Category Archives: News and Events

Describes new books, articles, and upcoming speeches.

Arthur Levitt and PCAOB

The Trump Administration has proposed putting the Public Company Accounting Oversight Board (or as we called it in the early days, “Peek-a-Boo”) under the SEC. Arthur Levitt, a former head of the SEC who was effective in exposing accounting mumbo … Continue reading

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Kicking the Trade: Car Dealers Telling Buyers to Give Their Cars to the Repo Guy

Car dealers seem to be giving some bad credit advice to customers who bought a car above their pay-grades. The advice? Buy another car, then turn the first car over to the repo guy. The dealer makes two sales instead … Continue reading

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The Misguided Pardon of Michael Milken

Like the Astros, Mr. Milken has never gotten it. During his time since prison (he served only two years of a ten-year sentence because of prostate cancer), he has twice been involved deal-making despite a lifetime ban against, well, deal-making. … Continue reading

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The Astros on Apologies: How Not to Do It

It was painful to read. The reports on the apology fest of the Astros leave you with one thought, “C’mon guys!”The report of the Commissioner, which you can find here (https://img.mlbstatic.com/mlb-images/image/upload/mlb/cglrhmlrwwbkacty27l7.pdf.) reads a tad differently. The union got the players … Continue reading

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The Bidding Process In and Amongst Auditors

There is a criminal investigation into the process that Sealed Air followed in selecting Ernst & Young (EY) as its external auditor. Senior executives at Sealed Air allegedly favored EY by leaking details of competitor KPMG’s bid.The same two executives … Continue reading

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The Guts of BlackRock

BlackRock, the fund manager, fired two of its senior executives last year. The executives had romantic relationships with subordinates. What else is new, you sniff. However, BlackRock did not send out the usual “leaving to spend more time with their … Continue reading

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Shakespearean Endings to Tragic Lives

Bernie Ebbers, the former CEO of WorldCom, a company that was once the largest company in the U.S. (capitalization). Of course, that ranking assumed that the accounting was accurate. It was not — the company had $3 billion in accounting … Continue reading

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“Jeff Bezos Sued by Girlfriend’s Brother”

Wall Street Journal headline February 3, 2020, p. A3 Michael Sanchez, the brother of Lauren Sanchez, Mr. Bezos’s girlfriend, has filed a defamation suit against Jeff Bezos for allegedly claiming that he (Michael) leaked the suggestive photos of Mr. Bezos … Continue reading

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“Wells Fargo is finding that it is hard to win back the trust it lost when it came to light that branch employees opened perhaps millions of phony accounts without customer knowledge.”

Rachel Louise Ensign and Ben Eisen, “Wells Fargo Wealth Advisers Struggle as Market Booms,” Wall Street Journal, February 3, 2020, p. B9 The report notes that Wells Fargo Wealth Advisers have grown client assets 12% since 2016. Bank of America … Continue reading

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The Illinois Representative Who “Consulted” for Red Light Companies

Representative Martin Sandoval, 11th District in New York General Assembly, seemed to favor red-light cameras. We now know why. Representative Sandoval had accepted $250,000 in bribes from red-light camera companies. His wiretapped conversations with company representatives included tidbits such as, … Continue reading

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Bizarre Billionaire Bezos and the Text Messages: Truth Percolates

Right up there with “the dog ate my homework” is a new explanation from Amazon’s founder in the midst of a mid-life crisis, “The Saudis did it.” When suggestive text messages from Mr. Bezos to his girlfriend, Lauren Sanchez, showed … Continue reading

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Goldman Sachs and Its Nutty Approach to Customers

Goldman Sachs has announced that it will no longer have companies with exclusively white male boards as going-public clients. Unless those clients are in Asia, Latin America, or the Middle East. Along with that, Goldman Sachs also announced that it … Continue reading

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Former Wells CEO, John Stumpf, Is Banned for Life From Banking

Mr. Stumpf, who presided over the largest growth of bank accounts and services per customer in the banking industry, also agreed to pay a $17.5 million fine. The individual sanctions against a banker were unusual. Following the 2008 market and … Continue reading

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Insys’s Founder sentenced to 5.5 years For His Role in Marketing Fentanyl

Dr. John Kapoor, the founder of Insys, who was convicted in May 2019 of conspiring to bribe doctors and defraud health insurers, was sentenced to 5.5 years in prison. The Chandler, Arizona-based company had a market value of $3.2 billion … Continue reading

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