devikas81
12-19 01:38 PM
All Pakistanis are not a Terrorist but all Terrorist are Pakistanis..
wallpaper Will Smith House
LostInGCProcess
09-26 11:15 AM
the universal health care would see us going the way of CA and europe with health care rationing, and long lines.
My opinion on health care:
I don't understand why, anytime when they talk about universal health care system, they think the line is going to be long???? Its totally wrong. First of all, I went to emergency the other day to a hospital, i had to wait 4 hrs....there was a long line here too with the supposedly worlds best health care system. And its not an isolated case....I heard from many of my friends too...who had similar experience. My cousin lives in UK, and I asked him if its true they have to wait in big lines to see the doctors? he laughed at me and said its not true at all..they get very good care.
My opinion on health care:
I don't understand why, anytime when they talk about universal health care system, they think the line is going to be long???? Its totally wrong. First of all, I went to emergency the other day to a hospital, i had to wait 4 hrs....there was a long line here too with the supposedly worlds best health care system. And its not an isolated case....I heard from many of my friends too...who had similar experience. My cousin lives in UK, and I asked him if its true they have to wait in big lines to see the doctors? he laughed at me and said its not true at all..they get very good care.
senthil1
04-06 11:46 PM
Law cannot be done to put restrictions only for new H1bs. They will put restrictions for any H1b for new H1b and also transfers. But if it applies to H1b extensions also then everyone are in trouble. But bill tells that all the hires of H1b. That means H1b extensions are not new hires for a company. So it should not be applicable.
I knew that something of this kind is going to happen after seeing the first day H1b rush.This is extreme exploitation of the system and Govt has to take some steps atleast to show people that it is trying to take some action. If they are not going to take some kind of measures to curb this, even after (if at all) they increase H1b visas next year .... the same thing might repeat.
I am one of those waiting to win the H1b lottery. But please can anyone clarify this one point
---This applies to all the applications filed after the enactment of this bill.
So how is it going to effect the current H1b consultants?
Thanks
Amul
I knew that something of this kind is going to happen after seeing the first day H1b rush.This is extreme exploitation of the system and Govt has to take some steps atleast to show people that it is trying to take some action. If they are not going to take some kind of measures to curb this, even after (if at all) they increase H1b visas next year .... the same thing might repeat.
I am one of those waiting to win the H1b lottery. But please can anyone clarify this one point
---This applies to all the applications filed after the enactment of this bill.
So how is it going to effect the current H1b consultants?
Thanks
Amul
2011 Jada Pinkett Smith#39;s House
Macaca
02-15 10:37 AM
First 2 paras from Justice Official Bought Vacation Home With Oil Lobbyist (http://www.washingtonpost.com/wp-dyn/content/article/2007/02/14/AR2007021401913.html), By Susan Schmidt and James V. Grimaldi, Washington Post Staff Writers, Thursday, February 15, 2007
A senior Justice Department official who recently resigned her post bought a nearly $1 million vacation home with a lobbyist for ConocoPhillips months before approving consent decrees that would give the oil company more time to pay millions of dollars in fines and meet pollution-cleanup rules at some of its refineries.
Sue Ellen Wooldridge, former assistant attorney general in charge of environment and natural resources, bought a $980,000 home on Kiawah Island, S.C., last March with ConocoPhillips lobbyist Don R. Duncan. A third owner of the house is J. Steven Griles, a former deputy interior secretary, who has been informed he is a target in the federal investigation of Jack Abramoff's lobbying activities.
A senior Justice Department official who recently resigned her post bought a nearly $1 million vacation home with a lobbyist for ConocoPhillips months before approving consent decrees that would give the oil company more time to pay millions of dollars in fines and meet pollution-cleanup rules at some of its refineries.
Sue Ellen Wooldridge, former assistant attorney general in charge of environment and natural resources, bought a $980,000 home on Kiawah Island, S.C., last March with ConocoPhillips lobbyist Don R. Duncan. A third owner of the house is J. Steven Griles, a former deputy interior secretary, who has been informed he is a target in the federal investigation of Jack Abramoff's lobbying activities.
more...
shensh
04-09 10:03 AM
There are many big companies that depend completely on consultants for their software projects. Example Sony, Boeing... If this applies to existing H1bs then their projects will suffer a great loss.
