Goldman Sachs Bet Against Housing Market, Profited at Clients’ Expense, Senator Levin Contends

Sen. Carl Levin (D-Mich.) April 26 released excerpts of e-mails between employees at Goldman Sachs Group Inc., (GS) which he said show that the firm held significant short positions against…

Senate Action on Financial Reform Expected Despite Initial Setback; Derivatives See Progress

Despite an April 26 loss on a vote to proceed to consideration of a Senate financial reform measure (S. 3217), Senate leaders expected to be able to move the bill to the floor very soon…

Fiscal Panel Leaders Call for Trust as Rifts Apparent on Ways to Close Budget Gap

The bipartisan leaders of President Obama’s fiscal panel appealed to their colleagues for open-mindedness and trust at the commission’s inaugural meeting April 27, even as the panel members…

Blitz of Accounting Changes to Come, Officials Say, Suggesting ‘Quiet Period’ After

Accounting standard-setters with international experience suggested April 27 that companies should be ready for a rulemaking blitz before year-end, when rulemakers in…

Manufacturing Deduction Impacted in Years New Net Operating Loss Carryback Used, IRS Officials Say

Taxpayers who claim the newly enacted five-year net operating loss carryback should be careful about the impact if they carry back their losses to any year in which they also claimed the manufacturing deduction under…

IRS Outlines Favorable Tax Treatment of Health Coverage for Children Under Age 27 Under Recent Changes

The Internal Revenue Service April 27 issued Notice 2010-38 on the tax treatment of health care coverage for an employee’s adult children as provided in recent law changes, announcing…

House Bill Would Establish Fund to Promote Exports of Clean Energy Technology

Legislation that would authorize $75 million over five years for a “Clean Energy Technology Manufacturing and Export Assistance Fund” to be administered by the Department of Commerce’s International…

Kerry Says Setback Will Not Halt Climate Bill; Senators Moving Forward with EPA Analysis

Sen. John Kerry (D-Mass.) April 27 said he expects to get the go-ahead from Sen. Lindsey Graham (R-S.C.) to submit draft climate change legislation for an Environmental Protection Agency cost analysis, even after…