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62 Articles and Resources. Go to:  [Next 12]

Date Resource Read it at:
Dec 17, 2013 Accidental Tax Break Saves Wealthiest Americans $100 Billion

QUOTE: The popularity of the shelter, known as the Walton grantor retained annuity trust, or GRAT, shows how easy it is for the wealthy to bypass estate and gift taxes. Even Covey says the practice, which involves rapidly churning assets into and out of trusts, makes a mockery of the tax code.

Bloomberg News
Dec 13, 2011 Beirut Bank Seen as a Hub of Hezbollah’s Financing

QUOTE: an intricate global money-laundering apparatus that, with the bank as its hub, appeared to let Hezbollah move huge sums of money into the legitimate financial system, despite sanctions aimed at cutting off its economic lifeblood....While law enforcement agencies around the world have long believed that Hezbollah is a passive beneficiary of contributions from loyalists abroad involved in drug trafficking and a grab bag of other criminal enterprises, intelligence from several countries points to the direct involvement of high-level Hezbollah officials in the South American cocaine trade.

New York Times
Jun 18, 2011 Lawyers and Accountants Once Put Integrity First

QUOTE: as our economy fitfully heals, it would be prudent to ask whether lawyers and accountants offer the same protection against corporate misconduct that they once did. Three or four decades ago, investors and regulators could rely on these professionals to provide a check on corporate risk-taking. But over time, attorneys and auditors came to see their practices not as independent firms that strengthen the integrity of capitalism, but as businesses measured chiefly by the earnings of their partners.

New York Times
Apr 03, 2010 How Washington Abetted the Bank Job

QUOTE: Mr. Bernanke said the Fed had known nothing about this....The collapse of Enron back in 2001 revealed that the biggest financial institutions, here and abroad, were busy creating products whose sole purpose was to help companies magically transform their debt into capital or revenue.

New York Times
Sep 06, 2009 IRS asked to repeal cell phone tax: Businesses are urging the IRS to cease taxing the personal use of work-issued cell phones.

QUOTE: A message is being conveyed by lobbying groups for a wide array of industries... cell phones are so ubiquitous and have become such an essential business tool that it’s nearly impossible to keep track of the line between professional and personal use [to document for income tax purposes].

Jul 15, 2009 Federal Inquiry Looks at Derivatives Data Providers

QUOTE: Federal antitrust officials have opened a broad inquiry into the practices of the companies that serve as clearinghouses for trades of derivative instruments and are looking in particular at whether any companies have improperly used inside information about trades to profit...

New York Times
Dec 26, 2008 A Mortgage Paper Trail Often Leads to Nowhere (Fair Game)

QUOTE: WITH home prices in free fall and mortgage delinquencies mounting, pressure to modify troubled loans is ratcheting up. But lawyers who represent candidates for modifications say the programs are hobbled by the complexity of securitization pools that hold the loans, as well as uncertainty about who actually owns the notes underlying the mortgages.

New York Times
Nov 18, 2008 Crime might pay, but only in volume

QUOTE: company was merging with another big company, and from discussions I had with employees discovered that thefts had been a longstanding problem, made worse by the chaos of the merger.

May 23, 2008 Iraq Spending Ignored Rules, Pentagon Says

QUOTE: The new report is especially significant because while other federal auditors have severely criticized the way the United States has handled payments to contractors in Iraq, this is the first time that the Pentagon itself has acknowledged the mismanagement on anything resembling this scale.

New York Times
Mar 14, 2008 NRCC Says Ex-Treasurer Diverted Up to $1 Million

QUOTE: The former treasurer for the National Republican Congressional Committee diverted hundreds of thousands of dollars...of the organization's funds into his personal accounts, GOP officials said yesterday, describing an alleged scheme that could become one of the largest political frauds in recent history.

Washington Post
Oct 09, 2007 Court takes up shareholder rights: In its biggest business case of the term, the high court examines the scope of investors' rights to sue in the wake of corporate fraud.

QUOTE: Securities laws and regulations make clear that company officials directly responsible for such fraud can be sued. But what about consultants, vendors, investment bankers, lawyers, accountants, and others who may have had knowledge of the fraud and engaged in deceptive actions that helped keep it quiet?