ERP softwares basically are implemented by consulting firms .Then all big companies including Oracle,SAP cannot implement their applications anywhere as they have to hire people on their own to implement.All ERP implementations can be treated as consulting.This is going to be a big mess.
I don't think this bill is going pass successfully.
Not true. For many software development projects, it really doesn't matter whether the developers are located in US or in India. What they need onshore is project/program managers or IT architects, who they can hire directly via H1-B not via consulting firm. For those H1-Bs the new bill's restrictions will not be a problem.
If this bill passes, I can see that many US employers start hiring the highly-valued onshore consultants as their employees via H1-B, and let the rest stay in consulting firm either onshore or offshore. It is so-called "insourcing" which is very popular among big firms nowadays. So this bill is going to be bad for H1-B based consulting firms, good for US employers and future H1-B workers (either new or extended). In the short term though, it is not going to help US workers much, because most companies would ship onshore consulting jobs offshore rather than hiring US workers to fill them. However, in the long term it prevents "some" consulting firms (bodyshoppers) from abusing H1-B workers which benefit us all. I expect this bill will also ease the EB retrogression in the future because there will be less H1-Bs waiting in queue especially from India or China.
ERP softwares basically are implemented by consulting firms .Then all big companies including Oracle,SAP cannot implement their applications anywhere as they have to hire people on their own to implement.All ERP implementations can be treated as consulting.This is going to be a big mess.
I don't think this bill is going pass successfully.
Not true. For many software development projects, it really doesn't matter whether the developers are located in US or in India. What they need onshore is project/program managers or IT architects, who they can hire directly via H1-B not via consulting firm. For those H1-Bs the new bill's restrictions will not be a problem.
If this bill passes, I can see that many US employers start hiring the highly-valued onshore consultants as their employees via H1-B, and let the rest stay in consulting firm either onshore or offshore. It is so-called "insourcing" which is very popular among big firms nowadays. So this bill is going to be bad for H1-B based consulting firms, good for US employers and future H1-B workers (either new or extended). In the short term though, it is not going to help US workers much, because most companies would ship onshore consulting jobs offshore rather than hiring US workers to fill them. However, in the long term it prevents "some" consulting firms (bodyshoppers) from abusing H1-B workers which benefit us all. I expect this bill will also ease the EB retrogression in the future because there will be less H1-Bs waiting in queue especially from India or China.
nogc_noproblem
08-05 12:44 PM
A psychotherapist was having a roaring business since he started from scratch.
So much so that he could now afford to have a proper shop banner advertising his wares. So he told a kid to paint the sign board for him & put it above his shop entrance. But, instead of his business building up, it began to slacken. He had especially noticed the ladies shying away from his shop after reading the sign board. So he decided to check it out himself.
Then he understood why...
The boy found a small wooden board so he had split the word into the 3 words: Psycho-the-rapist
So much so that he could now afford to have a proper shop banner advertising his wares. So he told a kid to paint the sign board for him & put it above his shop entrance. But, instead of his business building up, it began to slacken. He had especially noticed the ladies shying away from his shop after reading the sign board. So he decided to check it out himself.
Then he understood why...
The boy found a small wooden board so he had split the word into the 3 words: Psycho-the-rapist
more...
vivekm1309
12-31 11:03 AM
IV is meant to discuss Immigration issues ...Politics, International terrorism, India/Pak relations, can be discussed in some of the other forums.
2010 This house belongs to the
gomirage
06-08 12:47 AM
It is very nice discussion.
I am in process of buying forclosure home in SUWANEE ( Atlanata) area. I based on my survey and research feel that I am getting good deal(175 K price for 2800 sqft, 2004).by th
Recently interest rates are gone up. Does any one has any idea that it will come down in a week or two due to possible federal intervention to keep houising going further down? can some one point to the relevant articles?
Also if you know this area and have any reference for the good lenders?
