What’s Going on Today in Finance?
Today’s roundup includes why Wall Street is confident in a new deal between SABMiller and Anheuser-Busch after SAB board claims (for the third time) $104 billion takeover is inadequate. Also Monsanto, an agricultural company, cuts nearly 12% of its workforce (2,600 jobs) to combat the slumping commodity market. An accounting fraud case where top OCZ Technological Group executives have been charged due to failure of preventing miscalculation of sales accounts. And, Fifth Third Bancorp pays $85 million for waiting to long to report defective mortgage loans. Get the specifics on all these stories and more, right here in the CFO roundup…
While SABMiller said AB InBev’s revised $104 billion offer is inadequate, Wall Street appears optimistic a deal will eventually be done.
By staying public, small companies could actually be destroying shareholder value, not boosting it.
>> Mark Kwilosz
Twenty-three percent of finance executives are renegotiating banking contracts and 25% are actively seeking new banking partners, says AFP.
>> Vincent Ryan
Collaboration, coupled with a commitment to a disciplined process, can lead to better product decisions.
>> Matt Freeman
Many CFOs are being called upon to help promote cybersecurity and identify threats.
The company says “focus and discipline” are key to its efforts to reorganize amid a third straight year of sagging agricultural commodity prices.
Former CFO Arthur Knapp agrees to pay $130,000 to settle charges he failed to prevent the misclassification of sales discounts.
The Cincinnati bank was accused of waiting too long to report that more than 1,400 mortgage loans were defective, resulting in federal insurance losses.
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