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Sarbanes-Oxley: Oxley admits problems with legislation

first_imgMichael Oxley, famous as co-author of the Sarbanes-Oxley bill and now a former Republican congressman from Ohio, was in Paris recently for a dinner attended by accountants.  Oxley was asked if he had a chance to do it all over again whether a from-scratch Sarbanes-Oxley bill would look different from the one he helped create in 2005.  “Absolutely”, said Oxley.  After five years of retrospection, there is no doubt that if the bill were rewritten today, it would be much different.Sarbanes-Oxley legislation was enacted during a period of investor uncertainty.  The debacle at Enron which broke in 2001 may have been overlooked if it had been an isolated event.  But soon after Enron there was a string of accounting scandals that included WorldCom, Adelphia, Tyco and Global Crossing.  In the context of these scandals, investors questioned the oversite of US companies.Prior to SOX, bills for strengthening corporate auditing had been considered for some time, but they went nowhere.  After Enron, people’s attitudes changed dramatically.  The will was suddenly there to make radical changes so something like those kind of scandals couldn’t happen again. Bush also wanted to show that he was addressing the problem of corporate corruption.  Democrats tried to implicate Bush and his former relationship to Enron’s CEO Kenneth Lay.  Oxley also attributes the sacking of Arthur Anderson to Bush’s need to show the public that his administration was doing something.After SOX was enacted companies became very conservative in their accouting and accountants were the drivers behind corporate governance.  The tide is changing.  Corporations are again retaking control of corporate governance.Oxley has joined the law offices of Baker Hoestetler in Washington DC.  In his new role, he’ll be helping companies create strategies for compliance.last_img read more

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Punjab CM for preventive detention of repeat offenders in drug trade

first_imgPunjab Chief Minister Amarinder Singh on Wednesday mooted preventive detention of repeat offenders in smuggling and trading of drugs, amid reports that there were around 200 such criminals identified by the Punjab Police.Pointing out that the Narcotic Drugs and Psychotropic Substances Act provides for preventive detention of such criminals, the Chief Minister reiterated his government’s “zero tolerance”’ policy on drugs and against colluding government officials, including policemen.Capt. Amarinder was presiding over a meeting of the consultative group on drugs here.Taking cognisance of complaints of collusion of police officers with drug smugglers/traders/peddlers, the Chief Minister directed the Director-General of Police to bring out a comprehensive postings and transfers policy to break the nexus between police and drugs criminals.He said: “Those involved would be liable for dismissal and compulsorily retirement. Criminal cases under under Section 29 of the NDPS Act will be registered, wherever involvement and wrongdoing is established.”During the meeting, DGP Dinkar Gupta informed that the Chief Minister’s letter to the Prime Minister seeking a national drugs policy had evoked positive response from the Centre, with Union Home Minister Amit Shah directing his officers to ensure better coordination in the matter. “The Narcotics Control Bureau has drawn about two dozen officers from other parts of the country and deputed them in Punjab to carry forward the anti-drugs fight in Punjab,” the DGP said.It was also announced that Punjab would host the next meeting of the Chief Ministers of the neighbouring States for more effective coordination of the drug enforcement efforts across States.last_img read more

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Gilas Pilipinas scrapes past Taipei B for 2-1 record

