Word: shielding
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...crime the accountants stand accused of is peddling iffy tax shelters, arcane financial deals that shield income from the IRS. Shelters are O.K. if they serve a true business purpose, and the KPMG gang insisted that its did. Yet over the past four years, the accountants have taken a prosecutorial beating. A Senate subcommittee publicly grilled them. The Justice Department suggested they blab without their lawyers present. KPMG, bending to government pressure, stopped covering its employees' crushing legal bills. And all this happened before any court ruled the tax shelters improper...
...chief accountant for the Securities and Exchange Commission (SEC) said the agency was considering how to shield accounting firms from civil litigation because--get this--the Administration doesn't want the Big Four firms to become the Big Three. So, on the one hand, the Justice Department is squeezing KPMG and its former employees within an inch of their professional lives. On the other hand, the SEC is pushing for limits on lawsuits that might hurt firms like KPMG. Talk about mixed messages...
...However, you can bet that an institution that has already survived for over 360 years will probably stick around for a while—and so will that Harvard tattoo you’re considering plastering on your ass. For Joseph K. Cooper ’07, the Veritas shield that adorns his shoulder blade is more than just a way to show off in the locker room and at the beach. “I view tattoos as a way to commemorate things you’re proud of,” says Cooper, who also served...
...scheme that coiled across three continents. The path led through a complex maze, replete' with international intrigue, conflicting claims by governments and shadowy diversions of funds by mysterious middlemen. There were straw companies set up precisely to obscure the paper trail, and private individuals who acted as "cutouts" to shield the government officials directing them. But throughout the maze investigators repeatedly stumbled across the delicate footprints of the CIA, along with the clumsier presence of Lieut. Colonel Oliver North and an old-boy network of his former colleagues on the staff of the National Security Council...
...books bulged so quickly that IBM put a cap on his commissions. In 1962, after five years, he founded EDS with $1,000 in capital as a company to process computerized data for other businesses. EDS quickly found a niche processing medical-insurance forms for Blue Cross and Blue Shield of Texas. In 1968, when Perot took his firm public, its revenues were $7.7 million. He managed to persuade underwriters to float less than 10% of the company's stock for a price that was 118 times earnings. He kept most of the rest of the shares and was deemed...