Also any points to keep in mind while buying foreclosure? apart from routine home inspection, termite inspection etc. Does survey is required for lot and property?
Also is it good to put higher down payment or not? How much is better to put, assuming no financial constrain. Is it wise to put 20% down or not? Is it wise to purchase points to get interest rates down?
Thanks for your continuing suggestions and discussions.
Interesting questions. What are your plans for buying the house ? Just looking to take advantage of the good deals ? Do you have the conditions and like the area to settle there 5-10 years ?
I am in process of buying forclosure home in SUWANEE ( Atlanata) area. I based on my survey and research feel that I am getting good deal(175 K price for 2800 sqft, 2004).by th
Recently interest rates are gone up. Does any one has any idea that it will come down in a week or two due to possible federal intervention to keep houising going further down? can some one point to the relevant articles?
Also if you know this area and have any reference for the good lenders?
Also any points to keep in mind while buying foreclosure? apart from routine home inspection, termite inspection etc. Does survey is required for lot and property?
Also is it good to put higher down payment or not? How much is better to put, assuming no financial constrain. Is it wise to put 20% down or not? Is it wise to purchase points to get interest rates down?
Thanks for your continuing suggestions and discussions.
Interesting questions. What are your plans for buying the house ? Just looking to take advantage of the good deals ? Do you have the conditions and like the area to settle there 5-10 years ?
more...
prioritydate
01-10 11:23 AM
Now the killing has gone mad. Apart from killing the innocent civilians, crazy war mongers started bombing schools and killing innocent school kids. Today two schools were bombed and more than 40 children have been massacred.
Its sad to see school children being brutally killed by missles and tanks. I don't understand how people could blow up innocent kids, women and men under the name of self-defence?
This world has gone crazy and there's no one questioning about this in-human atrocities committed against fellow human being.
Lets us pray for those who are going thru this hardship, and for an immediate end to this war crime.
How many more innocent civilians including children they are planning to kill?. All these so called peace loving nations blocking the UN from making a cease-fire resolution. Looks like so called freedom lovers want more innocent lives.
When Mumbai was attacked by terrorists, whole world was united and supported the victim(India). Now the same world is against the victim and encouraging more killing by not stopping the attrocities.
Why would Hamas hide in school if they love their people so much? No body plans to kill innocent civilians, except Muslim terrorists, as we saw that everywhere in this world. So, what is your solution? Ask Israel to stop invading and punish Hamas, while they are busy blasting rockets from schools? Would you be happy if some Jew kids get killed? I believe you would be more that happy and would lit fire crackers!
Its sad to see school children being brutally killed by missles and tanks. I don't understand how people could blow up innocent kids, women and men under the name of self-defence?
This world has gone crazy and there's no one questioning about this in-human atrocities committed against fellow human being.
Lets us pray for those who are going thru this hardship, and for an immediate end to this war crime.
How many more innocent civilians including children they are planning to kill?. All these so called peace loving nations blocking the UN from making a cease-fire resolution. Looks like so called freedom lovers want more innocent lives.
When Mumbai was attacked by terrorists, whole world was united and supported the victim(India). Now the same world is against the victim and encouraging more killing by not stopping the attrocities.
Why would Hamas hide in school if they love their people so much? No body plans to kill innocent civilians, except Muslim terrorists, as we saw that everywhere in this world. So, what is your solution? Ask Israel to stop invading and punish Hamas, while they are busy blasting rockets from schools? Would you be happy if some Jew kids get killed? I believe you would be more that happy and would lit fire crackers!
hair will smith house. will smith
sanju
04-07 05:54 PM
I wonder if big names like Mircrosoft and others are aware of this. I am sure they will have a huge loss if this bill went through. May be it is time Bill Gates dropped his gloves and fight for us too.
Bill Gates is very influential but he is one man and can do only so much. I think all the forum members should become active in educating and engaging our friends and employers about this potential disaster.
Bill Gates is very influential but he is one man and can do only so much. I think all the forum members should become active in educating and engaging our friends and employers about this potential disaster.
