quote:Originally posted by 10of13: What I would disagree with/have issues with is that if someone is Shorting the stock...and then he/she starts to "bash" the stock...especially if this person was at first "pumping" the stock...that IMO...is wrong...yet another reason why peeps should not listen to the hype of these boards... I guess some will simply do anything to make a quick buck!
pump a stock, suck the newbies in, dump the stock on them at higher prices, short the stock, bash the stock and play mindgames on them, bring the stock so down that noobs who are typically weak hands let their shares off for loss, get more shares for cheap, and start the process all over again and again.. all the while, pro gets richer and noobs get shoved out of the market!
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posted
An old schoolmate of mine, whom I met couple of weeks back said he has lost 15K in penny stocks since last 3 months.. he also said he followed some message board.. none of my friends or family really know I play pennies! kinda tough to know who he was .. could be anyone on this board... lol..
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posted
This pr news about moving assets to Nevada is absolutely laughable, so much so, no comment is needed.
You folks are not performing good research:
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Two Presidio founders, former KPMG tax partners John Larson and Robert Pfaff, are among 18 defendants accused by federal prosecutors in a major criminal tax case of helping hundreds of wealthy KPMG clients use fraudulent shelters to cheat the Internal Revenue Service out of $2.5 billion of taxes.
[...]
Reddam sued KPMG, Sidley and Deutsche Bank after his shelter did not work as intended, leaving him with a $36 million federal tax bill and a $16 million state tax bill.
Why eight partners may be facing jail time -- and what the Justice Dept.'s suit could mean for the tax-shelter business
On Aug. 26, the Justice Dept. won a landmark tax-shelter case when accounting giant KPMG admitted to criminal tax fraud and agreed to pay $456 million in penalties. The government will defer prosecution and drop the case after Dec. 31, 2006, if KPMG stays out of the shelter business and cooperates with prosecutors in related cases
posted
"Price Waterhouse Coopers cover up incompetence, lies, racial discrimination through power, money, bureaucracy and connections rather than using resources positively in finding solutions."
KPMG is about as dirty as can be. This begs a question, "Why did the brothers select a company with a criminal history and currently being prosecuted for financial crimes?"
posted
Why is this information about KPMG not being provided to readers here and other boards?
I have issues with those who fail to perform good research and fail to provide very critical information which helps to develop a notion of the credibility of this company.
The pr news about moving assets to Nevada is so ludicrous, I have dismissed the brothers as clowns.
quote:Originally posted by Purl Gurl: Why is this information about KPMG not being provided to readers here and other boards?
I have issues with those who fail to perform good research and fail to provide very critical information which helps to develop a notion of the credibility of this company.
The pr news about moving assets to Nevada is so ludicrous, I have dismissed the brothers as clowns.
Purl Gurl
What is your take on why they would move their assets to Nevada? What type of assets would need to be physically moved, and why?
-------------------- Success is having the time and money to enjoy all of life's wonders...
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please do, i am sure that other posters will refrain from harrassing you!
right? other posters? right?
Oh ummm....yeah... TGIF...stop it...???!!!
It was asked ...Why KPMG?
Well...maybe since... "The government will defer prosecution and drop the case after Dec. 31, 2006, if KPMG stays out of the shelter business and cooperates with prosecutors in related cases"
Seems KPMG would be on their "best behavior"...since in a few short months they have the chance to have the case dropped if they keep their nose and nails clean...???
It was mentioned earlier about "position"...I am in for "flipping"/swinging...and then see what happens...already made $ on it...hopin' for some more...
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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posted
I will quip I am certain the State of Nevada is pleased the brothers have elected to give all their assets to the State of Nevada.
On wording, what can I write? Mad Magazine would produce better quality news.
Paying off debts. The word "lien" is usually reserved for negative events, such as a "mechanics lien" associated with real property, a "tax lien" for not paying property taxes, a "vendor's lien" for not paying for capital goods.
I am dismissing this on a basis the brothers and their attorneys have not a clue; more bad choices in wording.
However, I have yet to read any, here nor elsewhere discussing how debt is repaid. Was this effected by issuance of common stock to debt holders who promptly turned around and sold that stock which might explain extreme dilution? If not, did the brothers pay with cash which suggests a possible reason for extreme dilution; stock dumped to raise cash?
