Word: depositing
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Dates: during 1990-1999
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...burden on business, especially small business, is worse. Many sole proprietors find they need to buy computers or hire accountants to comply with irs record-keeping requirements for inventory. Some small businesses are required to deposit withholding taxes for their employees as often as eight times a month. One sentence in a tax instruction used by many small-business owners runs 436 words -- longer than the Gettysburg Address...
Roughly two-thirds of the litigation stems from the epic savings and loan scandal. Accounting firms, along with lawyers and others, face thousands of lawsuits by investors and government regulators, including the Federal Deposit Insurance Corporation. Accountants' financial liability in S&L cases could exceed $9 billion, not counting compensatory damages. Last week Ernst & Young agreed to pay $63 million to settle claims that its negligence helped S&L honcho Charles Keating Jr. defraud some 23,000 investors in Lincoln Savings & Loan. The settlement came two weeks after the largest U.S. accounting firm, Arthur Andersen, paid $22 million for fraud...
Last year's dismal recession produced at least one major surprise. Banks and savings and loans actually managed to pull off one of their best performances in years. The Federal Deposit Insurance Corporation reported last week that the commercial banking industry earned $18.6 billion in 1991, up 16% from the previous year and the largest profit since 1988. And the Office of Thrift Supervision said the S&L industry posted earnings of $1.97 billion, the first gain in five years. The thrifts lost $2.9 billion...
...that the defunct facility was not really a bank but a disbursement center where members were given accounts that did not bear interest. Each account was credited monthly with the individual member's net salary, generally $7,000 after deductions. Because overdrafts were covered by the money on deposit from congressional colleagues, it was argued, no public funds were involved. Sloppy record keeping prevented some from knowing that they were in arrears. "We've been double-crossed and done real dirty by this bank," complained Pete Kostmayer, a California Democrat who admitted to writing 19 bum checks during the period...
Michael Milken thought he had struck the deal of his life last week. But the idea that he might still command a fortune of up to $500 million even after paying out $900 million to victims of his crimes did not sit well with the Federal Deposit Insurance Corporation. The agency scuttled, at least temporarily, a $1.3 billion settlement of suits brought by thousands of investors who said they had been bilked by the jailed junk-bond king's schemes...