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Archive for May, 2007
Thursday, May 3, 2007 U.S. Foodservice goes private By Ian Mylchreest Two big private equity giants have bought bulk food supplier U.S. Foodservice. Clayton, Dubilier & Rice Fund VII and Kohlberg Kravis Roberts have paid $7.1 billion to take the unit from Dutch outfit Royal Ahold, reports the Associated Press.
U.S. Foodservice has had a troubled past of accounting scandals. Several executives are now in prison and [...]
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Wednesday, May 2, 2007 Wednesday Quick Hits By Steve Sebelius We’ve written so many memos over here in our office in a nondescript industrial building near McCarran International Airport, we could actually be in the sequel to that one movie Office Space. (Assuming they make one, that is, which they really should. That was a funny movie. And Jennifer Aniston is available, too!)
Anyway, we’re [...]
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Wednesday, May 2, 2007 Who has ethically-challenged donors? By Ian Mylchreest The long-running money primary for the 2008 election now has candidates on both sides who have accepted money from dubious sources. Usually, these things come to light when one candidate zings another on a TV debate. Not so this time, reports the Los Angeles Times, which finds that donors to Sens. Hillary Clinton and John [...]
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Tuesday, May 1, 2007 Time to get tough with illegal immigrants By Len Butcher
Another nationwide march in support of illegal immigrants. Why not a march for drug dealers? Or rapists? Or murderers? And let’s not forget pedophiles? A lot of you are going to raise angry voices and say, “How can you compare an illegal immigrant to a rapist or murderer?” Easy. They’re all breaking the law. Since [...]
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Tuesday, May 1, 2007 Veto follies By Steve Sebelius So President George W. Bush has exercised the second veto of his presidency, this time to reject an Iraq war funding measure because it contained a deadline to begin the withdrawal of U.S. troops from the midst of an Iraqi civil war.
The first veto came in July, when Bush vetoed a bill that would [...]
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Tuesday, May 1, 2007 And now some parting gifts By Ian Mylchreest The gifts aren’t exactly going away but when Station Casinos closes it’s deal to go private, we won’t be privy to the senior management’s compensation packages. As Michelle Leder’s footnoted.org noted, the filing was part of the hide-it-on-Friday-night dump at the Securities and Exchange Commission last week
There are some interesting numbers in Station’s amended 10-K. Among them [...]
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Tuesday, May 1, 2007 Accounting woes strike subprime giant By Ian Mylchreest It’s always bad news when you see "accounting" and "Enron" in the same sentence. Just so this time, reports the New York Times. New Century financial has been taking advantage of "gain on sale" accounting to inflate its profits and will have to do some restating to get right with the numbers.
The idea got going [...]
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