Convicted of Felonies, Banks Are Allowed to Stay in Business [NYT]
Floyd Norris writes about waivers that are granted so companies can stay in business after being convicted of a criminal act: "Perhaps the most interesting part of the prolonged and leak-filled dance leading up to the expected criminal charges has been the effort to assure that the banks will stay in business after they plead guilty. Credit Suisse is expected to admit that it helped Americans evade taxes, and BNP Paribas is expected to admit that it did business with countries blacklisted by the United States. Regulators will not enforce statutes that would seem to bar the banks from some activities. To put it another way, the Justice Department has gone to great lengths to guarantee that convicted banks will not be treated as criminals."

Investors Reject Chipotle Chiefs’ Pay Plan [DealBook]
It'll take a few more years for the burrito barons to become billionaires: "More than 75 percent of investors voted against Chipotle’s say-on-pay measure, which asked investors to ratify a compensation plan that would continue such payments to Steve Ells, Chipotle’s founder, and his co-chief, Montgomery F. Moran, over the next few years. That was the highest vote against any say-on-pay measure among the country’s largest 3,000 companies this year. Though the vote is nonbinding, Chipotle said it was taking investor sentiment into consideration."

PwC creates the most sustainable building in the world [Guardian]
This calls for a selfie.

In Georgia, “Revenue” Is a Four-Letter Word [Slate]
This is what happens when a businessman, in this case David Perdue, thinks he can succeed in politics: "In an interview with the Macon Telegraph, Perdue was asked if the debt could be reduced by cutting spending or increasing revenue. 'Both,' he said. After being told that this was a 'euphemism' for tax hikes, Perdue averred then plowed ahead, saying that in the business world 'I was never able to turn around a company just by cutting spending. You had to figure out a way to get revenue growing.'"

I feel like we have addressed this before, or rather, we've incessantly ripped on the CGMA from the beginning. In the interest of fairness, we should present the other side before we do that again. But first, the question:

.@going_concern Can we have an honest conversation about how pointless it is to obtain a #CGMA? #aicpa#moneygrabpic.twitter.com/XoRQjHqJGv

— Nate (@thatgolferguy) May 16, 2014

According to the CGMA.org "Why become a CGMA?" page, here are the benefits:

Recognises your experience and skills globally.
Having the CGMA designation will add power to your CV/resume by demonstrating your business acumen, ethics and commitment.

Showcases your value around the world.
Every day CGMA professionals work with key employers and influencers worldwide, increasing awareness of the designation.

Connects you to a community of like-minded peers.
By becoming a part of a global community of professional management accountants, you can share best practices, create innovation and be better prepared to meet the global challenges in today’s business environment.

Gives you the tools you need to succeed.
CGMA tools, webinars, reports and research will challenge your thinking and keep you at the forefront of your profession, giving you a competitive edge.

Let's talk about "commitment," OK?

The current requirement to become a CGMA is as follows:

SO, commitment. Maybe I'm as dense as a fart in a crowded elevator but I'm just not seeing it. We aren't talking a commitment of, say, 4 - 5 years in college and 400+ hours of studying for an exam over a year and a half plus two years of experience in public accounting, we're talking about three years of work. Oh, and a commitment to paying your AICPA dues. Seems legit.

Can we have this discussion? Do we even need to? Screw it, it's Friday, might as well.

Thank goodness we have the SEC to protect us from ourselves.

The SEC sent out a warning today cautioning investors to be on the lookout for shady "microcap companies that claim their operations relate to the marijuana industry after the agency suspended trading in the fifth such company within the past two months."

The SEC issued an investor alert warning about possible scams involving marijuana-related investments, noting that fraudsters often exploit the latest growth industry to lure investors with the promise of high returns.  “For marijuana-related companies that are not required to report with the SEC, investors may have limited information about the company’s management, products, services, and finances,” the SEC’s alert says.  “When publicly available information is scarce, fraudsters can more easily spread false information about a company, making profits for themselves while creating losses for unsuspecting investors.”

What's hilarious about this investor alert is that no sooner did I get it from the SEC than another press release came in, this time from an over the counter group inviting international partners to open medical marijuana dispensaries worldwide. BEWARE!

Getting back to the SEC, they've been busy already this morning, suspending trading in Denver-based FusionPharm Inc. (LOL, stoners huh), "which claims to make a professional cultivation system for use by cannabis cultivators among others." It appears the SEC is concerned FusionPharm's assets, revenues, and financial condition may not be accurately represented to investors.

