Senate passes stopgap bill to head off government shutdown | Rep. Camp seeks standard tax structure for S corps and partnerships | GAO leans toward revised standards for auditors but notes concerns
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March 21, 2013
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Business Finance Today
Fed sticks with bond-buying program despite improving economy
The Federal Reserve has decided that positive developments in the U.S. economy aren't enough to justify scaling back the central bank's bond-buying program. Chairman Ben Bernanke says that despite economic improvement, there has been no substantial change in the labor market. Bloomberg (3/20), Reuters (3/20), Pensions & Investments (free registration) (3/20)
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Senate passes stopgap bill to head off government shutdown
Senators have approved legislation to avert a government shutdown next week. The measure must be approved by the House, where Appropriations Committee Chairman Hal Rogers, R-Ky., says he thinks the bill has enough support to pass. The measure would fund government programs and agencies through Sept. 30. The Washington Post (3/21), Reuters (3/20)
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Your Bottom Line
Rep. Camp seeks standard tax structure for S corps and partnerships
House Ways and Means Committee Chairman Dave Camp, R-Mich., has floated a proposal to bring S corporations and partnerships under the same tax structure. Some say his goal is to have one set of rules to simplify the tax regime. CFO.com (3/20)
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GAO leans toward revised standards for auditors but notes concerns
The Government Accountability Office supports a proposal in which auditors would have more oversight of financial statements they audit. However, the GAO told the International Auditing and Assurance Standards Board in a letter that it does have reservations, including regarding the ability of an auditor to change information. Accounting Today (3/20)
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In the C-Suite
6 tough activities you must be willing to do
You need thick skin to become the boss, including the abilities to handle criticism and make tough decisions to keep projects moving forward, Alison Green writes. "If you shy away from these sorts of discussions, management will be torture for you -- as well as for your employees," she writes. U.S. News & World Report/On Careers blog (3/20)
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Did you accidentally hire a "corporate misfit"?
Even the most promising recruit can underdeliver, Ritika Trikha writes. That's typically because you've inadvertently hired a "cultural misfit" who doesn't match up to the work environment. "In most cases, you simply can't fit a square into a circle," Trikha writes. "So it's up to you to decide just how flexible you are willing to be with your smart, cultural misfit." SmartBrief/SmartBlog on Leadership (3/19)
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Off the Charts
ICE's Sprecher is at ease in the spotlight
IntercontinentalExchange's move to acquire NYSE Euronext has placed a spotlight on one man: Jeff Sprecher. However, the founder, chairman and CEO of ICE doesn't appear to be letting the attention bother him. Sprecher recently sounded off on issues including the interest-rate environment, the importance of U.S. capital markets, Enron and accessing Chinese markets. Regarding exchange mergers and acquisitions, Sprecher says, "M&A has not so much been about trying to get big for scale sake. It's about trying to have enough pieces to solve customer problems." SmartBrief/SmartBlog on Finance (3/20)
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SmartQuote
Is your ego strong enough to oversee people whose skills might outshine yours?"
-- Alison Green, author of the Ask a Manager blog, writing for U.S. News & World Report
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