Archive: July, 2009
Mike Armstrong, Inquirer Columnist
Tyco Electronics Ltd. is domiciled in Switzerland, run from offices in Berwyn, and created in part from engineering talent that built central Pennsylvania’s AMP Inc.
And yes, it carries that name Tyco.
Many people are reminded of Tyco Electronics’ former parent, Tyco International Ltd., or rather the now-jailed L. Dennis Kozlowski, who ran the conglomerate.
Mike Armstrong, Inquirer Columnist
Dietz & Watson Inc. has a beef with Boar’s Head Provision Co., its larger competitor.
A Philadelphia maker of deli meats and cheeses, Dietz & Watson is casting itself as the defender of consumer choice in calling on its Florida rival to end its practice of demanding exclusivity to sell in supermarket delis.
Dietz & Watson and Boar’s Head duke it out in deli sections where store personnel slice to order. Given the “premium” nature of the brands, both charge a buck or two more per pound than a store’s private-label brand meats and cheeses.
Mike Armstrong, Inquirer Columnist
When one bank wants to buy another, management runs the numbers to be sure the deal makes sense.
But First Niagara Financial Group Inc.’s top managers felt extra good about snapping up Harleysville National Corp. because they’ve spent a fair amount of time in Montgomery County.
CEO John R. Koelmel told analysts that he’s made the trek from upstate New York to Haverford College, which straddles Delaware and Montgomery Counties, a lot over the last four years.
Mike Armstrong, Inquirer Columnist
An insider trading case The Inquirer and other news organizations wrote about in May 2008 got new attention today in a Wall Street Journal column.
The Game columnist Dennis K. Berman used a Securities and Exchange Commission case against an Ernst & Young partner in New York and a Philadelphia woman who worked at broker-dealer as an example of how the twists and turns in personal relationships can lead to inside tips on market-moving deals.
Berman reviewed transcripts from the trial in a New York federal court this May, and the tale he weaves leaves no one looking honorable.
Mike Armstrong, Inquirer Columnist
Change doesn’t come quickly to the accounting profession. Rule modifications are proposed, debated and implemented over a period of years.
It’s dominated by a Big Four that’s remained the same since the Enron debacle led to the demise of Arthur Andersen L.L.P. in 2002.
But below the top tier are some regional firms that are involved in so many deals, they could give a few of their clients a run for their money.
Mike Armstrong, Inquirer Columnist
Two Philadelphia-area regional accounting and consulting firms today said they will merge, creating one with $175 million in annual revenue.
Parente Randolph L.L.C. and Beard Miller Co. L.L.P. said they intend to combine their operations during the fourth quarter. The headquarters of the firm, which will take on a new name, will be in Philadelphia.
The two are similar in size. Center City-based Parente Randolph has 87 principals and more than 600 total employees in 14 offices. Reading-based Beard Miller has 85 partners and more than 550 employees in 13 offices.
Mike Armstrong, Inquirer Columnist
The argument favoring the creation of a “systemic risk” regulator goes like this:
If it was someone’s job to be vigilant and defuse investment bubbles or counter imprudent behavior by large financial institutions, we’ll never again face a financial crisis like the current one.
To that end, the Obama administration wants the Federal Reserve to act as a “systemic risk” regulator. It’s a responsibility Fed chairman Ben S. Bernanke welcomes.
Mike Armstrong, Inquirer Columnist
Ernst & Young L.L.P. sees signs of more activity in the initial public offering market.
As of June 30, the accounting firm counted 28 companies that hope to go public by selling common shares. That’s down from 44 at the end of March, but that’s good because there were 10 successful IPOs in the second quarter, up from two in the first.
Just don’t look around here for an IPO revival. PRWT Services Inc., of Philadelphia, was trying to go public by way of being acquired by a public shell company. But both sides called it off last week.
Mike Armstrong, Inquirer Columnist
The nation’s state legislators, meeting in Philadelphia this week, may have hoped to hear two economists tell them the recession is ending, the stimulus package is working, and things will be better next year.
One out of three ain’t bad.
The U.S. economy could be a few months from bottoming, but David Wyss, of Standard & Poor’s, and Simon Johnson, of MIT, provided many reasons why federal stimulus efforts have lagged and unemployment will remain a challenge in 2010.
Mike Armstrong, Inquirer Columnist
After the trillions of dollars committed to financial bailouts and hundreds of billions promised for economic stimulus programs, the nation's state legislators may have hoped to hear two noted economists tell them when things will start to get better.
Instead David Wyss, of Standard & Poor's, and Simon Johnson, of MIT, gave them reasons why all of us should worry that we haven't fixed anything yet.
All of the hearings in Washington regarding financial reform are aimed at fixing a system built in the 1930s. However, today's world is one of global financial giants, Wyss said. Leaders of the developed and developing countries need to move toward adopting global accounting standards and regulatory mechanisms.
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980.
Reach Mike at marmstrong@phillynews.com.