“Recent changes in state laws concerning medical and recreational marijuana have created new opportunities for penny stock fraud,” said Elisha Frank, co-chair of the SEC Enforcement Division’s Microcap Fraud Task Force.  “Wherever we see incomplete or misleading disclosures, we act quickly to protect investors.”

In other words, the SEC doesn't want investors buying a sack purported to be Kush but really just stems and seeds.

Those of you waiting anxiously for The Bachelorette to return to ABC this month have one more reason to wait anxiously; a Big 4 associate will be all up in the mix looking for love:

Season 10 of The Bachelorette is returning this Monday, May 19, on ABC, and if you're a fan of the looking-for-love reality show (or the gambling type, and looking to put money on the contestants), there's a local boy you should be rooting for as 25 bachelors compete for one lucky (?) lady's heart.

Dylan Petitt, 26, is a Boston accountant and UMass Amherst graduate who, apparently, wasn't having enough luck in the Boston dating world and decided to try out for The Bachelorette. Can you blame him? Either that, or it was a dare. (After all, his friends should have told him about Tinder before he signed his soul to sappy reality TV.)

We get it, dating is hard. Any hot colleagues are out because no one wants a tricky office romance except maybe in a moment of busy season weakness. And forget hooking up with anyone at the client. So why not reality TV? Totally makes sense.

According to ABC, Dylan is 26, 5'11", wears a size 11 shoe and has no tattoos. His favorite magazine is Sports Illustrated, he loves to play Connect Four and his favorite PG drink is apple juice. YEAH BUDDY!

Dylan loves sports but hates awkward dates, according to his official ABC bio:

If you could be someone else for just one day, who would it be and why?
Tom Brady -- seems like he has everything going for him and is determined to do things right.

What are your top three all-time favorite movies?
Dumb & Dumber, Good Will Hunting, Shawshank Redemption.

What is the most romantic present you have ever given? Why?
I set up a scavenger hunt in college at the girlfriend's house while she was in class.

What's your biggest date fear?
The girl being a mute and just having an awkward time.

If you could do/have any job in the world, what would it be and why?
General Manager for Boston Red Sox/gym teacher. I love sports and teaching people.

BostInno says Dylan's haircut is a bit 90s but that might be forgiven by his true Bostonian-ness, as evidenced by his ravenous love for sports, Jack Johnson (per Facebook), and Good Will Hunting. Too bad he doesn't have a Sox tat on his left cheek or he'd be the total Boston package.

Dylan graduated from University of Massachusetts, Amherst in 2011 and has worked with EY since. LinkedIn tells us he's currently an Assurance Staff. You will recall this isn't the first EYer to take a stab at winning the heart of a Bachelorette.

We'll be rooting for Dylan, if for no other reason, so he doesn't have to endure life as a Senior Associate in a Big 4 audit practice. Good luck, buddy!

You've lost that linkin' feeling. Whoa, that linkin' feeling. 

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We're hearing a couple rumors that the audit practice is giving out free money, anyone else?

Some people are understandably skeptical (though obviously aren't familiar with the phrase don't look a gift horse in the mouth):

FYI EY leadership awarded all Assurance Staff through Senior Managers $500 in the 5/30 paycheck. Leadership has never issued an across-the-board "bonus" like this. They must be alarmed by how many people have been rushing the exits. Not that this will make any difference.

While others are stoked -- STOKED, I tell you -- at a free pittance:

Subject: EY Assurance - WE GETTIN PAID!

All of EY Americas Assurance staff through sr manager just received a $500 bonus payable 5/30!  Gross payment, of course, but it's nice to finally receive a higher net "thank you" than my senior manager once taxes are factored out.

Hey, nothing wrong with being treated to a nice dinner out (with drinks!) and a few XBox games for all your hard work.

Keep an eye on those paychecks, kids, and if you have bonus news to share with the class, you know where to find us.

Last year, we had a pretty candid conversation about gay. We talked and talked and talked until we were blue in the face (there's a joke there I'm missing, I'm sure). At the end, I don't think we got any closer toward getting a feel of how comfortable public accounting is with gay, and in fact, we came across plenty of gays who aren't even comfortable with their own gay.

Now, the NYT is pointing out that not a single one of America's 1000 largest companies employs an openly gay CEO.

From that article, we get the perspective of Christie Smith, who is managing principal of the Deloitte University Leadership Center for Inclusion. According to her, Deloitte doesn't want to work with clients who don't want to work with gay consultants:

“When you look at the root cause, what is the pink ceiling, it’s really this unstated demand in organizations for individuals to downplay their identities and to conform to the norms of the organization,” said Christie Smith, a principal at the consulting firm Deloitte, who manages its center for inclusion.