first_imgEthel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ 7 p.m. – Chinese Taipei A vs Canada 150TAIPEI – Finding it hard to sustain the intensity after two straight emotional grinds, Gilas Pilipinas needed to dig deep in the endgame to dodge the upset axe, escaping Chinese Taipei B, 93-82, to keep rolling in the Jones Cup Invitational at Taipei Peace Basketball Hall here on Monday afternoon.After going 1-1 in their first two games against much tougher teams that required nothing short of their best physically and emotionally, the Filipinos came out flat and gave the young Taiwanese the momentum early which made for a tight contest.But when push came to shove, Gilas separated itself from the boys as Matthew Wright, Jio Jalalon and RR Pogoy took turns in hurting the young hosts and keeping them winless in three games.“Every year that I come to the Jones Cup, my most feared game is (against Chinese Taipei’s) Team B,” coach Chot Reyes said after the rather close shave, which came less than 24 hours after Gilas bamboozled the regular Taiwanese National Team, 88-72.ADVERTISEMENT CONTRIBUTED PHOTOGames Tuesday(Taipei Peace Basketball Hall)ADVERTISEMENT “They play with a lot of energy and they have nothing to lose,” Reyes went on. “This is a game we always approach with a lot of caution and I told them to come out with maximum effort because they (Taiwanese) will play with maximum effort.”The win enabled the Filipinos to stay in the title hunt despite losing big to Canada 150 on opening day, but Gilas cannot afford another loss and would have to get help from the other teams along the way.Next up for the Filipinos is Japan at 1 p.m. Tuesday afternoon even as the Canadians, who are getting better by the day here, shoot for a fourth straight win against Taiwan’s Team A in the 7 p.m. main game.One path that Gilas could take to winning the title is, of course, to sweep its remaining games and hope that Taiwan’s Team A defeats Canada on Tuesday.The 16-point win by the Filipinos on Sunday night would give Gilas the edge in case of a triple tie with Chinese Taipei A and the Canadians at the end of the elimination round, since Canada won by just 13.Wright fired 21 points and led all Filipino shooters for the second straight game. He hit five triples Monday and tallied nine in total against the two Taiwanese teams.“I’m just trying to do my job, and that is to make shots for this team,” Wright said.Point guard Chun Chen-Ying had 17 points, five rebounds and five assists to pace Taiwan B, which actually outrebounded Gilas, 40-37, despite the Filipinos, for a change, looking to be the bigger team.The scores:GILAS 93 – Wright 21, Pogoy 15, Myers 14, Jalalon 13, Ravena 10, Ferrer 8, Cruz 6, Standhardinger 6, Daquioag 0, Vosotros 0, Pessumal 0, Paras 0. Perpetual prexy cries foul over Altas’ game forfeiture Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games National Coffee Research Development and Extension Center brews the 2nd National Coffee Education Congress FEU Auditorium’s 70th year celebrated with FEU Theater Guild’s ‘The Dreamweavers’ LATEST STORIES 11 a.m. – Chinese Taipei B vs Iraq1 p.m. – Gilas Pilipinas vs JapanFEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool stars3 p.m. – India vs Iran5 p.m. – South Korea vs Atletas All-Stars Lithuania Trump strips away truth with hunky topless photo tweet MOST READ Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Church, environmentalists ask DENR to revoke ECC of Quezon province coal plant View comments El Nido residents told to vacate beach homes Lacson: SEA Games fund put in foundation like ‘Napoles case’ Taipei-White 82 – Chen Y.C. 17, Barone 16, Huang T.H. 13, Chen G.Q. 9, Lee 8, Chien 5, Wen 5, Huang H.H. 4, Liu 3, Fan 2, Wu 0.Quarters: 18-20, 44-44, 69-62; 93-82.Sports Related Videospowered by AdSparcRead Next Don’t miss out on the latest news and information. last_img read more

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Video: Ex-Oregon Star Joe Young Throws Down Vicious Dunk In NBA Summer League

first_imgJoe Young dunking during the summer leagueJoe Young DunkJoe Young saw action in 41 games as a rookie for the Indiana Pacers last season, and the former Oregon star is playing with the franchise’s team in the Orlando Summer League this week. In a game today against the Orlando Magic, Young threw down a crazy one-handed dunk on a fast break before landing awkwardly. He was okay, and the dunk was phenomenal. Pacers 2015 2nd rounder Joe Young gets a nasty posterhttps://t.co/nbFf6W8onT— Bleacher Report (@BleacherReport) July 2, 2016If Young keeps doing that, he’ll push for more playing time on a revamped Pacers roster in 2016-17.last_img

