Regulators, Fannie Mae OK deal
Article Abstract:
Mortgage giant, Fannie Mae would increase its reserve against risk by billions of dollars, recalculate hedging transactions, and tighten internal controls due to the increasing pressure from regulators to correct serious accounting problems. As per the Office of Federal Housing Enterprise Oversight, Fannie Mae needs to maintain an additional capital cushion equivalent to 30 percent of the company's current minimum capital requirement.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2004
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Board moves to require firms to expense all stock options
Article Abstract:
The Financial Accounting Standards Board in the US has made a proposal to require publicly traded companies to record all forms of share-based payments to employees, including employee stock options, as a compensation expense. If approved, the proposal would be effective for the fiscal years beginning after December 15, 2004, and would have severe consequences for profit and executive pay in corporate America.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2004
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Drug firm settles SEC case on fraud
Article Abstract:
The Securities and Exchange Commission (SEC) filed a suit against Bristol-Myers Squibb Co. in August 2004 and ordered it to pay $150 million to settle allegations of accounting fraud. The SEC sued the company in federal court in Newark, New Jersey, accusing it of manipulating its inventory of drugs to inflate earnings.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2004
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