A Deloitte report by Ms. Smith and Kenji Yoshino, a New York University School of Law professor, found that 83 percent of gay, lesbian and bisexual people hide aspects of their identity at work, often because they say their bosses expect them to.

At some companies, for example, there is a belief that bringing a same-sex partner to an event like a deal-closing dinner with a conservative client could be bad for business.

And sometimes it could be. Deloitte has assigned gay consultants to work on projects for clients, only to have the clients call and say they do not want a gay person on the team, Ms. Smith said. Deloitte walked away from those contracts, she said.

“This is the leadership issue of our time,” she said.

Honestly, unless you are going to the client site dressed like a RuPaul's Drag Race contestant (#TeamBianca amiright?!), who you sleep with shouldn't be a factor at all. But, you know, this being corporate America and all, it does matter.

The issue is so big that even straight white guys are attempting to be less straight and white, presumably because they aren't diverse enough and should feel guilty about it? I couldn't begin to explain away that one, though our straight, white, male correspondent Colin attempted to. Basically it means not calling your senior Broseph in casual conversation and something about O.A.R.

Back to the matter at hand, do we believe Deloitte is really firing clients who throw a hissyfit over a gay on the team?

Former SAC Capital Manager Steinberg Sentenced to Three and a Half Years [BBW]

Over a quarter of college-educated investors have no idea who Bernie Madoff is [Confirmation.com]

Goldman Shareholders Give Pay Plan a Thumbs Up [DealBook]

Oh, this happened [Twitter]

SEC Comm'r Gallagher is mad about asset mgmt risk study http://t.co/pDRbPr4FOv

— Broc Romanek (@brocromanek) May 16, 2014

Oh, and our pal Jon Weil is leaving Bloomberg. Have a sad with us [Twitter]

Today is my last day at Bloomberg. My deepest gratitude to Matt Winkler and all of Bloomberg News and View. I wish you all well.

— Jonathan Weil (@JonathanWeil) May 16, 2014

Pinterest is now valued at $5 billion. How? Who cares, check out this gluten-free, dairy-free chocolate wedding cake! [Digits via WSJ]

Why work at Deloitte when you can quit your job and be a DJ? [HuffPo]

Accountant for Nifty Fifty's indicted in tax schemeAn accountant for the Nifty Fifty's restaurant chain has been indicted in a tax-evasion scheme that federal prosecutors say hid millions of dollars from the Internal Revenue Service. An indictment unsealed today charges 58-year-old William J. Frio, of Springfield Township, with conspiracy, filing false returns, loan fraud, and aggravated structuring of financial transactions. [Philly.com]

Congress Critters are considering using private debt collectors to hound tax deadbeats [WaPo]

Aliens might be trying to holla [Daily Mail]

The country's top-paid CEOs will get a 400% pay raise this year, while you and the rest of the unwashed masses will be lucky to get 2.9% [MW]

Geithner's Dubious AccountingTimothy Geithner claims in his new book, "Stress Test," a memoir of his years as U.S. Treasury Secretary during the financial crisis, that the federal government has turned a profit on its bailout of the banking system. It's an assertion offered as one of the many reasons the rescue was a good idea. Let's not debate whether the bailout was or wasn't necessary: Get real -- it was. But Geithner's assertion about the bailout's cost, or rather lack thereof, demands scrutiny. [Bloomberg View]

Banks don't commit fraud, people do [Fox Business]

Supreme Court agrees to hear potentially groundbreaking Maryland tax case [WaPo]

Fab Tourre just isn't going to fight it [Bloomberg]

As Information Flows, S.E.C. Faces Difficulty Bottling It UpSince 2000, the Securities and Exchange Commission has sought to ensure equal access to that commodity through a rule known as Regulation FD. The rule generally requires that if a company disclosed material information to one person, it must do so to all. Yet even with that requirement and with the flood of information that is out there, some investors still appear to be getting premier access. Indeed, Regulation FD may now be doing more harm than good. [DealBook]

A former UBS banker will avoid prison time for his part in a tax avoidance scheme [Bloomberg]

Someone wasted time on a study to find out that the higher your GPA in high school, the more money you are likely to earn as an adult [DM]

Woman Hit By Flying Buzzsaw in Midtown Manhattan [Gawker]
"I was on the right side of the sidewalk, suddenly everyone started yelling 'Get down! Move!'" witness Matthew Bisi told NBC New York. "It was just like crazy chaos. People screaming, all the construction workers."