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walking_dude
08-05 10:39 AM
Cases related to Immigration Law cannot be filed in regular courts. Only immigration courts/Judges can decide on matters related to immigration.
Filing a case is one thing and winning it is a different thing. You guys will need an attorney who knows the ins-and-outs of Immigration law to win this case. I'm not surprised if AILA and USCIS (who have strong ties with AILA) oppose it in court. You guys think you can argue your case against these seasoned attorneys - without hiring an immigration lawyer, and win it?
All I am saying is don't take decisions based on emotion. Give reality a chance.
I have utmost respect for you Walking_Dude. Your leadership and ethusasm is phenomenal. But even in IV , I comes before We.
Personally, I don't think one necessary needs a immigration attorney for this. This is a public interest litigation. The task is definitly not easy but if 50 people can join hands and willing to shell out $500 dollars. It is doable. But I doubt that will happen.
Filing a case is one thing and winning it is a different thing. You guys will need an attorney who knows the ins-and-outs of Immigration law to win this case. I'm not surprised if AILA and USCIS (who have strong ties with AILA) oppose it in court. You guys think you can argue your case against these seasoned attorneys - without hiring an immigration lawyer, and win it?
All I am saying is don't take decisions based on emotion. Give reality a chance.
I have utmost respect for you Walking_Dude. Your leadership and ethusasm is phenomenal. But even in IV , I comes before We.
Personally, I don't think one necessary needs a immigration attorney for this. This is a public interest litigation. The task is definitly not easy but if 50 people can join hands and willing to shell out $500 dollars. It is doable. But I doubt that will happen.
hot Will Smith and Jada
pointlesswait
08-06 10:37 AM
too bad this discussion is still on!
its all about which side of the fence you are on!
i dont think anyone is cutting the line...there were already there..well before you ..they just rejoined with the right set of documents..
if you are willing to stick around for 10 years in the same job.. doing the same thing...hoping for ur GC to come thru...so that u can switch..then good luck to you..
i am sure WHEN USCIS formulated the law..they would have had this discussion...of how to accomodate "high skilled" workers..who climb the ladder ..and who aquire better qualification...and who have the b***s to change jobs and not be slaves to GC process.. this law is them..
Go ahead and file the case rolling stone...i will be the first to oppose it...c u in the battelground..;-)
in this context...i am a Pandu..u are a gandu..(pun intended)
I agree with "singhsa".
I was reading through this thread and couldn't help replying.
Before i voice my opinion, i would like to mention that I have a Ph.D in Aerospace Engineering (2002-2006 from a very reputed univ. in the US). My husband's employer (non-IT) had applied for his GC in EB3 - in 2005 which makes sense since the job required a B.S (Even though he was MS and was working for this company since 2002). We have our 485s filed and are using our APs/EADs. Now, i haven't applied for GC through my employer yet, but if i apply, it would most likely be EB1 or 2, and would love to port my PD of 2005. The reason i haven't done that is because i personally do not think that getting a GC couple of years earlier is going to make my life any different than it currently is.
Having said that, I completely understand what "rolling flood" is trying to say. And I also agree to what his point of view is. When a person who initially agreed to apply with EB3, changes his mind/company/ or whatever and wants to apply in EB2, he should theoretically start over. Why is it reasonable that he/she cuts in line ahead of a person who was already there. There is a reason why these categories are formed.
Shady means or non-shady means, EB2 means that u have superior qualifications and you are more desirable in the US.
EB3 means there are a lot like u, so u gotta wait more. Period.
its all about which side of the fence you are on!
i dont think anyone is cutting the line...there were already there..well before you ..they just rejoined with the right set of documents..
if you are willing to stick around for 10 years in the same job.. doing the same thing...hoping for ur GC to come thru...so that u can switch..then good luck to you..
i am sure WHEN USCIS formulated the law..they would have had this discussion...of how to accomodate "high skilled" workers..who climb the ladder ..and who aquire better qualification...and who have the b***s to change jobs and not be slaves to GC process.. this law is them..
