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Accounting News
Court Affirms Conviction Of WorldCom's Ex-CEO
AHN
A federal appeals court in New York on Friday affirmed the conviction of WorldCom Inc.'s former Chief Executive Bernard Ebbers on charges related to accounting fraud. Ebber, 64, was convicted by a jury in March 2005 of conspiracy, securities fraud and other crimes related to the accounting fraud...
Accounting News
Broadcom finds options discrepancies, to restate
YAHOO
Reuters - Microchip maker Broadcom Corp. on Friday said an internal review had uncovered discrepancies in its accounting for stock options grants and that it would restate earnings as far back as 2000.
Accounting News
Gerber Scientific to restate fiscal '02-05 results
YAHOO
Reuters - Gerber Scientific Inc. said on Thursday it will restate previously issued financial statements for fiscal years ended April 30, 2005, 2004, 2003 and 2002 due to an error related to the accounting for certain non-qualified pension assets.
Accounting News
Hampshire CEO, others put on leave pending probe
YAHOO
Reuters - Apparel designer Hampshire Group Ltd. has placed its top executives on leave pending an investigation into possible misappropriation of assets for personal benefit and accounting deficiencies, the company said on Thursday.
Accounting News
Senate Republicans push for Fannie oversight bill
YAHOO
Reuters - Fannie Mae's $11 billion accounting scandal should drive the Senate to stop delaying and advance legislation that would overhaul supervision of U.S. mortgage finance giants, some Republicans on the Senate Banking Committee argued on Thursday.
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Accounting News Audit panel advisers voice backdating worries
YAHOO
Reuters - Advisers to the Public Company Accounting Oversight Board on Tuesday urged the U.S. watchdog panel to give auditors some guidance on the emerging stock option backdating probe at dozens of companies.
Sources: YAHOO
Accounting News Republican group eyes Fannie CEO role in scandal
YAHOO
Reuters - Fannie Mae's chief executive stood at the center of the mortgage giant's activities during an $11 billion accounting scandal and supported efforts to hit profit targets even when meeting them was risky, an analyst for the U.S. Senate Republican majority said.
Sources: YAHOO
Accounting News Guilty plea in Foodservice insider trading
YAHOO
Reuters - A man who said he was illegally tipped off to the 2000 sale of U.S. Foodservice to Dutch retailer Ahold NV on Wednesday pleaded guilty to insider trading and charges related to an accounting scheme.
Sources: YAHOO
Accounting News United Tech to pay $283 million to settle probe
YAHOO
Reuters - Diversified manufacturer United Technologies Corp. said on Tuesday it will pay the U.S. Department of Defense $283 million to settle a probe of government contract accounting matters.
Sources: YAHOO
Accounting News Freddie Mac year net down 27.6 pct to $2.1 billion
YAHOO
Reuters - Mortgage finance company Freddie Mac , still recovering from a 2003 accounting scandal, on Tuesday said 2005 net income fell 27.6 percent from the year ago, to $2.1 billion.
Sources: YAHOO
Accounting News Fannie’s Board Blamed For Accounting Scandal
AHN
Fannie Mae's regulator on Tuesday blamed the corporation's board for failing to act when employees manipulated accounting records to see executives get huge bonuses. Fannie Mae was hit with close to $11 billion in accounting fraud. The Office...
Sources: AHN
Accounting News Update: Fannie Mae To Pay $400 Million Settlement
AHN
Fannie Mae on Tuesday accepted a $400 million fine following a federal investigation that confirmed the corporation's accounting misdeeds. The Office of Federal Housing Enterprise Oversight blamed the corporation's board for failing to act...
Sources: AHN
Accounting News Regulator says Fannie board contributed to accounting woes
YAHOO
Reuters - Risks from an accounting scandal at U.S. mortgage finance Fannie Mae were greatly understated, and deliberate smoothing of earnings overstated income by $10.6 billion, its regulator said on Tuesday in a report on the mortgage finance giant's accounting scandal.
Sources: YAHOO
Accounting News Report due on Fannie, $400 mln settlement expected
YAHOO
Reuters - Federal regulators on Tuesday are expected to say Fannie Mae will pay $400 million for using bad accounting to manage earnings and trigger bonuses, according to sources briefed on the plan.
Sources: YAHOO
Accounting News Fannie Mae faces huge hurdle as OFHEO report nears
YAHOO
Reuters - Fannie Mae faces the most comprehensive and potentially damaging report on its multibillion-dollar accounting problems this week when its U.S. regulator releases findings from a nearly three-year probe.
Sources: YAHOO
Accounting News Foot Locker Q1 earnings up slightly
YAHOO
Reuters - Footwear retailer Foot Locker Inc. on Wednesday said quarterly earnings rose slightly, beating a lowered forecast it gave earlier this month in part due to a one-time benefit from an accounting change.
Sources: YAHOO
Accounting News GM to restructure controller's office
YAHOO
Reuters - General Motors Corp. on Wednesday said it plans to restructure its corporate controller's office after a spate of accounting errors at the world's largest automaker.
Sources: YAHOO
Accounting News Report On Fannie Mae's Accounting Problems Ready For Release
AHN
Authorities are ready to release a report on a three-year investigation into Fannie Mae's (FNM) accounting and management problems. As a result, officials at FNM, are canceling appointments, including chief executive, Daniel H....
Sources: AHN
Accounting News HealthSouth loss widens
YAHOO
Reuters - Rehabilitation chain HealthSouth Corp. , which is emerging from an accounting scandal and government probes, on Monday posted a larger loss for the March quarter, as pricing pressure from Medicare and other payers hurt net operating revenue.
Sources: YAHOO
Accounting News Fannie CEO: Major accounting issues found
YAHOO
Reuters - Fannie Mae Chief Executive Officer Daniel Mudd told Reuters on Wednesday the major accounting problems with the largest impact on the mortgage giant's total profit restatement have already been found.
Sources: YAHOO
Accounting News Fannie-Mae Discloses More Accounting Errors
AHN
More errors have turned up in Fannie Mae's government-ordered review of its accounting. The mortgage giant disclosed that it also doesn't expect the review to be finished before the second half of the year. Based in Washington, the...
Sources: AHN
Accounting News Enron defense calls experts to defend accounting
YAHOO
Reuters - Defense lawyers for former Enron CEOs Kenneth lay and Jeffrey Skilling questioned two accounting experts on Wednesday to show that the collapsed energy company never falsified its books.
Sources: YAHOO
Accounting News Honda Q4 net jumps on one-off gains
YAHOO
Reuters - Honda Motor Co. on Wednesday posted a 133 percent jump in fourth-quarter net profit, helped by a softer yen, brisk overseas sales and accounting one-offs, but projected weaker-than-expected earnings for this year.
Sources: YAHOO
Accounting News CA's ex-CEO Kumar pleads guilty to securities fraud
YAHOO
Reuters - Sanjay Kumar, the former chief executive of CA Inc. , pleaded guilty on Monday to securities fraud and obstruction of justice charges related to a $2.2 billion accounting fraud at the software company.
Sources: YAHOO
Accounting News EBay net dips, outlook drags on stock
YAHOO
Reuters - Web auctioneer eBay Inc. on Wednesday posted a 3 percent drop in quarterly net profit due to stock compensation costs and stuck to a 2006 revenue forecast at the low end of Wall Street's targets, sending its shares down 5 percent.
Sources: YAHOO
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