The IRS has decided that, as a result of the recent decision preventing it from regulating unenrolled tax return preparers, disbarment or suspension from practice before the IRS cannot include a ban on tax return preparation or blocking an individual’s preparer tax identification number (PTIN). Therefore, the Service announced that certain tax return preparers who were sanctioned by having their PTINs blocked between Aug. 2, 2011, and Feb. 11, 2014, can obtain or renew their PTINs and prepare tax returns. [Journal of Accountancy]

When you think of hipsters, Ed Nusbaum probably isn't the first guy who comes to mind. But in a recent piece for Harvard Business Review, Nusbaum reflects on his humble beginnings working for his dad's hardware store and how Grant Thornton was ahead of the curve on SOX before there was even a curve to be ahead of:

Having seen plenty of people thank my dad later, I’m still likely to steer clients toward what my colleagues and I think are the right tools. That’s why Grant Thornton was the first U.S. accounting firm to support many of the proposals included in Sarbanes-Oxley before it became law, in 2002. We also said that stock options should be expensed and should appear on the income statement as a cost; I even went to Capitol Hill to persuade lawmakers of our position. More recently, we have backed proposals to expand the audit report to meet the needs of investors, and we support the efforts of the European Commission to improve audit quality, independence, and objectivity and to increase competition. We also favored the new Companies Act in India, which dramatically improves corporate governance and mandates independent oversight of auditors. All these positions have run counter to the inclinations of many of our clients, but we believe that as they build their businesses, these are the right tools to have in place.

The irony of the global CEO of the accounting firm with the worst PCAOB audit failure rateof 2012 supporting audit quality initiatives is not lost on us, dear reader.

Judging by the rest of the article, that irony is clearly lost on ole Ed. But hey, whatever gets you through the day, pal.

As evidenced by the identical mint shirts and sensible shoes, Big 4 life is not really the place for free-thinking individualists. Sure, you could try letting your hair fall into glorious, unshampooed disrepair and burn nag champa at your desk but unless you're the direct blood relation of someone important at the firm, you can start planning how your free-thinking ass is going to make those unemployment checks last if you dare break away from the pack.

You will recall the Deloitte U study that taught us even straight white guys don't feel comfortable letting their straight white flag fly at work:

A new study from the Deloitte University Leadership Center for Inclusion and law professor Kenji Yoshino indicates widespread instances of "covering," the process by which individuals downplay their differences relative to mainstream perceptions, in ways costly to their productivity and sense of self at work.  Three out of four (75 percent) research participants state that they have covered their identity; and, surprisingly, half (50 percent) of straight white male respondents report hiding their authentic selves on the job.

As Colin -- a confirmed straight white guy -- wrote about that when it first came out:

But if this study tells us anything, it's that nearly all work environments have managed to get a large portion of their people to avoid embracing the things that make them different from everyone else. What does that leave us? I guess it would result in a bunch of business casual clad drones who either talk shop or make idle chit chat throughout the day, conforming to whatever the organization has in mind for its ideal employee. In other words, a typical accounting firm.

I'm no expert, but that seems like the EXACT OPPOSITE of what you'd want.

Well, Life at Deloitte is really going off the reservation this week and suggesting you should throw all that covering out the window and just be yourself. Hopefully yourself is just like everyone else or else, well, see above.

Another one... conform to male sterotypes? No. Be genuine. Be the BEST version of yourself. #inclusion

— Life at Deloitte (@lifeatdeloitte) May 28, 2014

The "best" version of yourself might make mildly racist jokes among your equally white friends, or starts drinking at 11am on weekends, or prefers not to wear pants. None of that is acceptable in the average workplace. Only that last one is acceptable in my workplace and that's only because no one sees me but my cats when I'm at work.

You go ahead and be yourself, kid, and let us know what happens. Chances are, you'll be expressing your individuality at Starbucks, using that fancy accounting degree to froth the perfect soy mocha. But hey, at least you will true to yourself and that's all that matters.

Oh, and here's an oldie but goodie from the archive on accounting firm culture. You will note in none of the descriptions is there a mention of "free to be yourself." Act accordingly.