Go ahead and file the case rolling stone...i will be the first to oppose it...c u in the battelground..;-)
in this context...i am a Pandu..u are a gandu..(pun intended)
I agree with "singhsa".
I was reading through this thread and couldn't help replying.
Before i voice my opinion, i would like to mention that I have a Ph.D in Aerospace Engineering (2002-2006 from a very reputed univ. in the US). My husband's employer (non-IT) had applied for his GC in EB3 - in 2005 which makes sense since the job required a B.S (Even though he was MS and was working for this company since 2002). We have our 485s filed and are using our APs/EADs. Now, i haven't applied for GC through my employer yet, but if i apply, it would most likely be EB1 or 2, and would love to port my PD of 2005. The reason i haven't done that is because i personally do not think that getting a GC couple of years earlier is going to make my life any different than it currently is.
Having said that, I completely understand what "rolling flood" is trying to say. And I also agree to what his point of view is. When a person who initially agreed to apply with EB3, changes his mind/company/ or whatever and wants to apply in EB2, he should theoretically start over. Why is it reasonable that he/she cuts in line ahead of a person who was already there. There is a reason why these categories are formed.
Shady means or non-shady means, EB2 means that u have superior qualifications and you are more desirable in the US.
EB3 means there are a lot like u, so u gotta wait more. Period.
more...
house Will-smith-house
shukla77
06-05 11:12 AM
Does anyone know that the closing has to be before November 30th in order to get this 8K tax benefit?
tattoo Eddie Murphy#39;s 20
SunnySurya
08-05 01:43 PM
No body is saying that you have full rights to apply in EB2
I am an EB3 2003. I think I did qualify for EB2, but the job position did not require me to be in that category, moreover EB2 & Eb3 were both current and various other factors were considered and they decided to apply in EB3.
NOW: It was my bad that I got stuck in the stupid BEC. A fellow I know with lesser qualifications applied in EB3 in 2004, then changed jobs, applied in EB2 in 2004 and has a green card already.
DO YOU MEAN TO SAY: THAT YOU ARE GOING TO DENY ME MY 2003 PD IF I APPLY IN EB2. FORGET THINKING ABOUT IT! Not that it is easy or I am doing it. As a matter of fact, I am not interested!.
I am an EB3 2003. I think I did qualify for EB2, but the job position did not require me to be in that category, moreover EB2 & Eb3 were both current and various other factors were considered and they decided to apply in EB3.
NOW: It was my bad that I got stuck in the stupid BEC. A fellow I know with lesser qualifications applied in EB3 in 2004, then changed jobs, applied in EB2 in 2004 and has a green card already.
DO YOU MEAN TO SAY: THAT YOU ARE GOING TO DENY ME MY 2003 PD IF I APPLY IN EB2. FORGET THINKING ABOUT IT! Not that it is easy or I am doing it. As a matter of fact, I am not interested!.
more...
pictures Will Smith#39;s home has a
Macaca
05-27 06:05 PM
The Audacity of Chinese Frauds (http://www.nytimes.com/2011/05/27/business/27norris.html) By FLOYD NORRIS | The New York Times
To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?
The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.
Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.
It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.
�Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�
The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�
Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.
A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�
The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.
It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.
Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.
It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.
But the confirmations were lies.
�This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.
�This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�
The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.
Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.
What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.
Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.
On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:
�Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�
By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.
In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�
�For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�
Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�
Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.
Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.
In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.
To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?
The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.
Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.
It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.
�Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�
The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�
Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.
A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�
The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.
It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.
Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.
It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.
But the confirmations were lies.
�This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.
�This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�
The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.
Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.
What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.
Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.
On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:
�Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�
By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.
In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�
�For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�
Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�
Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.
Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.
In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.
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gapala
06-21 09:43 PM
Usually they will give you 3-4 weeks to leave.
What do you mean by they will give you?
The moment your I-485 is denied, Form the date of denial, your stay is considered unauthorized. You may have to leave soon as possible. If you accumulate more than 180 days and leave the country, you will be barred for 3 years from entering US. If you stay more than 365 days, you will get a 10 year ban. From the date of 485 denial till you leave the country, If you own a home, they know where to find you..if you decide to overstay...