Always surprises me to note few or none raise these types of questions and there are a lot more questions raised by the brothers none seem to notice.
quote:Originally posted by T e x: I lobby for use of terms such as flip or swing to connote holding for only a short duration. When I see short, I think someone is posting re making money on pps going down....
RD emotional...ha...I see peeps get emotional about a post or two--nevermind the "stock," lol...
lol, pete and repeat...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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The firm was created by the merger of two large firms Price Waterhouse and Coopers & Lybrand. These two firms each had histories dating back to the nineteenth century.
Samuel Price, an accountant, started his practice in London in 1849. In 1865 Price went into partnership with William Holyland and Edwin Waterhouse. Holyland left shortly after and the firm was known from 1874 as Price, Waterhouse & Co. (The '& Co' and comma were dropped from the name much later.) The original partnership agreement, signed by Price, Holyland and Waterhouse can be found in Southwark Towers, one of PwC's offices in London. By the late nineteenth century, Price Waterhouse had gained significant recognition as an accounting firm. As a result of trade between the United Kingdom and the United States of America, Price Waterhouse opened an office in New York in 1890, and the American firm itself soon expanded rapidly. The original British firm also opened more offices in the main countries in the British Empire, each time establishing a separate partnership in each country that gave each partner a strong incentive to expand their local practices. The worldwide practice of PW was therefore a federation of collaborating firms that had grown organically rather than being the result of an international merger.
Like PW, Coopers & Lybrand had also originated in the nineteenth century. In 1854 William Cooper established his own practice in London, which became Cooper Brothers seven years later when his three brothers joined. In the USA in 1898 Robert H. Montgomery, William M. Lybrand, Adam A. Ross Jr. and his brother T. Edward Ross formed Lybrand, Ross Brothers and Montgomery. Coopers & Lybrand is the result of a merger in 1957 between Cooper Brothers & Co; Lybrand, Ross Bros & Montgomery and a Canadian firm McDonald, Currie and Co. In 1990 Coopers & Lybrand merged with Deloitte Haskins & Sells in the United Kingdom, but most other parts of Deloittes merged with Touche Ross to form Deloitte Touche Tohmatsu.
In addition to setting up an office in the major capital cities of the world, the PW or Coopers firm in each country often assimilated local accounting practices. This provided even more offices in the regions of each country and so resulted in 'critical mass', allowing the rapidly increasing number of international corporations to be fully serviced wherever they traded. Growth was also spurred by increasing audit requirements, especially after the Great Depression in the 1920s and 1930s, and by the increasing complexity of taxation.
In a further effort to take advantage of economies of scale, PW and Arthur Andersen had discussed a merger in 1989 but the negotiations failed mainly because of conflicts of interest such as Andersen's strong commercial links with IBM and PW's audit of IBM. In 1998 Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers in an attempt to gain a scale that would put the new firm in a different league. The following year merger discussions between PwC and Grant Thornton failed. Because of the reduced number of major firms, it is unlikely that further mergers would be allowed by competition authorities.
The 2002 indictment of Enron and WorldCom and the subsequent collapse of Arthur Andersen resulted in stringent U.S. Securities and Exchange Commission rules on auditor independence. One such result was the adoption of the Sarbanes-Oxley Act, which required auditor independence and separation of core audit from general consulting. This forced many of the Big Four to divest their interests in management consulting. However a major part of the firm's practice is still to provide business advice in addition to its auditing services, notably in taxation and corporate finance.
[edit] Structure and Service Lines
PricewaterhouseCoopers offices at Darling Park Tower 2 in Sydney, Australia.The legal structure of a partnership is very different to that of a company, and as such the global firm is in fact a collection of member firms, that are run autonomously in their respective jurisdictions. The senior partners of member firms sit on a global board of partners and there is also an 'umbrella' organisation called PricewaterhouseCoopers International Limited, a UK -based company which provides co-ordination. The current global CEO is Samuel DiPiazza, a 52 year old partner of the former Coopers & Lybrand.
PricewaterhouseCoopers has up to six service lines in major countries:
Audit and Assurance, Tax, (planning and compliance with local tax laws, transfer pricing) Advisory and Consulting which covers Performance Improvement,Transactions and M&A and Crisis Management in a range of specialist areas such as accountancy and actuarial advisory. PwC's service lines face the market in each country by broad industry specializations such as:
Consumer and Industrial Products and Service (CIPS) Financial Services (FS), Energy, Utilities and Mining, Technology, Information, Communications and Entertainment (TICE). These sub-divisions may vary slightly in some territories.
