS comparison on key accounting issues applicable to the Company and we have entered the early education phase of our plan. Due to anticipated changes in International Accounting Standards prior to our transition to IFRS, we are not in a position to determine the impact on our financial results. (CCNMatthews Press Releases)
Federal agencies investigate Syntax-Brillian Mar 4, 2009
The publicly traded company had faced numerous accounting issues in the preceding months. Several executives and directors left the company, which had not filed its required quarterly financial reports in almost a year. (AZCentral -- Business)
Debevoise Launches International Corporate Investigations & Defence Practice Group Feb 27, 2009
Debevoise's highly regarded Litigation Department is expanding its defence and investigations practice and confirming its position as a leader in the field of investigations, defence, compliance and accounting issues matters. The ICID group's lawyers, who practice out of the firm's New York, London, Washington D.C., Paris and Frankfurt offices, will continue to provide the high calibre international service that is required in today's uncertain market. (PR Newswire)
Survey: Small-business owners resilient Feb 26, 2009
Twenty-six percent cited dealing with legal and accounting issues. Twenty-one percent cited finding customers. (Charlotte Business Journal, NC)
LDK Solar Shrs Slide As ThinkEquity Downgrades To Sell Feb 21, 2009
The more bearish stance follows Hoopes points out that the company s $210 million to $220 million inventory writedown raises new concerns about a 2007 controversy involving allegations over inventory accounting issues. As Hoopes notes, in October 2007, former LDK controller Charley Situ alleged discrepancies in the company s accounting for possibly unusable inventory. (Barron's Blogs)
FHLBank Pittsburgh suspends program Feb 18, 2009
Member banks were informed about the accounting issues Jan. 16 and the program suspension shortly afterward. First Front Door ceased operating at the end of January. (Pittsburgh Business Times, PA)
Report: Boards at Ticketmaster, Live Nation OK merger Feb 11, 2009
Citing sources close to the deal, Live Nation s board had small issues that needed resolution before approving the deal -- including a few accounting issues. According to the report, the new company plans to integrate Ticketmaster s dominant operation for selling seats at music, sports and theater events. (San Jose Business Journal, CA)
Boards approve Ticket deal - WSJ Feb 10, 2009
The paper cited people familiar with the matter as describing the sticking points as relatively minor, including accounting issues. The agreement to merge lays the groundwork for what could be an intense regulatory review and, ultimately, the creation of an entertainment powerhouse of game-changing proportions, the newspaper said. (Reuters)
BankUnited needs at least $568M Feb 8, 2009
The results are preliminary as the bank and its holding company deal with accounting issues. However, the numbers indicate the amount of capital the bank needs to raise to satisfy regulators, whom the bank has warned might place it into receivership if BankUnited fails to raise enough capital. (South Florida Business Journal, FL)