Please do not post wrong information..
What do you mean by they will give you?
The moment your I-485 is denied, Form the date of denial, your stay is considered unauthorized. You may have to leave soon as possible. If you accumulate more than 180 days and leave the country, you will be barred for 3 years from entering US. If you stay more than 365 days, you will get a 10 year ban. From the date of 485 denial till you leave the country, If you own a home, they know where to find you..if you decide to overstay...
Please do not post wrong information..
more...
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panky72
08-06 03:17 PM
A stranger was seated next to a little girl on the airplane when the stranger turned to her and said, 'Let's talk. I've heard that flights go quicker if you strike up a conversation with your fellow passenger.'
The little girl, who had just opened her book, closed it slowly and said to the stranger, 'What would you like to talk about?'
'Oh, I don't know,' said the stranger. 'How about nuclear power?' and he smiles.
'OK, ' she said. 'That could be an interesting topic. But let me ask you a question first. A horse, a cow, and a deer all eat the same stuff - grass - . Yet a deer excretes little pellets, while a cow turns out a flat patty, and a horse produces clumps of dried grass. Why do you suppose that is?'
The stranger, visibly surprised by the little girl's intelligence, thinks about it and says, 'Hmmm, I have no idea.'
To which the little girl replies, 'Do you really feel qualified to discuss nuclear power when you don't know S-H-I-T?:D
The little girl, who had just opened her book, closed it slowly and said to the stranger, 'What would you like to talk about?'
'Oh, I don't know,' said the stranger. 'How about nuclear power?' and he smiles.
'OK, ' she said. 'That could be an interesting topic. But let me ask you a question first. A horse, a cow, and a deer all eat the same stuff - grass - . Yet a deer excretes little pellets, while a cow turns out a flat patty, and a horse produces clumps of dried grass. Why do you suppose that is?'
The stranger, visibly surprised by the little girl's intelligence, thinks about it and says, 'Hmmm, I have no idea.'
To which the little girl replies, 'Do you really feel qualified to discuss nuclear power when you don't know S-H-I-T?:D
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heywhat
08-02 01:09 PM
So are you not working for company which is processing your GC application?
My case is intent-to-hire for 485, so my attorney just took 3 paystubs and 1 w2 for filing. Is that ok?
My case is intent-to-hire for 485, so my attorney just took 3 paystubs and 1 w2 for filing. Is that ok?
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nogc_noproblem
08-06 06:36 PM
One day, Adam sat outside the Garden of Eden shortly after eating the apple...
... and wondered about men and women. So looking up to the heavens he said, "Excuse me God, can I ask you a few questions?"
God replied, "Go on Adam but be quick. I have a world to create."
So Adam says, "When you created Eve, why did you make her body so curved and tender unlike mine?"
"I did that, Adam, so that you could love her."
"Oh, well then, why did you give her long, shiny, beautiful hair, and not me?"
"I did that Adam so that you could love her."
"Oh, well then, why did you make her so stupid? Certainly not so that I could love her?"
"Well, Adam no. I did that so that she could love you."
... and wondered about men and women. So looking up to the heavens he said, "Excuse me God, can I ask you a few questions?"
God replied, "Go on Adam but be quick. I have a world to create."
So Adam says, "When you created Eve, why did you make her body so curved and tender unlike mine?"
"I did that, Adam, so that you could love her."
"Oh, well then, why did you give her long, shiny, beautiful hair, and not me?"
"I did that Adam so that you could love her."
"Oh, well then, why did you make her so stupid? Certainly not so that I could love her?"
"Well, Adam no. I did that so that she could love you."
validIV
06-27 12:45 PM
nothing you have said below answers my question. In 30 years if u are paying 1500 for rent that is 540,000 that is gone. Instead if you used that money to pay the interest, you canclaim that 540,000 as a deductible. Let me say it slowly so u can understand.
540,000 of rent nets you zero in 30 years.
540,000 paid towards interest makes it a deductible. That is the difference. In the 28% tax bracket you receive an extra 5,040 a year in your tax refund. But if you are renting you receive zero. That amounts to 28% of that money u lose renting which is a whopping 151,200 in 30 years which is huge.