Christian Science Monitor
Oct 03, 2007 Federal Workers Abusing Air Travel, Report Says

QUOTE: Federal employees are routinely abusing rules on business-class travel, taking trips that cost taxpayers an estimated extra $146 million annually, Congressional investigators have found.

New York Times
Sep 12, 2007 Businessman Ordered Jailed in Dispute With Utility

QUOTE: Mr. Seeber, who initially acted as his own lawyer, wrote to the company’s directors and J. Wayne Leonard, the chief executive, complaining that the company was trying to ruin his business with what he said was a baseless lawsuit. Mr. Seeber maintains that Entergy is simply trying to intimidate him, ruin his business and violate his First Amendment rights.

New York Times
Aug 23, 2007 White House Declares Office Off-Limits: Administrator of Missing E-Mails Not Subject to Open-Records Law, It Says

QUOTE: The Bush administration argued in court papers this week that the White House Office of Administration is not subject to the Freedom of Information Act as part of its effort to fend off a civil lawsuit... [but] The claim... is at odds with a depiction of the office on the White House's own Web site.

Washington Post
Jul 23, 2007 Deceased Farmers Got USDA Payments: Study Faults Lack Of Case Reviews

QUOTE: The U.S. Department of Agriculture distributed $1.1 billion over seven years to the estates or companies of deceased farmers and routinely failed to conduct reviews required to ensure that the payments were properly made, according to a government report.

Washington Post
May 23, 2007 Changes Spurred Buying, Abuses: Taxpayers Overcharged Millions in Sun Deal, Auditor Says

QUOTE: [Renewing the contract with Sun Microsystems] meant the government's leading contracting agency would be able to continue collecting millions of dollars in what are called industrial funding fees from Sun under rules that permit the GSA to take a percentage of every sale made to the government. It also meant that taxpayers would pay millions more than necessary, according to congressional investigators.

Washington Post
Apr 28, 2007 Investigation of Seattle Pension Fund Manager Widens

QUOTE: Separately, court papers filed last week in connection with that lawsuit contain new accusations about tax shelter work that Quellos carried out with the accounting firm KPMG and First Union, a bank since bought by Wachovia. The papers cite sworn testimony by two senior Quellos executives...

New York Times
Apr 12, 2007 Shell Settles With Europe on Overstated Oil Reserves

QUOTE: The money will compensate shareholders for losses incurred when the company’s stock dropped after it disclosed in early 2004 that it had greatly overstated its reserves, a closely watched indicator of an energy company’s health...After the restatement, which dropped the estimated value of future revenue by more than $100 billion, the company’s share price plummeted, leading to the ouster of its chief executive.

New York Times
Feb 02, 2007 Dell Faces Lawsuit over Intel Relationship

QUOTE: In the lawsuit...several large investors claim that between February 2003 and September 2006, Dell executives manipulated its accounting practices and issued false public claims about the Round Rock, Texas, PC maker's financial health.

Jan 12, 2007 Agents Say Fast Audits Hurt I.R.S.

QUOTE: Top officials at the Internal Revenue Service are pushing agents to prematurely close audits of big companies with agreements to have them pay only a fraction of the additional taxes that could be collected, according to dozens of I.R.S. employees who say that the policy is costing the government billions of dollars a year....[agents] said a policy intended to avoid delays in auditing corporations was being pushed so rigidly that it prevented them from pursuing numerous examples of questionable corporate tax deductions.

New York Times
Aug 21, 2006 The "Fuel Surcharge" Scam: The latest corporate trick to hide price hikes

QUOTE: But as they spread into other industries, fuel surcharges more and more seem as if they're just an au courant way of raising prices, while duping customers into thinking they're not paying more.

Aug 01, 2006 Tax Cheats Called Out of Control

QUOTE: So many superrich Americans evade taxes using offshore accounts that law enforcement cannot control the growing misconduct, according to a Senate report that provides the most detailed look ever at high-level tax schemes.

New York Times
Jul 19, 2006 Report Faults Safeguards in Religion Program

QUOTE: The Bush administration’s program of financing social service initiatives run by religiously affiliated groups lacks adequate safeguards against religious discrimination and has yet to measure the performance of the groups...

