AIG Profit Surges on Tax Benefit [WSJ]
American International Group Inc. reported profit of $19.8 billion in the fourth quarter, thanks to a large tax benefit the bailed-out insurer booked after predicting it can keep generating profits in coming years. AIG recognized $17.7 billion in tax benefits in the last three months of 2011, an amount that dwarfed the roughly $1.6 billion in operating income from its insurance businesses and other units during the period. Still, the operating profit of 82 cents a share beat analysts' consensus estimate of a 63 cents a share.
Japanese Fund Loses $2.3 Billion [WSJ]
Japan's financial regulator said Friday it has halted operations of a little-known Tokyo money-management company after the firm allegedly lost billions of dollars in client money. In one of the biggest cases of its kind in Japan, with Tokyo's reputation as a financial center still bruised by the billion-dollar Olympus Corp. accounting scandal, the regulator said investigators found that AIJ Investment Advisors Co. can't account for "most of" the 183 billion yen, or about $2.3 billion, in pension-fund assets under management.
Ex-Financial Officer Of Pontiac Church Charged With Embezzlement [WWJ]
Thou shalt not steal.
Deloitte CEO: U.S. economy poised for recovery [CBF]
Echevarria, a graduate of the University of Miami, said his trip to Columbus also closed the book on a near-decade long struggle he has had with the Hurricanes’ loss to the Ohio State Buckeyes in the 2002 national championship. “This is the last part of my recovery.”
“Staff in the UK are furious, with emails flying across the UK offices. The feeling amongst staff is that the senior leadership appear increasingly out of touch from those in the lower grades.”
This article was syndicated via RSS from: http://goingconcern.com/post/accounting-news-roundup-aigs-accounting-hocus-pocus-japans-latest-scandal-kpmg-uk-staffs-lost