Tag Archives: Big Four

News, Politics, Government

KPMG and Scott London: Long-Forgotten Devil's Deal Means Feds Are Unlikely to Bring Corporate Charges

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By Harvey Silverglate, Contributor

KPMG LLP, one of the Big Four international accounting outfits, just got a bitter taste of what happens when a partner’s loyalty to the firm erodes. During a March 20 interview with the FBI, former Los Angeles-based partner Scott London admitted to passing confidential inside information about some of the firm’s audit clients to a friend, Bryan Shaw. Shaw reportedly admitted to trading on that information and making over a million dollars, a small portion of which he shared with London. The Wall Street Journal reported that KPMG Chairman and Chief Executive John Veihmeyer was “appalled” to learn of Mr. London’s “violations of trust.”

From: http://www.forbes.com/sites/harveysilverglate/2013/04/18/kpmg-and-scott-london-long-forgotten-devils-deal-means-feds-are-unlikely-to-bring-corporate-charges/

Articles of Interest

‘Happy Endings’ Future And The Scary State Of Network Comedy

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By The Huffington Post News Editors

“Happy Endings” is more than just a funny, flailing show on ABC. Its wobbly situation provides an object lesson in what ails broadcast network comedies more generally. 

The show is <a target=_blank href="adored by its fans, saddled with a checkered ratings history that earned it an iffy Friday night slot and it may be on its way to a new cable home. It’s something of a poster child for the state of half-hour comedies on the Big Four networks. As television transitions to whatever’s next with all the grace of the show’s resident klutz, Penny (Casey Wilson), it’s worth looking at what the ABC program may tell us about where the half-hour show is going — and whether, as happened with one-hour dramas over the last decade, comedy’s center of gravity is shifting to cable. 

I recently spoke to the “Happy Endings” team and to other writer/producers about the state of not only this show but of comedies on the broadcast networks more generally. Many hour-long dramas on network TV are clearly struggling, but the state of half-hours is no less troubling.

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From: http://www.huffingtonpost.com/2013/04/11/happy-endings-abc_n_3053403.html

Science & Technology

Apple Streaming Music Service May Launch Soon

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Rumors of Apple’s streaming music service to compete with services like Pandora have grabbed the spotlight again, and Ars Technica reports that the Cupertino company is closer than ever to reaching deals with major record labels.

Sources told CNET that the radio option is a gambit to boost download sales through iTunes, and will be designed with “quick-buy” features. The Cupertino company is also in the midst of making headway in negotiations with the so-called “Big Four” record labels, inching closer to deals with Warner Music and Universal Music Group but still working with EMI and Sony Music. There’s plenty of steps ahead before a radio station system is ready — namely agreements with music publishers — but sources say Apple is on the move.

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Source: FULL ARTICLE at IGN Tech

Business, Finance, Occupation & Industry

Duff &amp; Phelps Announces Nine New Managing Directors

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By Business Wirevia The Motley Fool

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Duff & Phelps Announces Nine New Managing Directors

NEW YORK–(BUSINESS WIRE)– Duff & Phelps Corporation (NYS: DUF) , a leading independent financial advisory and investment banking firm, has announced the appointment of nine new managing directors – including seven promotions and two new hires.

“We are pleased that these nine outstanding leaders will enhance our team of managing directors,” said Noah Gottdiener, chief executive officer of Duff & Phelps. “Their technical skills and industry sector expertise will provide clients with independent counsel to help successfully navigate a wide range of transactions and special situations.”

Duff & Phelps’ seven new managing director promotes include:

  • Greg Maxim works in the Austin office as a member of the Tax Services practice, specializing in local and state issues. He has more than 20 years of valuation and consulting experience in the energy industry. His knowledge of ad valorem complex property valuations, property tax management compliance, and tax incentives has positioned him to advise clients around the U.S. in the refining, chemical and utility sectors. Previously he has worked for Exxon USA and two of the Big Four accounting firms.
  • Judd Schneider works in the Boston office as part of the Valuation Advisory Services business. He has more than twelve years of experience valuing business enterprises, legal entities, debt and equity securities, intangible assets, intellectual property and derivative instruments for purposes of financial and tax reporting, M&A planning, tax reorganizations and restructurings. Schneider joined Duff & Phelps in connection with the firm’s acquisition of Standard & Poor’s Corporate Value Consulting business, which included PwC’s legacy valuation business; he had previously worked for PricewaterhouseCoopers.
  • Francisco Javier Zoido works in the London office as a member of the Valuation Advisory Services business, focusing primarily on clients in the Iberian Peninsula. He brings more than 12 years of experience in valuation and corporate finance. He has valued numerous business enterprises, financial assets, equity securities and intangible assets for purposes of financial planning and reporting, transaction advisory support, strategic planning and litigation support. Previously he has worked for a Spanish consulting firm and served as a manager in Ernst & Young’s Corporate Finance team in Madrid.
  • …read more
    Source: FULL ARTICLE at DailyFinance
Business, Finance, Occupation & Industry

Becker Professional Education Extends Zero Percent Financing To Federal Government Employees &amp; Milit

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By Business Wirevia The Motley Fool

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Becker Professional Education Extends Zero Percent Financing To Federal Government Employees & Military Veterans

Special pricing on four-part CPA Exam Review also available

DOWNERS GROVE, Ill.–(BUSINESS WIRE)– Becker Professional Education, a global leader in professional education and a part of DeVry Inc. (NYS: DV) , recently announced that federal government employees and military veterans can now take advantage of Zero Percent Financing in addition to special federal government pricing on Becker’s CPA Exam Review, Final Review and Flashcards. Zero Percent Financing is an 18-month interest-free loan and all applicants are pre-approved.