New York Times
May 07, 2006 Firms Harvesting Energy From Public Land May Owe U.S.: Under the False Claims Act, Groups Sue for More Fees

QUOTE: As soaring prices prompt huge increases in gas and oil drilling on public land, an ad hoc posse of state governments, Indian tribes and individual "bounty hunters" is charging that big energy companies are shortchanging taxpayers by billions of dollars.

Washington Post
Dec 27, 2005 Fraud Alleged at Red Cross Call Centers: Contract Workers in Calif. Stole From Katrina Aid Program, Indictments Say

QUOTE: Nearly 50 people have been indicted in connection with a scheme that bilked hundreds of thousands of dollars from a Red Cross program to put cash into the hands of Hurricane Katrina victims...

Washington Post
Nov 27, 2005 District Dodges Spending Laws: Companies Snare Contracts With Connections, Not Competition

QUOTE: District officials routinely violate city spending laws, avoiding competitive bidding, masking purchases under unrelated contracts and paying vendors without contracts or legal authority, according to D.C. records. Out of $2.5 billion in purchases last year, the city spent roughly $425 million in unauthorized payments and no-bid contracts...

Washington Post
Jun 05, 2005 Putting Tax Advisers On the Line

QUOTE: "Known as Circular 230, the rule is designed to set standards for the nearly 250,000 tax advisers and return isn't always clear when a communication with a client would be a covered opinion and when it wouldn't -- and getting it wrong could lead to suspension or disbarment from practice before the IRS and Treasury Department."

Washington Post
Jun 01, 2005 Justices Overturn Andersen Conviction: Advice to Enron Jury On Accountants' Intent Is Faulted

QUOTE: The Supreme Court overturned the 2002 criminal conviction of Enron Corp.'s accounting firm yesterday, nullifying with a single stroke one of the government's biggest victories in the corporate scandals that climaxed the bull market of the 1990s.

Washington Post
May 22, 2005 Contracting Rush For Security Led To Waste, Abuse

QUOTE: Billions of dollars were spent to protect Americans with improved passenger screening, bomb-detection machines at airports, radiation monitors at ports and computer networks to identify suspected terrorists at the borders.... But the government's internal audits have repeatedly questioned the cost and effectiveness of the equipment and security systems bought from corporations that received a torrent of money under loosened regulations, limited oversight and tight congressional deadlines.

Washington Post
Mar 15, 2005 Bernard Ebbers Guilty on All Counts: Jury Finds Former CEO Guilty on All Nine Counts

QUOTE: Former WorldCom Inc. chief executive Bernard J. Ebbers was found guilty Tuesday on all counts against him of conspiracy, securities fraud and false regulatory filings for his role in a massive accounting fraud...

Washington Post
Mar 15, 2005 Pentagon Audit Questions Halliburton's Costs in Iraq

QUOTE: Pentagon auditors found more than $100 million in questionable costs in one section of a massive, no-bid Halliburton Co. contract for delivering fuel to Iraq...

Washington Post
Feb 08, 2005 Senate Panel to Begin Hearing on Bond Raters

QUOTE: The heads of the big three credit-rating companies and their critics will face off today in a Senate Banking Committee hearing, setting the stage for a regulatory battle over an industry that has eluded controls despite mounting concerns about conflicts of interest, aggressive business practices and a lack of competition and transparency.

Washington Post
Sep 25, 2004 Regulator Says Fannie Resisted

QUOTE: ...Fannie Mae said it was cooperating fully with a federal examination of its accounting, its regulator says... the agency had to subpoena documents and witnesses and ask the Justice Department for help enforcing subpoenas.

Washington Post
Jun 25, 2004 Board Finds Problems in Audit Firms: Accountability Issues Remain at Big Four

QUOTE: ...significant problems at the nation's four biggest audit firms continue as they struggle "to regain credibility after confidence-rattling financial scandals over the past three years".

Washington Post
Jun 13, 2004 Prosecutors switch tactics, turning firms against workers

QUOTE: federal sentencing guidelines for businesses, prescribing stiff mandatory penalties for white-collar crimes such as fraud. The sentencing guidelines also tell how companies can lower their odds of being charged with a crime in the first place: by cooperating fully with the federal investigators. And the government has been refining and tightening its definition of cooperation - with broad implications for how companies interact with employees.

