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News

The Daily

  • Do People Still Care About Cover Letters Anymore?

    By:
    Chris Gaetano
    |
    Jun 11, 2015
    Once as much a staple of the job application as the resume, the cover letter has been falling out of favor among employers, with most saying they don't even read them. But even if they're on their way out, can a cover letter still make a difference? 

  • Federal Judge Halts SEC In-House Administrative Proceeding

    By:
    Chris Gaetano
    |
    Jun 9, 2015
    A federal judge has sided against the Securities and Exchange Commission by issuing an injunction that stops pending administrative action against a man accused of insider trading, a blow against a measure that the SEC has been using much more frequently since being empowered to do so by Dodd-Frank. 

  • Analysis Finds Big Gap Between Adjusted Earnings and Net Income

    By:
    Chris Gaetano
    |
    Jun 8, 2015
    An analysis done by the Associated Press has found that, at large companies, the difference between the adjusted earnings that are cited by analysts and the actual bottom line net income they're legally obligated to report can be quite large, sometimes as much as 50 percent, leading some experts to worry whether markets are being moved by inaccurate numbers. 

  • Managing Someone Older Than You

    By:
    Chris Gaetano
    |
    Jun 8, 2015
    Coming on as a new manager, sometimes you find yourself supervising someone significantly older than you. The situation, if not handled right, has the potential to become rather awkward, so an article in the Billfold goes over some tips and tricks to get the most out of it. 

  • SEC Accuses Bulgaria Man in Avon Stock Hoax

    By:
    Chris Gaetano
    |
    Jun 5, 2015
    The Securities and Exchange Commission believes that a hoax last month that sent shares of Avon soaring can be traced to a man in Bulgaria, who is allegedly responsible for two other incidents of a similar nature. 

  • NYS Releases Final Version of BitLicense Regulation

    By:
    Chris Gaetano
    |
    Jun 4, 2015
    Entities that act as financial intermediaries for virtual currencies will now be subject to New York state's recently released BitLicense regulation. 

  • 10-Ks Reaching Novel Length

    By:
    Chris Gaetano
    |
    Jun 2, 2015
    While the 10-K report is hardly light beach reading as it is, the Wall Street Journal notes that, over the past decade, they've been getting even longer, making people wonder just who has the time to read all this?

  • Study: Narcissistic CEOs Present Greater Audit Risk

    By:
    Chris Gaetano
    |
    Jun 2, 2015

    A recent study has found that narcissistic CEOs can have deleterious impacts on the companies they lead. They negatively affect the firm’s accounting quality, are more likely to be fraud risks, and drive up both external audit costs to an economically and statistically significant degree—also, they make those same auditors more likely to resign. 

  • IRS Asking for Input on Impact Rev. Rec. Standard on Tax Accounting

    By:
    Chris Gaetano
    |
    Jun 1, 2015
    No standard is an island: the new revenue recognition standard promises massive changes in how and when companies account for revenue, something that in turn can impact just what information they report to the IRS. But the question the service is asking stakeholders is "how?" 

  • Silk Road Mastermind Sentenced to Life in Prison

    By:
    Chris Gaetano
    |
    Jun 1, 2015
    Ross W. Ulbricht, founder of the website Silk Road, where users could buy and sell drugs online, has been sentenced to life in prison by a federal court. 

  • NY Ranked 39 in Beer Tax

    By:
    Chris Gaetano
    |
    May 27, 2015
    Taxes may be high in many areas here in the Empire State. Maybe that's why, compared to other states, New York's beer tax is comparatively low. 

  • Thieves Pilfer IRS Data from 100,000 Taxpayers

    By:
    Chris Gaetano
    |
    May 27, 2015
    The IRS announced that thieves broke into their electronic records to steal the records on approximately 100,000 taxpayers, an operation they feel was the work of professional criminal syndicates. 

  • Report: Margin of Error Razor Thin for World Economy

    By:
    Chris Gaetano
    |
    May 26, 2015
    A report from HSBC's chief economist says that while the world economy is currently stable, the littlest shock could send it plunging back into another financial crisis, and unlike previous crashes, policy makers will have few tools available to address it. 

  • Deutsche Bank Accused of Overstating Portfolio Value

    By:
    Chris Gaetano
    |
    May 26, 2015
    The Securities and Exchange Commission accused Deutsche Bank of overstating the value of a multi-billion dollar derivatives portfolio over a period of six months, a charge that was answered by the bank with a payment of $55 million, without admitting or denying any wrongdoing on its part. 

  • FASB Proposes Simplifying Business Combination Reporting

    By:
    Chris Gaetano
    |
    May 22, 2015
    The Financial Accounting Standards Board (FASB) has released a proposal that is meant to simplify the accounting behind measurement-period adjustments in business combinations. 

  • Study: SOX Compliance Costs Getting More Expensive for Large Firms

    By:
    Chris Gaetano
    |
    May 22, 2015
    A majority of public companies, 58 percent, have said complying with the Sarbanes-Oxley Act has gotten more expensive in the most recent fiscal year, an increase that seems mainly driven by higher external audit fees. 

  • Parents Expecting to Support Adult Children Jumps 18 Percent in a Year

    By:
    Chris Gaetano
    |
    May 21, 2015
    The number of parents who expect that they will need to support their children for at least two years after they graduate from college has increased 18 percent in a single year. 

  • Big Banks Plead Guilty to Market Rigging Scheme

    By:
    Chris Gaetano
    |
    May 21, 2015
    Four of the world's biggest banks have—Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland—have pleaded guilty to a scheme that was intended to rig the value of world currencies for the benefit of a traders in each. 

  • Study: CEO Performance, Golf Skills Inversely Correlated

    By:
    Chris Gaetano
    |
    May 20, 2015
    A study looking at the golfing habits of 363 S&P 500 CEOs has found that the more golf a chief executive plays, the lower the operating performance and firm value of their company. 

  • Poll: 22 Percent of Finance Workers Know About or Have Seen Illegal or Unethical Acts

    By:
    Chris Gaetano
    |
    May 20, 2015
    A survey of 1,200 U.S. and U.K.-based financial services professionals has found that 22 percent have observed or have direct knowledge of illegal or unethical acts in their workplace. 
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