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Gibson January Delivers Poor Tanker Returns

first_imgzoom Although the crude tanker market expected poor earnings in 2018, the extreme weakness in spot time charter equivalent (TCE) returns in January still left many surprised.Spot TCE earnings on the benchmark VLCC trade from the Middle East to Japan (TD3) averaged just under USD 13,000/day at market speed last month, an unprecedented level for January since the turn of the century, according to a report from Gibson Shipbrokers.The performance on key trades for other crude tanker segments was even worse. Spot earnings for Suezmaxes trading West Africa to UK Continent (TD20) averaged USD 6,500/day, while Aframaxes trading across the North Sea (TD7) returned on average USD 4,500/day over the course of last month, in both cases insufficient to cover fixed operating expenses.“Without doubt, such a poor performance is largely attributable to OPEC-led production cuts, coupled with the rapid growth in the crude tanker fleet,” Gibson said.Crude production in the Middle East, the largest load region for VLCCs and an important demand source for Suezmaxes and Aframaxes, is now at similar levels relative to volumes produced in early 2016, while the fleet size is notably bigger.At the start of 2018, the VLCC fleet stood at around 720 units, nearly 80 vessels more than in the beginning of 2016. In addition, back in 2016 a sizable portion of the VLCC fleet was tied up in Iranian and non-Iranian storage. This is no longer the case.Overall, over 20 VLCCs were released from floating storage duties between January 2016 and January 2018, with the vast majority of these tankers resuming trading operations.The Suezmax and LR2/Aframax supply also witnessed a spectacular growth, with the fleet size up by 50 and over 75 units respectively over the past two years.Generally favourable weather conditions in January in a number of regional markets meant less weather driven delays and disruptions, one of the key support factors to the market during this time of the year.There could still be a few weather driven spikes in rates, particularly in the Northern Hemisphere, however, the rapid fleet growth will continue, as the anticipated pick up in demolition activity will provide only a limited relief from plenty of new deliveries expected to enter the trading market this year.“To reverse the current fortunes, owners need notable increases in trading demand. At the moment, rising crude exports out of the US is the key area for growth but the industry also needs to see strong gains in exports in other parts of the world,” Gibson concluded.last_img read more

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James Holzhauer Broke Jeopardy But Is Broken So Bad