Again let me repeat 30 year rent of 1500/month is 540,000 down the drain. As a renter toy claim to save money while u are losing 1500/month. As an owner that 1500 goes to interet which I can get back 28% every year. You don't.
I'm not even calculating principal here.
When you rent the amount you save is the same as the principal+equity+property value of my home and savings combined. And in that case after 30 years i managed to get something back with that money you lose in rent. Even if u rent for 30 years the home you mightve wanted to buy 30 years ago at 400,000 is now 800,000. You cannot Afford to buy it anymore. And on top of that you blew 540,000 renting. I blew 540,000 on interest but guess what? I got 151,200 of that amount back in tax returns.
Why can you not see that? Your arguments do not display any financial sound to renting other than you like to throw 1500 a month away.
Pandey ji / Valid IV
o.k..I will explain it slowly ..I can understand that those who are homeowners will justify their home purchase. some maybe in denial and have their head in sand.
honestly, few months back, even I would have purchased a house . if I had, I would still admit -- that home is not necessarily good investment but a place to stay. even after I buy, I would still say that renting in an apartment has its advantages. here are 2 links in english.
Why rent? To get richer - MSN Money (http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/WhyRentToGetRicher.aspx)
Why Your Mortgage Won't Make You Rich - WSJ.com (http://online.wsj.com/article/SB124352291846962809.html)
--------------
now you need to read this carefully else you won't understand what the authors are trying to say ..since it is bit unclear but it has good points (not trying to make fun here :)) ..do read since they are superb articles
but here is even simpler explanation and hopefully that will explain what I am trying to say ..if you still don't understand ..u will need to find someone else to explain.
first renting gives you flexibility ...so say, u get better job offer or lose job - you don't lose lot of money compared to house if you have to move.
for 250K house, you pay around 300 property tax, 60 HOA fees, 150 - 200 in maintenance (recurring like lawn plus once in long term like roof, painting etc) , 100 - 150 extra in utilities. you pay downpayment of 50 k ..if you were to invest that money in better investments (mutual funds, stocks, high CDs. bonds) ..you would make 250 - 300 per month. plus add fees when you have to sell the house, insurance, termite protection etc etc ..
plus in many cases, you end up buying a house further away than if you were to rent (since many want brand new house ) ..this means extra 250 - 300 in gas + vehicle degradation per month.
(ALSO SAY U WERE IN MICHIGAN OR IN CALIFORtNIA -- you could get away from the state after making money easily if you were renting. .home means you could end up stuck there).
I agree in apartment you get less space and hence I mentioned - u need to ask - do you really need extra space at this time in life - if yes, then home is better. (but renting a home is even better esp if prices are still falling in your area in this case).
btw - as of now rents are going down -- you just need to negotiate.
now you don't get the money back in rents..but neither do you get money paid in the expenses listed above.
(in other words - you don't get money back that you pay in rent yr apt BUT you get a place to stay ..this is not India where you can sleep on foot path - so you need a place. apartment property owner will make a small profit - but that is the system)
before you jump - house is good when it appreciates by atleast 1 -2 percent above inflation and I am not saying that you should never buy a house.
there are many other points and I will post it in IV WIKI ...and I hope this helps newcomers ...this is my last personal post ...and do watch the movie :) ..once again I did mention in plain english that it is worst case scenario (the movie "pacific heights")..but best case scenario is not good either if you are a landlord with property in US while you are in India (or vice versa).
hope that answers your question ..please note: the above is for normal cases ..but if you get a good deal or short sale or foreclosed home for 50K --- then yes, buying makes sense !!
540,000 of rent nets you zero in 30 years.
540,000 paid towards interest makes it a deductible. That is the difference. In the 28% tax bracket you receive an extra 5,040 a year in your tax refund. But if you are renting you receive zero. That amounts to 28% of that money u lose renting which is a whopping 151,200 in 30 years which is huge.
