Going Concern

I recently graduated from a state school in the California State University system as a Philosophy major. My original plan was to go to law school, but I am now thinking I may want to go into accounting instead (due to the terrible job market for lawyers and the 150k debt I’d be faced with). […]

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, […]

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 […]

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. […]

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 […]

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 — […]

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 […]

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 […]

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 […]

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 […]