The firm also has in-house human resource services and legal services (through its correspondent global legal firm, PwC Legal). PwC audits 37 per cent of companies in the FTSE 100 Index; 22 per cent of those in the FT Asia Pacific 100 and 43 per cent of the Fortune 1000.
[edit] Clientele Europe and North America account for about 82% of PwC's annual revenue, with Europe alone accounting for 45%. The firm's dominant practice is Audit & Assurance, which accounts for over 50% of PwC's revenue.
As of March 2005, PricewaterhouseCoopers' audit clients included four of the 10 largest public companies in the United States (ExxonMobil, Ford Motor Company, ChevronTexaco and IBM). PwC also audits four of the 10 largest companies in the United Kingdom (GlaxoSmithKline, Royal Dutch Shell, Barclays and Lloyds TSB).
PwC's other large clients include American International Group, Freddie Mac, Bank of America, JP Morgan Chase, Goldman Sachs, Tesco, Unilever, and the Academy of Motion Picture Arts and Sciences, the last to tabulate votes for the annual Academy Awards.
PwC also has the unique distinction of having been (in various incarnations) the tabulator and certifier of votes for the Academy Awards since 1934.
PwC audits 43% of Fortune 1000 companies.
PwC Japan On May 15, 2006 PwC announced that it will create a new audit firm in Japan after its Japanese affiliate, Chuo Aoyama, was ordered to halt auditing services for two months by the Japanese Financial Services Agency. The regulator specifically cited Chuo Aoyama's audit of cosmetics company Kanebo Ltd., in which three of the firm's partners allegedly assisted with accounting fraud and boosted earnings for the company by about $1.9 billion over the course of five years.
A permanent new and independent audit firm will be created in Japan, with PwC also maintaining a partnership with Chuo Aoyama for local client work.
The global firm has acted quickly to stem any possible client attrition as a result of the scandal. Shortly after the suspension was announced, Sam DiPiazza, the Global CEO, issued a statement to the firm's most senior partners outlining the steps the firm would take. Part of the response includes dispatching a team of the most senior global partners to Japan, including the former engagement leader from the Unilever audit in the UK, to manage the relationship with a number of key Japanese clients such as Toyota and SONY. There is significant concern that the Firm's reputation will be harmed amongst its 2,300 Japanese clients, particularly after Shiseido announced the signing of an audit agreement with KPMG.
Academia PwC sponsors the PwC Honors Program at the Binghamton University School of Management. This distinguished membership is offered to the top 10% of students in the business and accounting programs. Binghamton University, part of the SUNY System, is ranked the number one public university in the Northeast United States. Incidentally, they are the second largest feeder of employees into PricewaterhouseCoopers.
[edit] Staff Because its major asset is the expertise of its personnel, the firm has a competitive recruiting program. PricewaterhouseCoopers is one of the top 10 companies for working mothers in 2004 according to Working Mother Media. PricewaterhouseCoopers was also recently included in Fortune magazine's "100 Best Companies to Work For" list, coming it at number 71 in 2006. According to statistics compiled by the firm from third party sources, PwC ranks in as the number 1 employer of choice among the Big 4 in student recruiting surveys from 12 countries including China, Germany, United Kingdom and the United States [3].
Not all its staff can (nor want to) become partners in the firm, and so many leave after gaining experience. Consequently PwC is effectively a large training organisation for accountants and its alumni can be found all over the world.
[edit] Consulting activities
Screenshot of the PwC Consulting webpage indicating the IBM mergerThough the firm's core business is audit, it had created a large professional consulting branch, as did other major accountancy firms, generating about 35% of its fees. Management Consulting Services (MCS) was the fastest growing and often most profitable area of the practice, though it was cyclical. The major cause for growth in the Nineties was the implementation of complex integrated ERP systems such as SAP R/3 for multi-national companies.
However PwC came under increasing pressure to avoid conflicts of interests by not providing consulting services to its audit clients. Since it audited a large proportion of the world's largest companies, this was beginning to limit its potential market. These conflicts were going to increase when additional services such as the outsourcing of ERP systems were offered. For these reasons, in 2000, Ernst & Young was the first of the Big Four to sell its consulting services, to Capgemini.
