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20BMV working on problems found by state audit
The Herald Bulletin (Feb 12, 2008 09:55 PM)
INDIANAPOLIS — The Indiana Bureau of Motor Vehicles has fixed several problems noted in a state audit last year, but some areas still need improvement, BMV officials said.

General Motors Announces Huge Losses
SkyNews via Yahoo! UK & Ireland News (Feb 13, 2008 01:19 AM)
General Motors, the US's top car maker lost nearly £20bn in 2007 because of accounting problems.

Vaughan criticizes housing unit audit
Baltimore Sun (Feb 13, 2008 01:29 AM)
Ex-director e-mails rebuttal; Ulman defends use Former Howard County housing director Leonard S. Vaughan fired back at the Ulman administration this week, contending that an audit critical of the county Housing Commission's accounting practices outlined problems that occurred after he was fired.

New Losses at A.I.G. Trouble Wall Street
NYTimes.com via Yahoo! Finance (Feb 12, 2008 07:40 PM)
Accounting flaws at the insurance giant that understated the company’s losses raised new questions about the deteriorating health of financial companies.

Lions screen for vision problems
The Athens News Courier (Feb 13, 2008 12:15 AM)
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Business digest
Wisconsin State Journal (Feb 13, 2008 12:33 AM)
TELECOMMUNICATIONS Upgrade caused BlackBerry outage The company behind the BlackBerry smart phones says Monday's three-hour outage was caused by an upgrade designed to increase capacity. Research in Motion says the upgrade was part of "routine and ongoing efforts," and that similar upgrades in the past did not cause problems. The outage, which started about 2:30 p.m. CST, annoyed subscribers who ...

I-40 open; utility crews make progress on power lines
Winston-Salem Journal (Feb 11, 2008 01:10 PM)
Work crews have made progress on problems that resulted from yesterday's high winds in Forsyth County. Falling limbs and trees cut the power to more than 6,000 Forsyth County Duke Energy customers yesterday, and this morning there were still 3,200 without power. At 1:45 p.m., the number of outages in Forsyth was 1,443, accounting for more than a third of the total 3,295 customers without power ...

Securitas Posts Quarterly Loss on Sale of Loomis Unit (Update2)
Bloomberg.com (Feb 12, 2008 02:17 AM)
Feb. 12 (Bloomberg) -- Securitas AB, the world's largest security company, reported an unexpected fourth-quarter loss on costs to sell a U.K. cash-handling unit that was fined for breaking British accounting laws.

BlackBerry outage: The day after
CNET (Feb 12, 2008 03:09 PM)
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AIG's Sullivan May Find His Job at Stake After Asset Writedown
Bloomberg.com (Feb 12, 2008 12:13 AM)
Feb. 12 (Bloomberg) -- American International Group Inc. Chief Executive Officer Martin Sullivan may find his job at stake after an accounting lapse led to a bigger-than-forecast drop in the value of the company's holdings.

AIG says auditors find internal control weakness
Reuters via Yahoo! News (Feb 11, 2008 10:57 AM)
American International Group Inc on Monday revealed that its auditors had questioned whether it properly valued its derivatives portfolio, raising new questions about accounting practices at the world's largest insurance company.

AIG Takes Hit on Subprime Accounting Woes
Smart Money (Feb 11, 2008 01:19 PM)
Trouble tallying the full impact of the subprime mess sank the insurer's shares.

Colleges seek to protect church tills
AP via Yahoo! News (Feb 12, 2008 12:54 PM)
The globe-trotting priest from Connecticut drove a Jaguar, shopped at Bergdorf Goodman and bought jewelry from Cartier, all of it with money stolen from his church's coffers. By the time the parish finance council caught on, he had embezzled $1.3 million.

AIG, rate worries stoke growth fears
Straits Times (Feb 11, 2008 04:34 PM)
NEW YORK - ACCOUNTING troubles at American International Group and a downbeat outlook from Group of Seven finance leaders reignited fears that a persistent United States housing crisis may crimp global growth.

Qwest posts profit in fourth quarter
Rocky Mountain News (Feb 13, 2008 12:09 AM)
Qwest Communications on Tuesday posted strong earnings in its fourth quarter, but revenues dipped and the Denver telco hedged on the impact of the slowing economy.

Nortel and Motorola would face integration challenges on joint venture, observers
The Canadian Press via Yahoo! Canada News (Feb 11, 2008 03:05 PM)
TORONTO - Ailing telecom giants Nortel Networks (TSX:NT) and Motorola Inc. (NYSE:MOT) would face major integration problems and few benefits if they make a deal to combine their wireless infrastructure divisions, suggest industry watchers.

TxDOT: Error won't stall area projects
Lubbock Avalanche-Journal (Feb 10, 2008 12:47 AM)
AUSTIN - The money problems the Texas Department of Transportation is facing - made worse by the $1.1 billion accounting error the agency reported to a joint hearing of two Texas Senate committees earlier this week - is already being felt across the state.

State police probe finds no criminal wrongdoing at DOT
The Providence Journal (Feb 12, 2008 10:46 PM)
The news that the investigation has concluded seems to surprise both the governor’s office and the DOT.

Levi's 4Q Profit More Than Doubles
AP via Yahoo! Finance (Feb 12, 2008 03:43 PM)
Levi Strauss & Co. shook off a sales slowdown in the United States late last year to boost its profit for the ninth straight quarter and cap the jeans maker's best year in more than a decade.

If bond insurers reject Buffett, regulator may push similar plan
Market Watch (Feb 12, 2008 04:50 PM)
If Warren Buffett's $800 billion reinsurance plan is rejected by bond insurers, a leading industry regulator may end up pushing a similar solution, according to a person familiar with the situation.