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markets
by leon on November 28, 2008
Now that Citigroup has been thrown a lifeline, people are asking who's next.Questions are being asked whether Bank of America is next. And will there be more? Paul Miller, a Friedman Billings Ram...
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Ethics
by leon on November 28, 2008
Britain's bribery laws are finally set for an overhaul withe Law Commission bringing in a set of proposals that would make Britain's enforcement standards more like the US.Under the proposals...
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risk
by leon on November 28, 2008
US retailers might be keeping their fingers today for Black Friday, traditionally the big shopping day of the year where people queue up for gift items and there are plenty of door-buster discounts. ...
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markets
by leon on November 27, 2008
With her nation in recession, German chancellor Angela Merkel has come out swinging, attacking the US for causing the economic crisis by flooding the system with cheap money and then the banks for no...
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markets
by leon on November 27, 2008
This Thanksgiving looks grim and there is every sign that it will be one very bad Christmas for retailers with the latest economic data coming through.Consumer spending fell 1% in October, the bigges...
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risk
by leon on November 27, 2008
A rather provocative blog entry from Ambrose Evans-Pritchard at The Telegraph where he claims he has seen credit defaul swap data showing California is a bigger bankruptcy risk than Slovakia.It sound...
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executive pay
by leon on November 26, 2008
Is the ground shifting on soaring executive pay? With markets imploding and people losing their jobs, are politicians finally drawing a line in the sand.President-elect Barack Obama has slammed "...
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markets
by leon on November 26, 2008
More worrying signs for the global economy with the World Bank forecasting that China's growth will slip to 7.5%. Now that is a real concern, given that China had come out with its eye-popping st...
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corporate crime
by leon on November 25, 2008
Some 12 months ago, I did a blog entry suggesting that it might be easy to pull the wool over auditors' eyes when it comes to fraud.
Now a piece in CIO Today, Investigations or Audits: Fraud vs. ...
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regulators
by leon on November 25, 2008
The Bush administration's bailout of Citigroup might be a sign of more to come, and that's a worry for everyone. Not just American taxpayers but right around the world.The most incompetent pr...
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Accounting
by leon on November 25, 2008
I always talk about how accountants are recession-proof. The last blog entry I did on it looked at how they are enjoying above-average salary increases, despite the downturn.Now a new survey, reported...
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regulators
by leon on November 24, 2008
The problem with Paulson's $700 billion bailout is transparency. The auto industry begging for money raises some important question: why are some industries being propped up and others left to di...
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markets
by leon on November 24, 2008
The big question is whether the downturn and recession will be a replay of 1929. There are different views on it.The most alarming comes from Paul B Farrell at MarketWatch. in his piece, Farrell give...
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risk
by leon on November 23, 2008
The recent seizure of the Saudi super-tanker Sirius Star by Somali pirates signifies how skilled these buccaneers are getting.As the BBC reports, they are becoming much more sophisticated. "Ther...
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regulators
by leon on November 23, 2008
So markets rallied with president-elect Obama selecting New York Federal Reserve Bank chief Timothy Geithner to head the Treasury.It's a significant choice because Geithner warned years ago that ...
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risk
by leon on November 22, 2008
The plunging price of oil, dropping to its lowest level in more than three years, is likely to reshape the world significantly. It's great for motorists and businesses, but there are some disturb...
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markets
by leon on November 21, 2008
1997 was the year Tony Blair was appointed Prime Minister of Britain, it was the year Diana Princess of Wales was killed in a car crash. And Bill Clinton was riding high.US stocks and the Standard &a...
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SOX
by leon on November 21, 2008
Forgive me for this indulgence, I've never done this before. But this month marks the third anniversary of Sox First.Three years ago, I was invited to write about ethics, governance and Sarbanes-...
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markets
by leon on November 20, 2008
General Motors' finance arm GMAC has applied with the Federal Reserve to become a bank holding company and the automakers have taken their case to the public with General Motors behind a website ...
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strategy
by leon on November 20, 2008
Are there lessons for other industries? Like, for example, the automakers?Airlines are doing it tough in this environment so it was interesting to read last week of Malaysian budget carrier AirAsia s...
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markets
by leon on November 19, 2008
It must have been so humiliating but it had to happen with the automakers going cap in hand to Washington for a $25 billion bailout. And as the New York Times reports, things are not looking good wit...
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corporate crime
by leon on November 19, 2008
The Siemens bribery saga rolls on with two former managers confessing their crimes and likely to receive suspended sentences. The pair took the illegal payments and established a secret accounting sy...
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markets
by leon on November 19, 2008
Last month, I asked how long the recession would last. Estimates ranged from two years to five.Now a survey from the Federal Reserve Bank of Philadelphia puts it at 14 months. And things are likely t...
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Accounting
by leon on November 18, 2008
Accounting hasn't been this political since the time Andersen was sent down the chute.The G20 now wants the International Accounting Standards Board to promote financial stability, reports Accoun...