PwC therefore planned to capitalize on MCS's rapid growth through its sale to Hewlett Packard (for a reported $17 billion) but negotiations broke down in 2000. PwC announced in May 2002 that its consulting activities would be spun off as an independent entity. An outside consultancy, Wolf Olins, was hired to create a brand image for the new entity, called "Monday". According to a June 2002 BBC news article, the firm's CEO, Greg Brenneman described the unusual name as "a real word, concise, recognisable, global and the right fit for a company that works hard to deliver results." These plans were soon revised, however. In October 2002 PricewaterhouseCoopers sold the consultancy business to IBM for approximately $3.9 billion in cash and stock.
Today, PwC brands its remaining consulting activities as Advisory Services, directed globally by Alec Jones in PwC London. Advisory services are organized by country and by industry sector. PwC also has developed several broader consulting initiatives in the Enterprise Risk Management (ERM) framework, including a global effort to assist corporations with outsourcing, as well as a global political risk assessment and risk management service with the political risk advisory firm Eurasia Group.
Advisory services offered by PwC also include two actuarial consultancy departments; "Actuarial and Insurance Management Solutions" (AIMS) and a sub branch of "Human Resource Services" (HRS). Actuarial covers mainly 4 areas: pensions, life insurance, non-life insurance and investments. AIMS deals with life and non-life insurance and investments while HRS deals mainly with pensions. The actuarial functions supplied by PwC include advice to the PwC accountants on insurance company financial reporting, advising buyers and targets on (mainly insurance ) M&A's and financial modelling.
PwC serves the U.S. federal government through their Washington Federal Practice (WFP). PwC has over 2000 professionals based in the Washington Metro Corridor. WFP’s mission is to become the U.S. Federal Government’s preferred provider of advisory and assurance services. PwC WFP helps government agencies solve complex business issues, manage risk and add value to performance through their comprehensive service offerings in financial management, program management, operations improvement, and security and data management.
KPMG
K stands for Klynveld. This originates from the accounting firm Klynveld Kraayenhof & Co. founded by Piet Klynveld in Amsterdam in 1917. P is for Peat, originating from the accounting firm William Barclay Peat & Co., which was founded by William Barclay Peat in London in 1870. M stands for Marwick. James Marwick founded the accounting firm Marwick, Mitchell & Co. together with Roger Mitchell in New York City in 1897. G is for Goerdeler. Dr. Reinhard Goerdeler was for many years chairman of the German Deutsche Treuhand-Gesellschaft (DTG) and later chairman of KPMG. He is credited with laying much of the groundwork for the KMG merger. [edit] History In 1911, William Barclay Peat & Co. and Marwick Mitchell & Co. merged to form what would later be known as Peat Marwick International (PMI). The Peat Marwick logo.In 1979, Klynveld merged with Deutsche Treuhand-Gesellschaft (DTG) and McLintock Main Lafrentz to form Klynveld Main Goerdeler (KMG). In 1987 both firms joined forces in the first mega-merger of large accounting firms and formed KPMG. In 1997, KPMG and Ernst & Young announced that they were to merge, in a maneuver largely seen as a spoiling tactic over the merger of Price Waterhouse and Coopers & Lybrand. However that merger, to form PricewaterhouseCoopers, was granted regulatory approval and the KPMG/Ernst & Young tie-up was later abandoned. In 2001, KPMG divested its US consulting firm through an IPO of KPMG Consulting Inc, which is now called BearingPoint, Inc.. A song that was produced for KPMG, Our Vision of Global Strategy, experienced a brief period of Internet notoriety. In 2002, the UK and Dutch Consulting arms were sold to Atos Origin. In 2003, KPMG divested itself of its legal arm, Klegal. In 2005, KPMG LLP admitted criminal wrongdoing in multi-billion dollar tax shelter fraud.
The KPMG logo used by member firms in the 1990s[edit] Legal Structure and Executives Each national KPMG firm is an independent legal entity and is a member of KPMG International, a Swiss Verein headquartered in the Netherlands.
