We are not fans of Crocs here at Above the Law. We stand by this position, even though First Lady Michelle Obama — aka She Who Can Do No Wrong — has been spotted in them.

Apparently we are not alone in our opposition to Crocs. It seems that the people at Porsche — yes, the luxury sports car maker — have sued the footwear folks. In Germany.

Seriously? Yup. The lawsuit was mentioned in the Crocs (CROX) third quarter 10-Q, which is how it came to the attention of our sister site, Going Concern (via Footnoted).

So what is Porsche suing Crocs over? Find out at the links below.

Deadline Watch: Porsche Suing Crocs For ‘Cayman’ Use [Going Concern]
Porsche vs. Crocs… [Footnoted.org]

Earlier: Crocs: Ugly and Dangerous

If at first you don’t succeed, try, try again. From our sister site, Going Concern:

[A] judge in Seattle has allowed a revised lawsuit to proceed that lists “Washington Mutual officers and directors, underwriters, and the auditing firm Deloitte & Touche” as defendants.

The revised lawsuit was trimmed down to a “concise” 267 pages from the original 388 that the judge described as “verbose” and “disorganized”.

“Verbose” and “disorganized” would also describe many lawyers we know. On the defense side, though, it’s an all-star cast. From Am Law Litigation Daily:

The lineup for the defendants includes Simpson Thacher & Bartlett attorneys Barry Ostrager and Rob Pfister for former WaMu officers; Ronald Berenstain of Perkins Coie for former WaMu outside directors; Barry Kaplan of Wilson Sonsini Goodrich & Rosati for former WaMu CEO Kerry Killinger; Peter Wald of Latham & Watkins for Deloitte; and Jonathan Dickey of Gibson Dunn & Crutcher for the underwriters.

Read more about this lawsuit, and comment, over at Going Concern.

Lawsuit Against Deloitte Gets New Life [Going Concern]

Is the Public Company Accounting Oversight Board unconstitutional? This admittedly boring-sounding entity has the important task of overseeing accounting firms, who in turn keep an eye on the balance sheets of corporate America, through such mechanisms as Sarbanes-Oxley (SOX) compliance.

The constitutionality of SOX and the PCAOB is at issue in Free Enterprise Fund v. Public Company Accounting Oversight Board, one of the most important cases of the new Supreme Court term. As previously noted, the D.C. Circuit upheld the board’s constitutionality against a separation-of-powers challenge — but over a strong dissent by Article III rock star Brett Kavanaugh, which may have grabbed the justices’ attention.

Read more — and comment (anyone care to predict the result?) — over at Going Concern.

Is the PCAOB Going the Way of the Dodo? [Going Concern]

Earlier: The Sarbanes-Oxley Accounting Board: Not Long For This World?

If the power to tax is the power to destroy, then shouldn’t we at least try taxing stupidity? They’re thinking about doing it in France. From Going Concern:

Our frog eating friends have decided that they will start taxing people for their stupidity:

“The French Foreign Ministry is proposing a very narrow law requiring citizens foolish enough to wander into international danger zones, regardless of public warnings, to pay at least part of the cost of their own rescue.”

If you wander up a silly mountain and get stuck, it is civilized to have somebody go and try to find you even it was your own damn fault. But that doesn’t mean society should have to foot the entire bill for your weekend warrior shenanigans. Right?

Click on the link below to read — and comment on — the full post.

The Solution to All Our Fiscal Problems [Going Concern]

Nothing is certain but death and taxes — and employment for tax lawyers, right?

Not necessarily. Read more at our sister site, Going Concern.

True Partners Consulting Layoffs Get Our Attention [Going Concern]

Deloitte Settles American Homes Lawsuit [Going Concern]

Frank DiPascali, the former CFO — chief fraudulent officer? — for Ponzi schemer extraordinaire Bernard Madoff, pleaded guilty today to a variety of charges, including securities fraud, falsifying records, and international money laundering.

Read more and comment over at Going Concern.

Guilty Madoff CFO Update [Going Concern]

And accountants, and investment bankers. Senator Arlen Specter (D-PA) has introduced legislation that, if passed, would make it easier for investors to sue law firms, accountants and investment banks involved in perpetrating fraud. The law would effectively overrule Supreme Court precedent placing limits upon suits against parties with indirect involvement in fraud.

Read more — and comment — over at Going Concern (link below).

Arlen Specter Not Pandering to the Bean Counter Vote [Going Concern]

The newest member of the Breaking Media family, the accounting-focused Going Concern, seems to be venturing onto ATL turf today.

Multiple stories on the Going Concern front page are law-related. These are just excerpts or summaries; click on the links to read more (and comment).

1. UK Court Decides it Will Leave the Major Lawsuits to the Americans

“Big 4 firms dodge a bullet in the UK as the highest court dismissed a negligence lawsuit against an accounting firm that failed to detect a fraud that brought down a trading company.”

2. UBS and IRS Probably Have a Deal, No Toblerones Involved

“UBS is going to name names, albeit not all of them, bringing us to ever so close to the bitter end of the whole IRS/UBS standoff.”

3. Ex-BDO Partner Won’t Be on His Boat after Plea Deal

“[Former partners of accounting firm BDO Seidman] that were involved with the firm’s tax shelters are continuing to drop like flies. This time, Mark Bloom, a hedge fund manager and former BDO partner that worked in Tax Solutions group, pleaded guilty to several charges.”

4. California Overtime Lawsuits Update

Ah, California lawyers…. If only you were accountants, you might be entitled to some back pay for overtime. The issue will be decided by the worker-friendly Ninth Circuit at some point in the future.

Kirk Herbstreit, ESPN commentator and former quarterback of The Ohio State University football team, let the fire department burn down his house. As fans from Michigan know, this is classic Buckeye behavior.

Herbstreit thought he’d get a tax deduction for his charitable gift of flammable substances. “Not so fast, my friends.”

Click on the link below to read the full story.

IRS Doesn’t Care for Kirk Herbstreit Burning Down His Own House [Going Concern]

There are still so many people to sue in the wake of the Bernie Madoff scandal. Going Concern has listed the accounting firms most at risk.

Isn’t this a perfect opportunity for a crusading prosecutor? Screw crime and punishment, what is wrong with some good, ol’ fashioned monetary revenge?

Check out the full post on Going Concern and feel free to comment there about the pros and cons of going after the big 4.

Big 4 Firms Will Probably Have to Cut Some Checks [Going Concern]

The Breaking Media family of sites — which until now consisted of Above the Law, Dealbreaker, and Fashionista — continues to grow. Today ATL welcomes a little sibling: Going Concern, a blog for accountants, CFOs, and business finance executives.

Going Concern will be similar to ATL, but aimed at CPAs rather than JDs, or the Big Four as opposed to Big Law. The site will also cover smaller accounting firms and chief financial officers from major companies, offering the heady mix of original news, insider analysis, and edgy entertainment that you’ve come to expect from Breaking Media. Going Concern will try its darnedest to make accounting sexy. (They said it couldn’t be done for the legal space, but Above the Law proved them wrong.)

Please spread the word, especially to your friends who work in the field of accounting. You can check out Going Concern here, and you can learn more by reading the links collected below. If you’re interested in advertising opportunities, on Going Concern or any of our other sites, please email us. Thanks!

Going Concern [official website]
New Finance Blog Aims To ‘Make Accounting Sexy’ [MediaPost]
Breaking Media Launches Going Concern [Mediabistro via Fishbowl NY]
Site launched to follow accounting industry [Talking Biz News]