James Holzhauer Broke Jeopardy But Is Broken So Bad

Holzhauer rewrote swaths of the show’s record books. But his biggest contribution may be to “Jeopardy!” strategy. Holzhauer exploited the game’s Daily Doubles to their fullest, hunting them down and betting big on them. Over his 32 wins (and one loss), Holzhauer — a professional sports bettor from Vegas — not only got significantly richer but likely changed how the venerable game show will be played. Holzhauer was such an effective and alien force that opponents began to mimic his style out of desperation, like growling at a hungry lion in hopes of scaring it away. They hopped wildly around the game’s board whenever they could, picking big-dollar clues early, searching madly for the Daily Doubles and betting big when they found them — just the sort of unalloyed aggression that had quickly become Holzhauer’s trademark and the fuel for his success.“Many of my opponents played like I do, but I’m not sure they would have done so without provocation,” Holzhauer said. “You don’t want to inadvertently make your opponents play a better strategy. In a sense, I may have helped bring about my own downfall.” Note: This article discusses the results of the June 3, 2019, episode of “Jeopardy!”James Holzhauer claims not to remember many particulars of how he lost on “Jeopardy!” for the first time, other than that he blanked on a clue about the city of Albany and his opponent quickly took control of the board, landing a game-changing Daily Double. Before long, it was all over. Monday’s episode marked the end of Holzhauer’s two-month reign as one of the winningest, and certainly the most radical, champions in the decades-long history of the trivia game show “Jeopardy!”Holzhauer finished Monday’s game in second place with $24,799 behind Emma Boettcher’s $46,801. But during his 32-win run, he averaged about $77,000 per game — an average nearly identical to the record for the single richest game ever played before he took the podium in early April. In the process, he laid claim to the entirety of the top 10 highest-scoring games of all time, including one single half-hour haul of $131,127. It was a historic run driven by immaculate trivia knowledge, disciplined strategy and calculated aggression.But other records will forever remain just out of reach. Holzhauer’s streak ended with total winnings of $2,462,216 — less than $60,000 shy of Ken Jennings’s record $2,520,700 which was amassed over a nearly incomprehensible 74 straight wins in 2004. Holzhauer will sit second on the all-time money list until the arrival of some other great champion. (Or he might sit there forever, which seems more likely.)1These records are for the show’s “regular season” play, ignoring its occasional special tournaments.“I played every day exactly according to my game plan, so I have no regrets,” Holzhauer told FiveThirtyEight a few days before the fateful episode aired. The insoles seem to have worked. Holzhauer has earned a spot in the pantheon of the “Jeopardy!” greats, and he gives himself prominent placement there. “I think there is a nebulous top three of Ken Jennings, Brad Rutter and me,” he said. “Ken’s 74-game streak remains the most impressive achievement in the show’s history.”Rutter is no slouch, either — he has won more money than any other “Jeopardy!” contestant, and he’s a man who has never lost to a human. Rutter’s initial winning streak was ended by the show’s rules at the time, which limited a defending champion to five appearances. But between those appearances and the show’s Tournament of Champions, Ultimate Tournament of Champions and Million Dollar Masters, Rutter won $4,688,436. (Here’s a free idea for the “Jeopardy!” producers: Holzhauer vs. Jennings vs. Rutter in the Ultimate Tournament of Ultimate Champions.)A couple of days after we first emailed, however, Holzhauer followed up to amend his initial assessment. “Amidst all the people comparing me to Ken and Brad, I totally forgot about the two greatest Jeopardy champions of all time: Cindy Stowell, who won six games while dying of cancer, and Eddie Timanus, who’s … blind and was an undefeated five-time champ in his initial run. It’s impossible for me to compare myself to them, so perhaps they should be in their own category.”Holzhauer’s plan for now is a return to normalcy. “The 19-year-old version of James would be thrilled by the opportunities” that the winning streak has brought his way, “but married parent James is hoping to keep his home life settled.”The game that made him famous, however, has been left unsettled. Lots of esteemed competitive pursuits have been “broken” lately. Baseball. Basketball. Even the spelling bee just last week. An innovative strategy or an outlier talent can deeply alter the games we’ve played for decades. In the process, the cadence or tenor of the game might be rendered unrecognizable for someone who hadn’t seen it in a few years. These innovative strategies are often driven by mathematical analysis, data and statistical rigor — things that a sports bettor from Vegas must embrace in order to eat. I asked Holzhauer if “Jeopardy!” now belonged in this category of sabermetrically altered pursuits.“I can see the parallels, for sure,” he said. “At its heart, all these shifts are just attempts to increase your chances of winning. Why would anyone not want to maximize their chances?”Plenty of outlets have written that, thanks to Holzhauer, “Jeopardy!” is now broken. But there’s art in that. While the game may look a bit different than it did before, it may also be closer to perfection — to an ideal expression of trivia game-show strategy. Broken is beautiful. From ABC News: Life as a longtime “Jeopardy!” champion is a strange one, chronologically speaking. Holzhauer has been watching the world wonder when his streak will end, all the while knowing exactly when it would happen. On its taping dates, the show records five episodes back-to-back, with just a change of clothes in between. The episodes don’t air until much later. If he could alter time, maybe buy a time machine with that $2,462,216, would he have approached the game any differently?“The only things I would do differently from the start of my run: never wear a sport coat, which interfered a little with my buzzer form, and use gel insoles in my dress shoes,” Holzhauer said.“Both were fixed by the second taping day.” read more

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Big Twelve Conference expansion could have implications for Ohio State

