Top Stories in Accounting and Finance
The Federal Reserve has appointed 64-year-old Jerome Powell as its new chairman. His tenure is anticipated to fall in line with that of predecessor Janet Yellen. His previous tenure was at a private equity firm The Carlyle Group. Contemporaries expect Powell to boost interest rates and remain a consensus builder in a soaring economic start to 2018, despite uncertainty with the Trump administration’s tax cuts and planned $1.5 trillion in infrastructure spending.
SpaceX’s historic space launch in February wasn’t just memorable for Elon’s Cherry Red Tesla Roadster payload en route to Mars. It was a symbolic act of space travel’s nearing accessibility. The Falcon Heavy Launch is the most important of previous SpaceX launches for what it demonstrates about the disruption of space travel costs. SpaceX’s heavy launch system estimates $90 million per flight by comparison to NASA, with estimate costs of 1 billion for similar flights as the Falcon Heavy. The future of spaceflight could be more cost-effective than we ever realized.
One of the big four accounting firms is making headlines for indiscreet reasons. Six KPMG accountants jumped the gun on an upcoming audit after obtaining confidential regulatory information from employees recruited from The Public Company Accounting Oversight Board. Foreknowledge of KPMG’s upcoming audit was given ahead of annual inspections, in what appeared to be attempts to boost the company’s standing and performance on the audit. The accountants now face both fraud and conspiracy charges in Federal court.
—Wall Street Journal
Regulators have a stalwart reputation for cracking down on nascent technology like cryptocurrency, but The U.S. Commodity Futures Trading Commission Chair’s recent announcement may be a break with tradition. Chairman J. Christopher Giancarlo’s written statement to the Senate Banking Committee contains three cryptic words: "Do no harm." Looking back over its shoulder at the early days of the internet for a precedent on how to move forward with crypto, regulators are by no means cosy with the digital form of currency, but it’s an indication that a bit more legroom is coming for innovators within the space.
Can you really trust it? This is the question most of us are asking about the blockchain, whether or not we have any holdings in Bitcoin. Blockchain, the technology that undergirds cryptocurrency, is said to weave trust throughout each transaction. But what’s at stake if we bet on a losing hand? Learn what there is to gamble, and gain, with blockchain.
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