Snapchat CEO reveals in the douchiest way possible why you shouldn't use Snapchat [Valleywag]

Did IRS illegally specially scrutinize “Israel-related organizations”? [Volokh Conspiracy via WaPo]

Cynical people are more likely to experience dementia in their old age. So, basically, it's been nice knowing you. Who am I, again? [Philly.com]

S.E.C. Vows More Use of a Little-Used Tool No, they don't mean a porn blocker [DealBook]

The company that makes Cialis wants you to be able to buy it over the counter because boners matter [USA Today]

New accounting rule a boost for investorsChristoph Hütten, chief accounting officer at German computer software company SAP, called the initiative a “crown jewel of the effort of global standards”. [FT]

Jailed accountant now helping prisoners with tax problemsTalking to economia, Retout said, “I took part in the business start up class in Wandsworth prison. “As soon as they knew I was a chartered accountant, [the inmates] started asking me how they could manage their tax affairs.” [economia]

Delay Sought in S.E.C. Case Against Steven Cohen [DealBook]

Sure, you could boycott Amazon. But then how are you gonna get stuff? [Gawker]

U.S. Economy Shrank for First Time Since 2011 [Bloomberg]
People who follow these things suggest there's nothing to worry about: "A pickup in receipts at retailers, stronger manufacturing and faster job growth indicate the first-quarter setback will prove temporary as pent-up demand is unleashed. Federal Reserve policy makers said at their April meeting that the economy has strengthened after adverse weather took its toll."

The PCAOB Asks the Auditors an Unanswerable Question: Do Company Controls “Work”? [Re:Balance]
Jim Peterson thinks PCAOB member Jay Hanson's poor choice of words could cause some problems: "So framed, the question is more than 'tough.' It is fundamentally unanswerable – presenting an existential problem and, unless revised, having potential for on-going regulatory mischief if enforced in those terms by the agency staff. That’s because whether a control actually “works” or not can only be referable to the past, and cannot speak to future conditions that may well be different.

At a Glance: New Accounting Rules on Revenue Recognition [WSJ]
Michael Rapoport sums everything up in 7 sentences.

New revenue guidance: Six things to consider [JofA]
In case you just can't get enough.

John Veihmeyer sides with Joe E. on the selfie vs. traditional photo op.

BIG announcement today! I'm in NYC with @KPMG_US, @PGAofAmerica& @LPGA. Stay tuned.... pic.twitter.com/ZJYsbsA0aL

— Stacy Lewis (@Stacy_Lewis) May 29, 2014

 Accused of stealing $863,000, American Canyon accountant to stand trial  [NVR]
Leslie Krzan allegedly used the funds to keep her credit card balance manageable. She made a crucial mistake, however: "The alleged thefts came to light in mid-July 2013 after Tulocay & Co. owner Richard Long discovered two company check stubs on Krzan’s desk for a Citibank AAdvantage business card. Long became suspicious because Tulocay did not have an account with Citibank, according to a search warrant."

CFOs Cash In Big with MBAs from Elite Schools [CFO]
FYI.

Sriracha Factory No Longer Considered a Public Nuisance [Gawker]
The Irwindale, CA city council changed its mind.

Darrell Issa and the Fox News crew are going to have an absolute field day with this:

Inspectors ordered the Internal Revenue Service snack bar temporally [sic] closed Wednesday for pests and no hot water violations according to District of Columbia health inspection records.

The snack bar is located in the agency's headquarters building at 1111 Connecticut Ave. NW.

Health inspectors cited the IRS snack bar for eight violations, including "several rodent droppings observed on floor and equipment" and hot water recorded at 88 degrees instead of the required District minimum of 110 degrees.

Oh come on! That entire city is crawling with pests and vermin, what's the big deal?

Selfies have always been pretty stupid but we've officially reached Peak Selfie when a Big 4 firm hijacks the whole selfie thing and slaps a hashtag on it.

Meet #SelfEY *cringe*
 

Loving the #SelfEY!Great pic! RT @EvanDaSilva1 46 mins #elpboston#letmetakeaselfEYpic.twitter.com/BAC3Aqi5s9

— EY US Careers (@EY_CareersUS) May 29, 2014

Next time your supervisor asks you for anything, make sure you respond with "Sure! But first, let me take a #SelfEY!"