Ohio State President E. Gordon Gee voiced his support for the Big Ten conference’s investigation into the benefits of adding a 12th team in a meeting with Lantern editors earlier this month.“I’ve made very clear that I am supportive of asking the question [of how the Big Ten would benefit from adding a team],” he said.The Big Ten Council of Presidents/Chancellors, of which Gee is a member, decided at a meeting in early December that “the timing is right for the conference to once again conduct a thorough evaluation of options for conference structure and expansion,” according to a statement issued by the Big Ten.The process is expected to take 12 to 18 months, and no action on expansion is expected in the near future, according to the statement. The conference has considered expansion several times since the addition of formerly independent Penn State in 1990, but Gee said he senses that the talks are more serious this time. “As athletic directors, we discuss it every single year. This year … we felt like the timing was right to begin to look at all the issues to see what the real pros and cons are,” OSU athletic director Gene Smith said in a December press conference.Scheduling questionsIf the Big Ten decides to add a 12th team, it raises a bevy of new questions, regardless of which school joins. At this point in the process, nobody has the answers. The Big Ten nimbly solved the problem of naming the conference when it expanded to 11 teams by subtly hiding the numeral “11” inside the conference’s logo, but the math becomes more difficult when it comes to scheduling opponents.“The dominant issue will be the fact that there is an inelegance in having 11 teams,” Gee said. “We can’t quite play each other quite like we want to.”A 12-team structure would lend itself to a format with two divisions of six teams each, similar to the structure of the Southeastern Conference and Big 12. Both of those conferences hold a championship game between the division winners as the last game of the regular season. True OSU football fans can already imagine the problem that this would create: What would happen to the OSU-Michigan game, traditionally the last game of the regular season for both teams?Along with Penn State, Michigan is assigned to a game with OSU every year, while the other eight schools follow a rotation to fill the six remaining conference games on the schedule. Each Big Ten school follows this format, with its own pair of designated opponents.“I don’t know why that would change,” said Shelly Poe, OSU’s director of athletic communications for football. Poe said that discussions about scheduling rivalry games would likely occur later in the expansion process.Big Ten spokesman Scott Chipman said that there were no updates to announce since the December meeting of the Council of Presidents/Chancellors.Notre Dame unlikely to joinBased in part on geography and academic quality, Missouri, Nebraska, Pittsburgh, Rutgers and Syracuse have been the subject of media speculation as candidates for inclusion in the Big Ten. The biggest name, though, is Notre Dame, which is currently a member of the Big East conference for basketball, but is independent in football.Notre Dame is a “very fine institution,” Gee said, but is not among the 62 members of the Association of American Universities, to which all 11 current Big Ten schools, as well as the other rumored candidates for inclusion, belong. “We want to play in an academic consortium in which we have like kinds of institutions,” Gee said. “That will be very important to us.”Lack of membership in the AAU would not necessarily preclude an invitation to the Big Ten, Gee said. “I would not say that it’s absolute, but we certainly want to have like-minded institutions,” he said. “For example, there could be some institutions that are really elegant undergraduate institutions that don’t meet the criteria of the AAU, [which is] made up of these massive research institutions.”Notre Dame placed 20th in the most recent edition of U.S. News and World Report’s college rankings, higher than all Big Ten schools except Northwestern.For its part, Notre Dame has stated that it does not plan on joining the Big Ten. The school’s athletic director, Jack Swarbrick, told the Chicago Tribune in December that “our strong preference is to remain the way we are.” “It’s not on the radar,” said John Heisler, a Notre Dame spokesman, in an interview with The Lantern. “When the subject was discussed, our athletic director … made it clear that the independence of our football program has been a long-standing tradition and continues to be important to us.”TV contracts figure prominentlyCollege football is tradition-heavy, but it’s also big business. Notre Dame and NBC have a contract to televise Notre Dame football through 2015. The New York Times placed the contract’s value at $15 million per year, while The Chicago Tribune reported a value of $9 million per year.By comparison, the Big Ten has contracts with multiple broadcasting companies to help fund a variety of televised varsity sports. The Big Ten Network and an agreement with Fox that runs through 2027 (with an option for five more years) could pay each school an average of $10.18 million per year if it reaches its financial projections, according to the Sports Business Journal. The network “is obviously on a very successful trajectory,” Smith said in the press conference. The conference also pulls in an average of $100 million per year from its 10-year deal with ESPN (which runs through 2016) and another $2 million per year from its 10-year deal with CBS. Combined, these deals will pay each Big Ten school about $927,000 per year over the life of the contract, according to the Sports Business Journal.Last year, OSU also signed a media rights deal with IMG College and RadiOhio worth almost $128 million over 10 years. Given the numbers involved, television contracts will undoubtedly be a major factor in determining the possibility of any Big Ten expansion.“As you look at the college landscape across the country, and look at television contracts that are coming up within the next five to eight years, this is probably the right time for us to see if there’s any value to try and add a team or teams,” Smith said.Even if a 12th team added to the conference’s television value, the conference currently shares its television revenue among its member schools. Adding another team would also mean a thinner slice of the proverbial pie for each school.“That is an issue for us; do we divide it 12 ways or 14 ways?” Gee said. “What do we do?”As for Notre Dame, the school’s decision to remain independent “has a lot more to do with our priorities than it does with business issues,” Swarbrick told The Chicago Tribune.Representatives for Missouri and Pittsburgh, the other schools subject to the most frequent speculation, did not return calls seeking comment. read more