KPMG International is led by:
Michael D.V. Rake, Chairman, Senior Partner of KPMG in the United Kingdom; Michael P. Wareing, CEO, Partner of KPMG in the United Kingdom; Dominic C.F. Ho and John B. Harrison, Chairman-Asia Pacific Region, Partner of KPMG in China and Hong Kong; Timothy P. Flynn, Chairman-Americas Region, Chairman of KPMG in the United States; Ben van der Veer, Chairman-Europe, Middle East and Africa Region, Chairman of KPMG in the Netherlands. [edit] Audit Clients KPMG member firms serve as the Independent Auditors for a large number of major corporations:
Retail & Consumer Products: The Home Depot, PepsiCo, J.C. Penney, Nestlé, The Hershey Company, Yum! Brands, Supervalu, General Mills, CVS Pharmacy, Carlsberg, ConAgra Foods, Burger King, Jack in the Box, Diageo, Heineken, Federated Department Stores, Winn-Dixie, Publix Super Markets, Hasbro, R.J. Reynolds Tobacco, Levi Strauss & Co. Travel and Transportation: US Airways, Air France-KLM (joint auditors with Deloitte), Cathay Pacific, Norfolk Southern Railway, easyJet, Amtrak Technology: Apple Computer, CA Inc., EDS, LG, Samsung, Motorola, Philips, Siemens, Electronic Arts, Dolby Laboratories, CNET Networks, Electronic Data Systems Media: NBC Universal, Sony BMG, Bertelsmann, RH Donnelley, BBC, ITV Telecoms: Qwest, SprintNextel, Embarq, CenturyTel, Citizens Communications, PCCW, China Mobile, Cable & Wireless Energy: Citgo, Murphy Oil, Valero, Occidental Petroleum, Reliant Energy, Halliburton, Sinopec Industrial Products: General Electric, DaimlerChrysler, Honda, BMW, Matsu****a Electric Industrial Co., Mitsubishi Electric, Weyerhaeuser, Siemens AG, Cemex, Navistar International, BMHC Financial Services: Citigroup, Wells Fargo, Wachovia, HSBC, H&R Block, Standard Chartered Bank, ING Group, Deutsche Bank, Allianz, Munich Re, Credit Suisse, Nationwide Financial, Countrywide Financial, Visa International, Salomon Brothers, Hang Seng Bank, First Republic Bank, MassMutual Financial Group Consulting: Accenture Mining: BHP Billiton Healthcare: Kaiser Foundation [edit] Tax shelter fraud Main article: KPMG tax shelter fraud In early 2005, the United States member firm, KPMG LLP, was accused by the United States Department of Justice of fraud in marketing abusive tax shelters. Under an agreement, KPMG LLP admitted criminal wrongdoing in creating fraudulent tax shelters to help wealthy clients avoid $2.5 billion in taxes and agreed to pay $456 million in penalties in exchange for a deferred prosecution agreement. KPMG LLP will not face criminal prosecution as long as it complies with the terms of its agreement with the government.
Before the settlement, the firm, on the advice of its counsel Skadden, Arps, Slate, Meagher & Flom LLP, removed several tax partners and admitted "unlawful conduct" by those partners. The firm agreed to cooperate with DOJ's investigation and help prosecute former partners who had devised and sold the tax shelters. Additionally, the firm hired former U.S. district judge Sven Erik Holmes to monitor its legal and regulatory affairs.
-------------------- Dont take my advice, due your own DD
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posted
"What is your take on why they would move their assets to Nevada? What type of assets would need to be physically moved, and why?"
Professionals would only move assets for a single reason; financial advantage.
Why are the brothers moving their assets to Nevada? I do not have any idea.
Does the SEC require some or all assets be here in America for a listing requirement? I do not think so. Maybe there is some little known rule about this, but I think not.
posted
Thanks Purl, I still don't know what type of assets they would be moving? I tried calling last friday after the PR was released, but I'm still awaiting their response.
-------------------- Success is having the time and money to enjoy all of life's wonders...
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posted
I think the next two weeks will be very enlightening to the companies claims. If I do not see third party audited financials in the next two weeks, I may begin to worry. Otherwise, the company has done nothing to warrant any worries thus far. GLTA -Cassity
quote:Originally posted by cassity: I think the next two weeks will be very enlightening to the companies claims. If I do not see third party audited financials in the next two weeks, I may begin to worry. Otherwise, the company has done nothing to warrant any worries thus far. GLTA -Cassity
Website says mid september, give them till at least then.
-------------------- Disclaimer: Not accountable for anything I say
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