“This is a wonderful opportunity for us to assist government employees and military veterans,” said John Roselli, president of Becker Professional Education. “The job outlook in the accounting and auditing professions is very positive. This outlook, combined with our special financing program, makes it the ideal time for federal government employees and military veterans to advance their careers in these high-demand professions.”

The Bureau of Labor Statistics reports that employment of accountants and auditors is expected to grow 16 percent from 2010 – 2020. The bureau adds that the best prospects are for those who have professional certification, especially CPAs. As the leader in CPA Exam Review, Becker students pass the CPA Exam at double the rate of non-Becker candidates, based on The American Institute of Certified Public Accountants-published pass rates.* This proven track record of success has earned Becker partnerships with 99 of the top 100 public accounting firms, including the Big Four, and more than 140 universities.

For more information on Zero Percent Financing, to order the 2013 CPA Exam Review course or receive additional information about Becker Professional Education please visit www.becker.com or call 1-877-CPA-EXAM.

About Becker Professional Education

Becker Professional Education, a part of DeVry Inc. (NYS: DV) , is a global leader in professional education serving the accounting, finance, project management, and healthcare professions. Nearly half a million professionals have advanced their careers through its CPA Exam Review, ACCA® Exam preparation, PMP® Exam Review, USMLE® Exam Review, COMLEX® Exam Review and Continuing Professional Education courses. Throughout its more than 50 year history, Becker has earned a strong track record of student success through world-class teaching, curriculum and learning tools that enable its students to …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

One of Buffett's "Big Four" Is Dropping

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By Alex Dumortier, CFA, The Motley Fool

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Stocks are holding on to this morning’s gains, with the S&P 500
and the narrower, price-weighted Dow Jones Industrials Average
up 0.22% and 0.31%, respectively, as of 1 p.m. EST. Within the Dow, winners outnumber losers by more than 2-to-1 right now. Let’s go over the largest percentage losers of the day so far.

I see no immediate news item that would push shares of payment card issuer American Express down today, so I’m going to take this opportunity to offer a “longer-horizon” comment. In his latest annual letter to shareholders, released last Friday, Berkshire Hathaway CEO Warren Buffett praised American Express as one of his “Big Four” investments. Noting that the company’s share repurchases had lifted Berkshire’s stake from 13% to 13.7%, he added:

The earnings that the four companies retain are often used for repurchases — which enhance our share of future earnings — and also for funding business opportunities that are usually advantageous. Over time we expect substantially greater earnings from these four investees.  

The bottom line for Mr. Buffett, which ought to be of great interest to Berkshire investors and value-oriented investors, is that “Berkshire’s ownership interest in all four companies is likely to increase in the future.” Let’s be clear: That could be due to additional purchases by Berkshire or simply a result of continuing share buybacks by the company (or a combination of both). Either way, with American Express currently trading at 13.5 times the estimate for the next 12 months’ earnings per share, it looks like Berkshire would receive adequate value for its dollar.

Shares of Home Depot are also down today. Speaking of share buybacks, yesterday I pointed out that the home improvement retailer is one the top-five companies in terms of the size of its share buyback authorization as of the end of February. (In fact, it was No. 1, with a massive $17 billion authorization.) At a current valuation of nearly 20 times the estimate of the next 12 months’ EPS, it’s less clear, at first glance, that repurchases at current levels will create value equivalent to those of Amex’s stock.

Finally, shares of energy supermajor ExxonMobil are also losing ground today. Again, I can see nothing specific affecting the company, but the energy sector is mixed today. The market is like that most of the time — it’s best not to try to find an explanation for all of its gyrations.

Thanks to the savvy of investing legend Warren Buffett, Berkshire Hathaway‘s book value per share has grown a mind-blowing 586,817% over the past 48 years. But with Buffett aging and Berkshire rapidly evolving, is this insurance conglomerate still a buy today? In The Motley Fool’s premium report on the company, Berkshire expert Joe Magyer provides investors with key …read more
Source: FULL ARTICLE at DailyFinance

News, Politics, Government

Are the 'Big Four' Audit Firms Too Big to Fail?

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By HBS Working Knowledge at Forbes, Contributor While the number of audit firms has decreased over the past few decades, it may be a bit of a stretch to argue that the “Big Four” survivors have become too big to fail, according to Harvard Business School accounting professor Karthik Ramanna.  He discusses his recent research on audit industry consolidation in this article by Martha Lagace, which first appeared on the HBS Working Knowledge website.
Source: FULL ARTICLE at Forbes Latest