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Opinions and views from expert CFOZone members.

Apr 11

Deutsche Bank sees sixth straight quarterly growth

Posted by Stephen Taub in salesrevenuesearnings forecastearningsDeutsche BankCash

Stephen Taub

As Corporate America gears up to report first quarter earnings this week, Deutsche Bank fired off a report to clients that predicts modest results and a modest reaction from the stock market.

The investment bank is looking for 6.9 percent year-over-year revenue growth, the sixth straight quarterly revenue increase. It will be led by revenues in energy, materials and info tech.

Apr 08

Bernanke calls for stricter financial clearinghouse regulation

Posted by annearf in Riskfinancial clearing housesFederal ReserveBen Bernanke

Should there be more stringent risk requirements for financial clearinghouses responsible for payments, securities, and derivatives transactions?

 According to Fed Chairman Ben Bernanke, the answer is, most definitely yes.

Apr 08

Wall Street CFOs made big bucks in 2010

Posted by Stephen Taub in stock optionsrevenuesreturn on average shareholders' equityreturn on average shareholders' equityRestricted Stock UnitscompensationCashCareers/Managementbonuses

Stephen Taub

If you take a look at the compensation tables in the proxies of the Wall Street giants, it is hard to believe it is only two years or so since the global financial meltdown.

You would almost think the top executives are running successful hedge funds, given their gargantuan gains. And to think they complained that the brief government involvement in their affairs.

Apr 07

Ex-CFO, accountant admit to Ponzi role

Posted by Stephen Taub in U.S. Attorneyfraudcompliance

Stephen Taub

The former chief financial officer and an accountant with Capitol Investments USA pleaded guilty to a count of securities fraud for their role in the operation of an $880 million Ponzi scheme linked to a fictitious wholesale grocery distribution business.

Roberto Torres, the CFO of Capitol, and Alejandro Torres, an accountant at Capitol, used the company to assist founder Nevin K. Shapiro in fraudulently obtaining $880 million between January 2005 and November 2009, according to US Attorney Paul J. Fishman.

They face up to 20 years in prison and a $5 million fine.

Apr 06

Five PwC affiliates fined $7.5 million

Posted by Stephen Taub in Securities and Exchange CommissionSEC enforcementSatyamPublic Company Accounting Oversight BoardPricewaterhouseCoopersPCAOBIndiacomplianceauditorsauditingaudit

Stephen Taub

Five India-based affiliates of PricewaterhouseCoopers (PwC) agreed to pay $7.5 million to regulators to settle charges of conducting deficient audits of Satyam Computer Services and other firms.

The PW India affiliates agreed to pay a $6 million penalty to settle the SEC's charges, the largest ever by a foreign-based accounting firm in an SEC enforcement action.

Apr 06

IRS audits of executive compensation: Infractions to avoid

Posted by annearf in TaxIRSexecutive compensationcompliance

With April 15 rearing its ugly head, it seems a good time to consider the Internal Revenue Service's moves to target executive compensation.

Last year, the IRS revealed it was launching a stepped-up effort to investigate executive comp practices.  With that in mind, it looks like there are a number of areas attracting or that are likely to attract IRS attention, according to John Lowell, a compensation expert in Woodstock, Ga.,  and Stephen Saxon, an employee benefits expert with Groom Law Group.

Apr 05

Pension funded status ticks up again

Posted by Stephen Taub in pensionspension fundsPension Benefit Guaranty CorporationPBGCCashBNY Mellon Asset Management

Stephen Taub

Follow the bouncing stock market.

The funded status of the typical U.S. corporate pension plan in March climbed only slightly last month, by 0.5 percentage points to 88.5 percent, according to BNY Mellon Asset Management.

Apr 04

How to best hire a new CEO

Posted by Stephen Taub in succession planningCEOsCEOCareers/Management

Stephen Taub

It is the big question facing every company that needs to replace top management or even low level management. Promote from within or reach outside the firm?

Well, a new study found that when it comes to hiring chief executive officers at publicly traded companies, shareholders should urge the board to promote from within.

Apr 01

Caterpillar’s supply chain finance program opens door for others

Posted by dbedell in supply chain financeCash


Industrial equipment maker Caterpillar is taking advantage of the Export-Import Bank of the United States’ (Ex-Im Bank’s) new Supply Chain Finance Guarantee to provide receivables financing to its suppliers. The company’s suppliers will have access to as much as $450 million – provided by Caterpillar's bank partner JPMorgan Chase – which is back by a 90 percent guarantee from Ex-Im Bank.

The program from Ex-Im Bank is intended to create greater access to financing for small and medium-sized businesses in the US by supporting SCF programs for export-related receivables. JPMorgan is the first bank to join the program, which will not only help suppliers manage liquidity, but as a consequence will also help strengthen Caterpillar’s supply chain by ensuring that its suppliers have ready access to working capital.

Apr 01

Office Depot restates profit to a loss

Posted by Stephen Taub in taxestax reportingtax rateTaxInternal Revenue ServiceCashcarrybackAmerican Recovery and Re-investment Act of 2009

Stephen Taub

Office Depot said it will need to restate most of its financial statements for 2010 after the Internal Revenue Service denied an $80 million tax write-off under economic stimulus-based tax legislation enacted in 2009.

As a result, it will report a net loss of $46 million for 2010 instead of $33 million in net earnings.

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