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Accounting



 



BearingPoint Raises $200 Million in Debt Offering

Sat, 23 Apr 2005 13:18:05 GMT

BearingPoint Inc. raised $200 million yesterday by selling debt convertible into its stock, easing a potential cash crunch at the McLean consulting firm.



Contractor, Army Office Fell Short, Audit Finds

Sat, 23 Apr 2005 13:18:05 GMT

A controversial British firm responsible for a $293 million U.S. Army security contract in Iraq could not prove that its armed employees received proper weapons training or that it had vetted Iraqi employees to ensure they did not pose a threat, according to a government audit released yesterday.



BearingPoint Stock Falls by More Than 30 Percent

Sat, 23 Apr 2005 13:18:05 GMT

Shares of BearingPoint Inc. plummeted more than 30 percent yesterday as investors reacted to news that the Securities and Exchange Commission had begun an informal investigation of the consulting firm's accounting procedures and the company's warning that it may run short of cash.



BearingPoint Cites SEC Inquiry, Warns Investors

Sat, 23 Apr 2005 13:18:05 GMT

BearingPoint Inc. said yesterday that the Securities and Exchange Commission has launched an informal investigation into its accounting practices and that its financial statements dating as far back as mid-2002 could be wrong.



KPMG to Pay $22.5 Million In Settlement

Sat, 23 Apr 2005 13:18:05 GMT

KPMG LLP yesterday agreed to pay $22.5 million to settle civil charges that it helped client Xerox Corp. break securities laws over a four-year period.



Court Affirms Fraud Standard

Sat, 23 Apr 2005 13:18:05 GMT

Investors who bring corporate-fraud lawsuits must show a link between alleged illegal activity and a drop in stock prices, the Supreme Court ruled yesterday.



Fannie Mae's Top Lawyer To Quit, Join Old Firm

Sat, 23 Apr 2005 13:18:05 GMT

Fannie Mae's top legal officer is leaving the company to rejoin his former law firm, the latest in a string of executive departures as the Washington mortgage finance company undergoes sweeping changes.



Bankrupt and Swamped With Credit Offers

Sat, 23 Apr 2005 13:18:05 GMT

When Chapter 7 filers wipe out their debts, card firms jump to offer them new credit cards. Under a new bankruptcy law these offers are likely to increase.



SEC Enforcement Chief Plans to Leave Position

Sat, 23 Apr 2005 13:18:05 GMT

The top enforcement official at the Securities and Exchange Commission said yesterday that he would resign after four tumultuous years investigating fraud at the nation's biggest companies and Wall Street investment banks.



SEC Orders GM to Provide Documents From Delphi Transactions

Sat, 23 Apr 2005 13:18:05 GMT

The Securities and Exchange Commission has subpoenaed General Motors Corp. to produce documents related to two transactions with auto parts supplier Delphi Corp., a former GM subsidiary whose accounting practices are under investigation, GM officials said yesterday.



Accountability Burden May Be Eased

Sat, 23 Apr 2005 13:18:05 GMT

Regulators vowed to move swiftly to help ease burdens on public companies after hearing a litany of complaints yesterday about the cost of new corporate accountability rules.



Nuclear Plants Not Keeping Track of Waste

Sat, 23 Apr 2005 13:18:05 GMT

Pervasive problems plague the control of radioactive waste at U.S. nuclear plants, in part because the government has been sluggish in instituting and enforcing safeguards, according to a new federal report.



Companies Complain to SEC About Audit Costs

Sat, 23 Apr 2005 13:18:05 GMT

Securities and Exchange Commission will hold a public meeting Wednesday to talk about ways to streamline controversial reforms that corporate executives and trade groups view as costly and unnecessarily detailed.



Buffett Testimony To Clarify Gen Re Deal

Sat, 23 Apr 2005 13:18:05 GMT

Around 10 o'clock Monday morning, legendary investor Warren E. Buffett will find himself in an unusual position, sitting down for an interview at the Securities and Exchange Commission's New York offices to answer questions from the SEC, federal prosecutors from the Eastern District of Virginia and investigators from New York state Attorney General Eliot L. Spitzer's office.



Lawmakers Criticize Accounting Tactic

Sat, 23 Apr 2005 13:18:05 GMT

This year, as it has done for many years past, California officials will use an accounting strategy that will yield nearly $2 billion more in federal Medicaid payments than the state might otherwise be entitled to.



Falcon Testifies on False Fannie Mae Accounting

Sat, 23 Apr 2005 13:18:05 GMT

Fannie Mae employees falsified signatures on accounting transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives, a federal regulator said Wednesday.



Legislators to Take Up Replacing OFHEO

Sat, 23 Apr 2005 13:18:05 GMT

Congressional efforts to toughen government oversight of Fannie Mae and Freddie Mac resume Wednesday, with the mortgage finance companies politically weakened by financial scandal and their chief government nemesis leaving the stage.



Beyond Washington

Sat, 23 Apr 2005 13:18:05 GMT

Reid H. Weingarten and his District-based law firm, Steptoe and Johnson LLP, has opened a New York office in an effort to cement Weingarten's and the firm's reputation as forces to be reckoned with in white-collar defense and complex business litigation.



AIG Probes Renew Debate On Regulation

Sat, 23 Apr 2005 13:18:05 GMT

Multiple investigations of accounting practices and questionable deals at American International Group Inc. and New York state Attorney General Eliot L. Spitzer's ongoing investigation of insurance industry practices are rekindling a long-running debate about who should police insurance companies.



Freddie's Profit Drops, but Share Of Market Rises

Sat, 23 Apr 2005 13:18:05 GMT

Freddie Mac issued its 2004 results yesterday, bringing its financial reporting current two years after an accounting scandal caused a massive review of its finances and the ouster of top officers.