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Dyche doesnt want to spend big money

Dyche doesnt want to spend big money

first_imgSean Dyche insisted that he doesn’t want to spend a lot in the upcoming summer transfer window despite his side have been doing really well and is likely to make it to the Europa League for the next season.The talented British coach claimed that he has to think about future – not just about the next six months, but about the next couple of years and he can’t spend all the money that he will be given just for a couple of high-profile players.Dyche spoke about his plans for the transfer window as he said, according to Independent:It’s hard for us to buy ‘the one’ who can walk straight into our team.”Jose Mourinho is sold on Lampard succeeding at Chelsea Tomás Pavel Ibarra Meda – September 14, 2019 Jose Mourinho wanted to give his two cents on Frank Lampard’s odds as the new Chelsea FC manager, he thinks he will succeed.There really…“We have to look at a high level of development player – not necessarily someone for £100,000 to turn into a world beater – but the kind of market for us is a few million quid.”“We can’t jump to £25million for people, five times over, we’ve got to look not just for the next six months but the six months after that, 18 months, 24 months, and that is tough.”“But you have to keep looking and future proofing, getting the players in we think we can mould for the future.”last_img read more

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Official Copa Libertadores final postponed

Official Copa Libertadores final postponed

first_imgThe Copa Libertadores final between Boca Juniors and River Plate has been postponed to Sunday after torrential rains in Buenos Aires left the pitch unplayable.According to AS English, the match officials carried out a pitch inspection at 19:15 CEST and confirmed the first leg of the final of the Copa Libertadores could not be played today.Tournament organisers Conmebol have confirmed the game will be played tomorrow, Sunday, at 20:00 CEST (16:00 local time)🏆 ¡A esperar un día más para la gran final de la #CONMEBOLLibertadores! 🔜 @BocaJrsOficial y @CARPoficial jugarán este domingo. pic.twitter.com/xbAfQUQ9iDRiver Plate v Boca Juniors - Copa CONMEBOL Libertadores 2018Match Preview: River Plate vs Boca Juniors Boro Tanchev – September 1, 2019 It is time for one of the most intense derby games in the world, as River Plate and Boca Juniors go head-to-head tonight at 22:00 (CET).— CONMEBOL Libertadores (@Libertadores) November 10, 2018Sources at Boca Juniors had previously told some sources that there was “no chance of the game being played”, and despite the pitch draining well continuous rain saw the game forced to be postponed.Considering the attention of the world will be focused on the first leg of the Copa Libertadores this Saturday, Boca’s ground staff had been working throughout to week to have the pitch in optimal conditions.AS’ Boca sources equally confirmed a special drainage system is in place at the Alberto J. Armando stadium to deal with the heavy rain, but the level of precipitation proved to be too much even for the up to date technology.last_img read more

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