Again let me repeat 30 year rent of 1500/month is 540,000 down the drain. As a renter toy claim to save money while u are losing 1500/month. As an owner that 1500 goes to interet which I can get back 28% every year. You don't.
I'm not even calculating principal here.
When you rent the amount you save is the same as the principal+equity+property value of my home and savings combined. And in that case after 30 years i managed to get something back with that money you lose in rent. Even if u rent for 30 years the home you mightve wanted to buy 30 years ago at 400,000 is now 800,000. You cannot Afford to buy it anymore. And on top of that you blew 540,000 renting. I blew 540,000 on interest but guess what? I got 151,200 of that amount back in tax returns.
Why can you not see that? Your arguments do not display any financial sound to renting other than you like to throw 1500 a month away.
Pandey ji / Valid IV
o.k..I will explain it slowly ..I can understand that those who are homeowners will justify their home purchase. some maybe in denial and have their head in sand.
honestly, few months back, even I would have purchased a house . if I had, I would still admit -- that home is not necessarily good investment but a place to stay. even after I buy, I would still say that renting in an apartment has its advantages. here are 2 links in english.
Why rent? To get richer - MSN Money (http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/WhyRentToGetRicher.aspx)
Why Your Mortgage Won't Make You Rich - WSJ.com (http://online.wsj.com/article/SB124352291846962809.html)
--------------
now you need to read this carefully else you won't understand what the authors are trying to say ..since it is bit unclear but it has good points (not trying to make fun here :)) ..do read since they are superb articles
but here is even simpler explanation and hopefully that will explain what I am trying to say ..if you still don't understand ..u will need to find someone else to explain.
first renting gives you flexibility ...so say, u get better job offer or lose job - you don't lose lot of money compared to house if you have to move.
for 250K house, you pay around 300 property tax, 60 HOA fees, 150 - 200 in maintenance (recurring like lawn plus once in long term like roof, painting etc) , 100 - 150 extra in utilities. you pay downpayment of 50 k ..if you were to invest that money in better investments (mutual funds, stocks, high CDs. bonds) ..you would make 250 - 300 per month. plus add fees when you have to sell the house, insurance, termite protection etc etc ..
plus in many cases, you end up buying a house further away than if you were to rent (since many want brand new house ) ..this means extra 250 - 300 in gas + vehicle degradation per month.
(ALSO SAY U WERE IN MICHIGAN OR IN CALIFORtNIA -- you could get away from the state after making money easily if you were renting. .home means you could end up stuck there).
I agree in apartment you get less space and hence I mentioned - u need to ask - do you really need extra space at this time in life - if yes, then home is better. (but renting a home is even better esp if prices are still falling in your area in this case).
btw - as of now rents are going down -- you just need to negotiate.
now you don't get the money back in rents..but neither do you get money paid in the expenses listed above.
(in other words - you don't get money back that you pay in rent yr apt BUT you get a place to stay ..this is not India where you can sleep on foot path - so you need a place. apartment property owner will make a small profit - but that is the system)
before you jump - house is good when it appreciates by atleast 1 -2 percent above inflation and I am not saying that you should never buy a house.
there are many other points and I will post it in IV WIKI ...and I hope this helps newcomers ...this is my last personal post ...and do watch the movie :) ..once again I did mention in plain english that it is worst case scenario (the movie "pacific heights")..but best case scenario is not good either if you are a landlord with property in US while you are in India (or vice versa).
hope that answers your question ..please note: the above is for normal cases ..but if you get a good deal or short sale or foreclosed home for 50K --- then yes, buying makes sense !!
ashkam
04-15 03:18 PM
Seriously? Yes.
Not me as I am arguing that a home is better than an apt, but some people here disagree for their own reasons.
Yes I have been reading some pretty bizarre responses. Apparently if you own a bigger house, you suddenly become incapable of giving your child love. Well, you learn something new everyday.
Not me as I am arguing that a home is better than an apt, but some people here disagree for their own reasons.
Yes I have been reading some pretty bizarre responses. Apparently if you own a bigger house, you suddenly become incapable of giving your child love. Well, you learn something new everyday.
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