Accounting & Investing Info for San Antonio A & M
Weekend June 26, 2021
Seems they were working both sides of the street helping one client buy another client without the burden of the pension fund.
This sort of thing has plagued KPMG ever since their $450 M fine for tax shelter abuse in the US.
Being To Big To Fail certainly has its advantage.
Tuesday June 22, 2021
One of my twelve recommendations in Conquer Accounting is that students should subscribe to the Wall Street Journal. A student subscription is only a dollar a week.
Accounting students will greatly increase their understanding of business context. Here are some examples from today's WSJ.
Auditors See Improved Conditions
of 5,891 companies audited last year 18.8% received a goinjg concern warning . Companies included Hertz, Dave and Buster's, and Norwegian Cruise Line. Hertz took BK the other two dide not.
Ex Trader Sentenced in Spoof Crackdown
A Deutsche Bank futures trader was convicted of manipulating gold and silver prices and sentenced to one year and a day in prison. Spoofing involves sending and then cancelling orders to manipulate the3 market for one's own gain. His lawyers calimed that bluffinga nd misdirection wer commonplace tactics at the time. The Judge did not buy that story.
Lordstown Official Sold Shares Ahead of Financial Report.
Lordstown has yet to sell an electric truck so not surprising they are not making any money;. But executives sold shares for millions of dollars prio to reporetin a net loss of 23 cents a share for the quarter. This is known as insider trading.
Goldman Rebuffed on Bar for Fraud Suits
The US Supreme Court rejected Goldman's request to raise the bar (amount)for shareholder lawsuits alleging fraud on GS part. The lawsuit claimed GS had inflated its share price in 2007-2009 by claiming it compiled with ethical rules when in fact it had undisclosed conflicts of interest in selling mortgage backed securities.
Now here is the funny part.
"Our clients interests always come first and our reputation is one of our most important assets," said the firm.
Read about it at hthis link
As for GS stellar reputation read about their recent fine of $2 billion in Malaysia
Thursday June 17, 2021
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Thursday June 17, 2021
Holly McCauley, CAE <hmccauley@tx.cpa>
To:dennis.elam@att.net
Thu, Jun 17 at 7:18 AM
Dear Dennis –
It is with great pleasure that I inform you of your selection to receive the Texas Society of CPAs Outstanding Accounting Educator Award for the Small College/University category. This prestigious award recognizes Texas accounting educators who demonstrate excellence in teaching and have distinguished themselves through active service to the accounting profession and is funded by the TXCPA Accounting Education Foundation.
Recipients will receive a plaque, $500 cash award and will be announced during the virtual awards presentation next Thursday, June 24 from 9am-10am. While we won’t have time for recipients to say remarks due to the large number of awards being presented, we do hope you will be able to join us for this special event. You can register online here. Recipients will also be recognized at and invited to attend the TXCPA Accounting Education Conference in October.
We would like to include a picture of recipients during the recognition next week. Please send a headshot at your earliest convenience. We will be in touch soon with more information about your plaque and monetary award. In the meantime, if you have any questions, please let me know.
Congratulations again on this well-deserved recognition and thank you for everything you do for the accounting profession.
Best,
Holly
Monday June 14, 2021
Read how a company with $4 M in sales and a handful of employees grew to lot of employees and millions of dollars.
The fraudster was $65 K employee. Notice that he actually texted his request for a $70 K Audi on the internet, how foolish was that?
And how was he going to explain how he could afford the card?
Weekend June 13, 2021
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Wed June 9 2021
A Nun who took a vow of povertyhas stolen $835 K from a sschool.
It is always the one you would least suspect.
LOS ANGELES (AP) — A Los Angeles nun who took a vow of poverty has agreed to plead guilty to federal charges for stealing more than $800,000 to pay for a gambling habit, prosecutors announced Tuesday.
Mary Margaret Kreuper, 79, of Los Angeles was charged Tuesday with one count of wire fraud and one count of money laundering, the U.S. attorney's office said.
Prosecutors said that in a plea agreement, also filed Tuesday, the now-retired elementary school principal acknowledged that over a decade ending in 2018, she embezzled about $835,000 in donations, tuition and fee money from St. James Catholic School in the LA suburb of Torrance.
Kreuper, who was the school principal for 28 years, “controlled accounts at a credit union, including a savings account for the school and one established to pay the living expenses of the nuns employed by the school," the U.S. attorney's office said.
In her plea agreement, Kreuper acknowledged diverting money to pay for personal expenses that included credit card charges and “large gambling expenses incurred at casinos," the U.S. attorney's office said.
Kreuper could face up to 40 years in federal prison.
Wed June 9 2021
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Monday June 7 2021
We are now in the top timing zone of June 4-8. Markets are off a bit this morning. TLT TBF are still not showing any relative movement.
CPI PPI data arrive June 10 & 15, expect them to be high. Crude oil has not broken above $70. More later.
Weekend June 5, 2021
The ew head of trhe SEC removed all members of hrte PCAOB.
Sanders and Warren had urged their removal. Perhaps the PCAOB will do something about all the problem they find in Big 4 audits.
Professor Elam 