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Accounting
by leon on November 17, 2008
Earlier this month, I did a blog entry looking at how accounting regulators were bending over backwards to protect banks. By throwing them a lifeline, they have completely ignored the interests of sh...
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risk
by leon on November 17, 2008
Last week, it was European economic power house Germany slipping to recession. Now it's Japan, the world's second biggest economy and it's the first recession there in seven years.As The ...
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Accounting
by leon on November 14, 2008
Last week, I did a blog entry on how Deutsche Bank had exploited the weak-kneed approach of the International Accounting Standards Board and European Commission allowing banks to reclassify assets, b...
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markets
by leon on November 14, 2008
Anyone who can understand George Bush's latest outburst, where he defends free markets and warns not to have too much Government interference in the economy. You can read his full speech here.&qu...
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markets
by leon on November 13, 2008
Any hope of the Paulson bailout or the China stimulus package saving the world has faded with news that Germany has officially entered a recession.Germany is the driver of the European economy so the...
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markets
by leon on November 13, 2008
The sorry state of the US housing market has become even more apparent with price crashing and foreclosures rising 25% in October, according to the latest reports.But what makes it more appalling is ...
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risk
by leon on November 13, 2008
Much has been said about China's rescue package but we should not expect it will make that big a difference. The reality is that China is doing it hard and, despite its size, it has limited resou...
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regulators
by leon on November 12, 2008
At long last, the European Union is introducing measures that would bring ratings agencies into line with controls that seek to prevent conflicts of interest, and forces them to be more transparent.I...
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risk
by leon on November 12, 2008
We now seem to be watching General Motors in its death throes with shares in GM hitting a 65 year low amid concerns that the automaker will run out of cash. Analysts say the only way it will survive ...
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strategy
by leon on November 12, 2008
We are seeing some interesting patterns with mcdonalds announcing strong results despite the downturn. Forbes has gone so far as to suggest it's all because of McDonalds' "recession-proo...
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risk
by leon on November 11, 2008
Earlier this year, I did a blog entry looking at how financial innovation had led to the meltdown.As the New York Times points out, the basic problem with the models built around mathematics, computi...
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Ethics
by leon on November 11, 2008
How much does bribery cost a company? Siemens has announced it has set aside 1 billion Euros ($US1.3 billion) to settle the case with authorities in the United States and Germany."The company wi...
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risk
by leon on November 10, 2008
Less than two weeks ago, I did a blog entry looking at how AIG was chewing up that $123 billion loan extended by the US taxpayer.Now, The Wall Street Journal tells us that AIG is about to get a bigge...
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risk
by leon on November 8, 2008
Back in the Depression, there were people jumping out of buildings after learning they had lost everything. Are we going back to that?Former Bear Stearns executive Barry Fox committed suicide when he...
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Information About
, regulators
by leon on November 8, 2008
Earlier this week, I said that an Obama administration would have to bring in a massive fiscal stimulus to try and kick start the US economy. But of course, that's only one item on the to do lis...
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strategy
by leon on November 7, 2008
Another sign that hard times are well and truly upon us with Toyota announcing that it has slashed its earnings by more than two-thirds, or 69%. Look at the numbers carefully. In the first half, it e...
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Accounting
by leon on November 6, 2008
Yesterday, I did a blog entry looking at regulators had changed accounting rule to look after the banks and how Deutsche Bank had used that to disguise a loss as a profit.Now, CFO.com reports that th...
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markets
by leon on November 6, 2008
Two weeks ago, The Economist ran a piece saying trust was starting to run through the system again with the London Interbank Offered Rate (LIBOR), which measures how much banks pay when they get mone...
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Accounting
by leon on November 5, 2008
First there were the bank bailouts, now they're changing the accounting rules. Relaxing the rules on how banks value their assets might help them look better in this financial crisis, but it won&...
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risk
by leon on November 5, 2008
The "China factor" was supposed to save the world from recession and catastrophe. Now it looks like it will speed up the nose dive and make the landing even harder.The latest survey shows c...
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markets
by leon on November 4, 2008
Today's vote for the 44th US president will transform the world. But what impact will it have on markets and the economy?As The Times and The National point out, the world is in the grip of Obama...
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markets
by leon on November 4, 2008
Another sign that the financial crisis is hitting the real economy with reports that one analyst from FBR, Craig Berger, suggesting that Apple could scale back its production of 3G iPhone by as much ...
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strategy
by leon on November 3, 2008
Have just finished reading Thomas Friedman's new book Hot, Flat and Crowded and i must say, I am in two minds about it.Friedman says the only way to fight global warming, or as he correctly calls...
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strategy
by leon on November 3, 2008
In the lead-up to tomorrow's vote, the subject of green jobs has been getting prominence with Barack Obama and John McCain promising millions of green jobs. Now CFO.com reports of a study showing...
