Tax news October 2006

Tax

Goldman Sachs Added as Defendant in Fannie Mae Suits

In a time of increased scrutiny on brokerages, Goldman, Sachs & Co. has been added as a defendant in lawsuits related to questionable accounting practices by mortgage giant Fannie Mae.Complaints allege that Goldman, Sachs & Co. violated U.S. securities laws while allegedly arranging Fannie Mae-sponsored bond deals, the brokerage said in its quarterly report with the Securities and Exchange Commission (SEC).

Oct 6 2006

447

Technology

The Paper Trail Isn’t Dead, Yet

The demise of paper has been predicted for decades. Paper, however, is proving more durable, and important, than many imagined, particularly in the wake of history’s largest corporate scandals. The 29 million short tons of printing and writing paper consumed in the U.S.

Oct 3 2006

292

Technology

Sony Will Recall Batteries; CPSC Offers Tips for Safe Notebook Use

Toshiba Corp. announced on Friday that it would recall 830,000 batteries manufactured by Sony in response to a statement by Sony that it would initiate a global recall of all its battery packs, PC Magazine reports. This followed Thursday’s announcement by IBM and Lenovo Group that they will recall 526,000 rechargeable lithium-ion Sony batteries purchased with ThinkPad computers.

Oct 3 2006

187

Tax

HealthSouth Agrees to $445 Million Settlement

HealthSouth Corp. announced on Wednesday that it will pay $445 million to settle several lawsuits that were filed against the company and some of its former directors after an accounting scandal.HealthSouth will pay $215 million in common stock and warrants, and its insurance carriers will pay $230 million in cash, the company said.

Oct 2 2006

555

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Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.