Wisconsin Governor Jim Doyle Wants to Raise Taxes By $1.74 BILLION

Remind me again…. didn’t he say in his re-election campaign that he wasn’t going to raise taxes? Sounds like another lie from the Doyle administration… Here’s what’s in store for us: An additional $630 per each of the 2.76 million income tax filers (but gosh, how beter could this money be spent anyway) $506 million … Read more Wisconsin Governor Jim Doyle Wants to Raise Taxes By $1.74 BILLION

Pinnacle Development Partners Charged With Running a Ponzi Scheme

Pinnacle Development Partners LLC has been charged with running a Ponzi scheme that took $69 million from over 2,000 investors. The top man, Gene O’Neal was charged with 19 counts of federal mail and wire fraud.

In 2006, Pinnacle advertised 25% returns in 60 days (which equals a 280% annual return).  The company claimed it earned such high returns by purchasing distressed real estate and quickly selling it at a profit.

Read morePinnacle Development Partners Charged With Running a Ponzi Scheme

Fraud, Waste, and Abuse in Iraq Reconstruction

In a February 15 memo to the members of the Committee on Oversight and Government Reform, a staggering estimate of the amount of fraud, waste, and abuse carrying out the Iraq reconstruction was revealed:

Last fall, GAO reported to Congress that Pentagon auditors had identified approximately $3.5 billion in contractor charges as “questioned” or “unsupported” costs. The Pentagon auditors have recently informed the Committee of significantly higher estimates of wasteful spending in Iraq. According to the auditors, questioned and unsupported costs have now risen to more than $10 billion – nearly three times higher than previously reported. According to the Pentagon auditors, more than one in six dollars they have audited in Iraq is suspect.

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On Ethics For Lawyers

I was recently amused as I was directed to a site detailing “proposed [tag]ethics[/tag] opinions” for North Carolina [tag]lawyers[/tag]. This is no joke. It appears that the ethics rules will prohibit attorneys from handing out business cards, because people might actually give them to potential law firm clients. Do they mean to tell me… *gasp*…. that someone is afraid that an attorney may get a referral after a job well done? And for that very reason multiple business cards may not be handed out?

Apparently so. From the North Carolina State Bar website:

Read moreOn Ethics For Lawyers

Some Basics About Sarbanes-Oxley

Say it fast five times: Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley, Sarbanes-Oxley… If you’re like me, you’re sick of hearing these words.

Lots of people, however, don’t have the first idea what the Sarbanes-Oxley Act of 2002 is really about. I think the public-at-large thinks it’s legislation that stops fraud. That couldn’t be further from the truth.

It is true that Sarbanes-Oxley (also fondly referred to as SOX or SarbOx) was meant to protect investors in public companies. It set forth some standards and certain procedures that public companies are required to abide by.

But the legislation itself requires far less than many people believe it does. At the end of the day, the regulations require companies to document their processes and disclose whether or not their internal controls are working. It doesn’t actually force them to materially improve the internal controls. (See my article What Has Sarbanes-Oxley Done For You Lately? for more of my opinions on this.)

So what does Sarbanes-Oxley require?

Read moreSome Basics About Sarbanes-Oxley

The REAL “Flip This House” is coming back!

You heard it right! Not those scam artists from San Antonio and Atlanta. This is “The Real Deal.” Quite literally. Richard Davis, his sidekick Ginger, and the rest of the Trademark Properties team are going back on the air (this time with a contract) and I can’t wait! I’ve learned from WallStreetFighter that Richard and … Read more The REAL “Flip This House” is coming back!

Microsoft Vista and Office 2007 banned…

According to InformationWeek, The U.S. Department of Transportation has banned upgrades to Microsoft Windows Vista, Internet Explorer 7 and Office 2007. This ban will be for an indefinite period of time. According to InformationWeek: The agency has an “indefinite moratorium” on upgrades because “there appears to be no compelling technical or business case for upgrading,” … Read more Microsoft Vista and Office 2007 banned…

Dennis Troha indicted on federal charges

Dennis Troha has been federally indicted on one count of fraud and one count of making a false statement to the FBI. It is alleged that Troha used a business entity called Johnson Houston Partners to give family members over $100,000 to make campaign contributions. These contributions were made in order to receive an Indian … Read more Dennis Troha indicted on federal charges

Federal Charges Against Insiders at UBS and Morgan Stanley

According to today’s Wall Street Journal:

Federal authorities have charged 13 individuals on insider trading charges in connection with two separate schemes to trade on inside information about analyst recommendation changes before they became public and pending mergers and acquisitions, according to court documents.

Read moreFederal Charges Against Insiders at UBS and Morgan Stanley