Toledo Blade
Apr 13, 2004 SEC Is Preparing to Charge Time Warner in AOL Ad Sales

QUOTE: The Securities and Exchange Commission is preparing documents alleging that Time Warner Inc. booked more than $400 million in questionable advertising revenue following the company's January 2001 merger with America Online Inc.

Washington Post
Jan 17, 2004 IRS to Audit Nature Conservancy From Inside

QUOTE: A team of IRS examiners will move into the global headquarters of the Nature Conservancy in Arlington to begin auditing the charity, the world's largest environmental organization.

Washington Post
Jan 07, 2004 Dioceses Are Moving Ahead on Abuse, Audit Finds

QUOTE: Auditors for the Roman Catholic Church have concluded that while most bishops have instituted the sexual abuse prevention measures they agreed to in 2002 they are still only beginning to respond appropriately to the problem of sexual abuse by priests and church employees.

New York Times
Oct 22, 2003 Tax Shelters Are a Boon To Agencies: Senate Panel Told of Lucrative Lease Deals

QUOTE: "It's hard to believe that city assets are helping tax shelter promoters. Roads and bridges built with tax dollars are leased out to shelter promoters so major corporations can get a phony tax deduction..."

Washington Post
Oct 21, 2003 Microsoft offers expiring documents and emails

QUOTE: ...concerns that automatically deleting email messages and documents could cause legal problems with, for example, financial regulators who demand by law that all company records are kept.

New Scientist
Sep 26, 2003 Dot-Com Audit Leads to Arrest of Accountant

QUOTE: Federal prosecutors have charged a former Ernst & Young partner with obstructing an investigation into a failed dot-com, making him one of the first to be charged for that offense under 2002's Sarbanes-Oxley Act.
Sep 17, 2003 Livermore Lab Settles Whistleblower Suit for Nearly $1M

QUOTE: She says that workers billed time for projects that they didn't work on and some subcontractors were paid for work that didn't get done.
Feb 06, 2003 Prosecutors Call Tyson Smuggling Trial a Case of 'Corporate Greed'

QUOTE: ...corporate greed caused Tyson Foods, the nation's largest meat producer and processor, to conspire to suppress its workers' wages by smuggling illegal immigrants from Mexico to work in the company's chicken plants in the United States.

New York Times
Nov 09, 2002 SEC's Head Accountant Resigns: Role in Audit-Board Choice Spurred Herdman's Move

QUOTE: The chief accountant of the Securities and Exchange Commission resigned...because of his role in the selection of former FBI and CIA director William H. Webster as head of the new national board to police the accounting industry.

Washington Post
Sep 02, 2002 Legal--But Lousy

QUOTE: Clever managers have always had, and continue to have, access to perfectly legal tricks to help make their balance sheets and income statements look better than they really are…

Jul 15, 2002 S.E.C. Chief Rejects Calls for His Resignation

QUOTE: Harvey L. Pitt...said today that he would not resign despite calls for him to do so by lawmakers who say he has been lax in enforcing commission rules and shares responsibility for the nation's corporate accounting scandals.

New York Times
Jul 15, 2002 Worldcom Ignored Workers' Concerns

QUOTE: As far back as 2000, WorldCom Inc. employees challenged the company's accounting and...raised those concerns with auditor Arthur Andersen LLP.

Washington Post
Jun 10, 2002 Enthusiasm Ebbs for Tough Reform in Wake of Enron

QUOTE: Six months after the collapse of Enron....A powerful group of lobbyists, playing on partisan disagreement in Congress, appears to have killed efforts to impose tight new controls on corporate conduct.

New York Times
Jun 10, 2002 A Worm at the Core of Capitalism

QUOTE: ...bosses did well not because they served consumer needs, but because accountants lied about their records.

Washington Post
May 21, 2002 Enemies of Reform

QUOTE: Honesty in corporate accounting isn't a left-right issue; it's about protecting all investors from exploitation by insiders. By blocking reform of a broken system, the Bush administration is favoring the interests of a tiny corporate oligarchy...

New York Times

62 Articles and Resources. Go to:  [Next 12]