"I'm going to need that spreadsheet."
"OK, but first, let me take a #SelfEY"

"We booked your trip to the client in Omaha, you have to be at the airport in an hour."
"OK, but first, let me take a #SelfEY"

"We have to explain to the client why we increased their fee this year but first, let me take a #SelfEY"

"The PCAOB inspectors are here and want to see our workpapers but first, let me take a #SelfEY"

"We have to fire the marketing people who didn't do a Google Image search for EY before the rebranding but first, let me take a #SelfEY"

"Lehman Brothers is about to go bankrupt and the financial meltdown will begin but first, let me take a #SelfEY"

I'm going to go put my head in the oven now, but first let me take a #SelfEY

Larry Katzen knows Arthur Andersen, he spent more time working there than I have spent on this mortal Earth. He's written a memoir of his time at Andersen called And You Thought Accountants Were Boring (who said that!?) and tells the Pittsburgh Tribune-Review that the government should have just stayed out of the whole thing:

“Our people and clients were long gone,” writes Katzen, a 35-year Andersen veteran. He was managing partner at St. Louis, far from Enron's Texas scam. He lost his retirement stake but learned a lot, now told in an engaging 338 pages: “And You Thought Accountants were Boring.”

Lesson One: “The government should never destroy another firm.” Get the “individuals directly responsible,” Katzen writes. The caught company will straighten up ethically, and innocent careers won't crash.

We don't have to worry about that since the loss of a Big 4 firm now would send the financial world into a tailspin, the likes of which hasn't been seen since... uh... Lehman Brothers collapsed. And look, it's five and a half years later and we are all just fine. FINE, I tell you.

Moving on, Katzen has another lesson:

A lighter lesson: Learn to play golf.

In a four-hour round with others, “you get to observe their ethics and values,” Katzen says. It could help in a business relationship. He once smacked the little white ball around a famous course with three CEOs — of J.C. Penney, ExxonMobil and Warner-Lambert — in front of a foursome headed by Warren Buffett.

Yeah, um, wasn't Scott London tipping his golf buddy? Not sure I'd say that exactly "helped" his business relationship.

Event Date: June 12, 2014, 2 pm ET

Presenter:
Kristen Rampe
Kristen Rampe Consulting

Kristen Rampe is a CPA with Big 4, boutique firm, and industry experience.  She provides customized, in-house CPE, consulting and advisory services to success-oriented professional service firms.  Check out her blog for great ideas on how to improve your practice! kristenrampe.com/blog

 

Sift Media is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

* To obtain CPE credit, the live session must be attended.  THE RECORDING DOES NOT QUALIFY FOR CPE CREDIT.

Speech by Hans Hoogervorst: 'Charting progress towards global accounting standards' A highlight: "The new Revenue Standard replaces American standards that contain thousands of pages of application guidance and IFRS Standards that provide too little guidance. The fact that we managed to stay converged with our colleagues of the FASB is very important and we intend to stay converged in the future." [IFRS.org]

Auditing: Perspectives on its Role, Relevance and Reliability In another speech today, PCAOB Chief Auditor Martin Baumann reflects back on his career: "Most auditors are truly dedicated professionals who care greatly about their role and responsibilities. I know this first hand. I saw it for 33 years at PwC (and hopefully I exhibited it); I saw it as a CFO of Freddie Mac where I experienced it; and now I've seen it while at the PCAOB — as I've worked with the audit profession for 8 years, including 5 years as Chief Auditor, responsible for establishing and interpreting auditing standards. I can say, with some degree of confidence — I know auditors and I know auditing, and I have the highest respect for both!" [PCAOB]

You mean 14 years ago as in the 14 years ago when the dot com bubble popped and the Pets.com mascot was found drunk in a San Francisco gutter? [Twitter]

Nasdaq up so much in past year, it has "only" 18.8% more to rise in order to reach its all-time high...set more than 14 years ago #WSJ

— Jason Zweig (@jasonzweigwsj) May 29, 2014

Hedgeweek named Rothstein Kass "Best North American Regulatory Advisory Firm" [Hedgeweek]

Justice Dept. Seeks More Than $10 Billion Penalty From BNP Paribas [WSJ]

If you're a Dish Network subscriber, you'll soon be able to pay your bill in Bitcoin [DealBook]

Hackney: Why Section 501(C)(6) Trade Associations Are Undeserving of Tax ExemptionTheory supporting tax exemption states that we should subsidize nonprofit organizations that provide goods or services that are undersupplied by the market. A charitable organization that assists the poor is a classic example of a service undersupplied by the market. Business interest group services, however, are found in abundance. [TaxProf]

Shock and awe: the state of California sucks at accounting [Sacramento Bee]

Montana Cable Company Getting Some Idiots To Pay Its Taxes For It, For Freedom [Wonkette]

Man Terrorizes Wife With Unruly Beard: A Modern American Tragedy [Gawker]