Word: kpmg
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...blew up, a Merrill Lynch analyst in London, Joanna Speed, downgraded the company to "sell" from "buy" in part because of its "inefficient, opaque and complex" balance sheet. Shame can be a useful weapon. At a recent hearing by a U.S. Senate committee, senior executives of the accounting firm KPMG were accused of marketing aggressive and potentially illegal tax shelters that netted the firm at least $124 million in fees. The committee's ranking member, Carl Levin, excoriated the firm's leaders in public, comments widely seen as forcing some of them to retire early. Hoping to regain momentum...
...Unsafe Haven In an ongoing probe of the company's tax advice, U.S. regulators accused accounting firm KPMG of concealing its role in creating potentially abusive tax shelters...
...revenue will help to maintain SEVIS, as the law providing for the database outlined—$100 is unnecessarily high. The U.S. Immigration and Naturalization Service, which had overseen SEVIS, was folded into the DHS in March, but seven months earlier, in August 2002, they had hired KPMG Consulting to determine a practical per-international-student fee to maintain the database. The firm found that the fee could safely fall well below the original Congressional ceiling of $95 and that only $54 per student was needed to cover the costs of the program...
...DHS’s proposed figure, which international students would pay in addition to greater visa processing fees, exceeds both the $95 Congress recommended as a reasonable upper limit for the charge and the $54 fee projected as sufficient by KPMG Consulting, an independent consulting firm that the DHS hired a year ago. The firm devised its figure from consideration of the nearly $40 million that the USA Patriot Act allotted toward the creation of a tracking databases...
...governmental agency has said that the KPMG report did not take all necessary considerations into account in calculating the $54 figure, according to Sharon R. Ladd, director of the Harvard International Office (HIO). Proceeds from the charges will be used to fund SEVIS, a year-old national database that tracks personal data and academic information about non-immigrants presently studying in the U.S. on student visas...