After seven years of litigation, PricewaterhouseCoopers has agreed to pay $55 million to settle charges that it was negligent in auditing the books of Fairfield Greenwich Group, the largest operator of “feeder funds” to convicted swindler Bernard Madoff.
The settlement adds to the recovery for investors in Fairfield-managed funds, who, according to their attorney, lost more than $3.2 billion in the 2008 collapse of Madoff’s Ponzi scheme. They also reached an $125 million accord with hedge fund administrator Citco Group, and an $80.3 million accord with Fairfield. Read more.
Many companies in the U.S. and Canada are willing to pay a premium as they recruit new talent in the finance field, according to surveys conducted by staffing firm Robert Half.
In the U.S., 54% of CFOs surveyed reported offering more money for new hires, with an average pay increase of 10%, and 36% offered the same amount. Moreover, 68% said starting pay was more than the amount offered two years ago. Read more.
The Bank’s sobering assessment for 2016 nevertheless calls for only a modest growth slowdown in China.
Does internal audit adequately cover the scope of the audit plan and report findings in a timely way?
RetailMeNot, North Highland, Meritage Homes, Clean Harbors, Hancock Fabrics, Blue Coat Systems, Anworth Mortgage Asset, Infoblox, Protective Life
Analysts are concerned about the cost of the company’s moves to extinguish $580.1 million in convertible debt and $158.3 million in preferred stock.
Many finance chiefs fall short in talent management, leveraging technology, and overall helpfulness, their bosses say.
More than half of U.S. CFOs surveyed by Robert Half reported offering more money for new hires, with an average pay increase of 10%.
The settlement averts a trial of investor claims that PwC failed to properly audit the books of the largest operator of “feeder funds” to Madoff.
Internet rights groups say Facebook has made unfounded attacks on those “who have fought, and who continue to fight, for Net Neutrality.”
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