A former Goldman Sachs executive dipped into the company’s data base and allegedly stole secrets, according to FierceCIO.com. Allegedly, the report states, the exec took propriety computer programs that the financial giant uses to make rapid trades in the financial markets. Although Goldman did notice a surge of data leaving its servers and his activities [...]
Large U.S. corporate bankruptcies have accelerated in recent weeks as the economic slowdown claims more victims, according to Reuters, citing research from BankruptcyData.com. The report states more companies with assets of more than $1 billion have filed for bankruptcy protection in the past month than in any four-week period all year.
In June alone 18 public [...]
Strategic dispute resolution has become critical for companies to sustain their global transfer pricing strategies. Now, PricewaterhouseCoopers (PwC) announced its International Transfer Pricing 2009 book which predicts an increase in disputes around the world as more and more tax authorities aggressively attempt to enforce their transfer pricing rules. “In 2009 we expect that several major [...]
Federal officials recently indicted 53 people for fraud schemes to cheat Medicare out of $50 million. Suspects were arrested in Detroit, Miami, and Denver as part of a wide-ranging effort by the government to crack down on fraud. Attorney General Eric Holder, Department of Health and Human Services (HHS) Secretary Kathleen Sebelius and FBI Director [...]
As many industries lose stability amid the economic crisis, the accounting profession is actually weathering the storm. That’s among the findings of a recent survey from the Institute of Management Accountants (IMA). The study shows that accounting salaries are on the rise and demand is growing for professionals with advanced certifications.
Executive search firm, A.E. Feldman, [...]
The floundering economy has driven a growing number of accounting firms into each others’ arms, according to Long Island Business News. The report states, “Accounting firms are getting bigger, becoming regional and even national players as they not only advise others on mergers, but practice it themselves.”
Accounting firms are merging with the aim of adding [...]
A federal judge rejected Bernie Madoff’s plea for leniency Monday, sentencing the 71-year-old to spend the rest of his life in prison for an “extraordinarily evil” fraud, according to the AP. The report notes that U.S. District Judge Denny Chin cited the unprecedented nature of the multibillion-dollar fraud as he sentenced Madoff to the maximum [...]
Transfer pricing - complex arrangements companies use to allocate costs and revenue between operations in different tax jurisdictions - has steadily become one of the top concerns of the IRS. The agency was recently handed a victory in a dispute with Xilinx that could have far reaching implications for other multinational companies that use transfer [...]
Corporate bankruptcies are on track to hit a record high this year. There have been 100 public company bankruptcy filings during the first five months of this year, just shy of the 2002 high for the same time period, according to BusinessWeek, citing research from BankruptcyData.com. The American Bankruptcy Institute (ABI) also reports that business [...]
The Obama administration is launching its biggest plan yet to combat health care fraud. The U.S. Department of Health and Human Services (HHS) and U.S. Department of Justice (DOJ) recently announced the creation of a new high-level task force with the aim of detecting and preventing health-care fraud, which costs the U.S. billions of dollars [...]
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