Other stuff

America is Land of the Free, Because of the Brave. My ‘thank you’ to those who made it so.

Heavy bomber crewman, U.S. Army Air Force, World War 2. Photo from Legacy Flight Museum in Rexford, Idaho by James Ulvog.

Our freedom is under rapidly increasing assault by many politicians who think they are kings and queens appointed by divine right instead of having merely won a few more percentage points of the vote than their opponent in the last election.  In the last year public health officials at the federal, state, and county levels who lack self-awareness of how often they beclown themselves have joined in the efforts to shred our liberty.

As a result of these attacks, it is ever more important that on this Memorial Day we remember those who shed all their blood so that we may be free.

A ‘thank you’ from me is so trivial, yet that is all I have.

I will demonstrate my appreciation for freedom purchased by others by exercising freedom.

Yesterday I exercised my freedom of religion. Tomorrow I will exercise my economic freedom, also called pursuit of happiness, by running my business the way I choose.

I have posted variations of the following ideas several times before.  I will continue to make these points routinely.

To everyone on active duty today, I often accept a ‘thank you’ on your behalf.

Union Infantry private, U.S. Civil War, 1961-1865. Photo from Legacy Flight Museum in Rexford, Idaho by James Ulvog.

While touring the U.S.S. Midway Museum in San Diego early this month, I wore a “U.S. Air Force” ball cap with various stuff pinned to it, such as the rank I wore, a missile badge (“pocket rocket” for those who know), SAC logo, and a rectangular piece of metal that declares “Combat Crew.”

During the course of walking around, I got lots of glances and several comments of “thank you for your service.”

Also got some joshing comments from the retired Navy guys about them ‘allowing’ me on their ship. Since we were all on the same team back in the day, the kidding was pure fun.

I was on active duty for only four years and that was decades ago. I never got within 3,000 miles of hostile action. (Of course if the flag had gone up, I would have been radioactive dust at 20,000 feet altitude about 40 minutes later.)

As a result, I was uneasy for a long time when someone said “Thanks for your service.”

It took me a few years to get to get comfortable with those comments.

I now graciously and proudly accept those expressions of appreciation from my fellow Americans, but not because of what I did so long ago. 

He is risen! He is risen indeed!

Image courtesy of Adobe Stock.

He is risen!

He is risen indeed!

Easter is the high point of the year for Christians.  On this day our Savior rose from the tomb after having suffered a brutal death at the hands of the Roman government, urged on by the religious leadership.

What’s the big deal?

On Good Friday, the death of Jesus paid in full the penalty for my sins, yours sins, and the sins of every person who ever lived or ever will live.

On Easter Sunday, His glorious resurrection proves his sacrifice was accepted by God the Father.

In rising from death, Jesus proved he had ultimate power over death, hell, and the devil.

By that sacrifice, our sins are forgiven, and we will enter heaven for eternity, not because of what we do or how nice we are, but solely because of His sacrifice on the cross.

A few selections of the wonderful and so comforting hymn Jesus Christ is Risen Today to help you celebrate. Go ahead, crank up the volume. First up is an organ only version:

For a beautiful processional:

King’s College Choir, Cambridge

The lyrics:

Acme to replace Boeing as prime contractor on Space Launch System.

This blog does not discuss politics. Since I do discuss space exploration, I will cover an announcement from the new Biden administration that Boeing will be replaced as the prime contractor on the Space Launch System.

SLS will be the most powerful rocket ever built for NASA. It will lift astronauts to space so they may explore the solar system.

(Article cross-posted from Nonprofit Update because of the educational value of studying litigation involving Acme. Also cross-posted just because.)

Acme

The new prime contractor is Acme. You may have seen the products on television in the past.

The story has not received much publicity, so I’ll try to draw attention to this major change in federal policy.

Behold the creativity of cheaters.

Need to fabricate an excuse to bail on your meeting? There’s an app for that. Image courtesy of Adobe Stock.

I am continually amazed at the creativity of cheaters. A few examples in the news recently:

  • Restaurant offering receipts with menu items relabeled as office supplies
  • Generate disruptions to get out of a zoom meeting
  • Fake Covid test results

I mentioned these for the laughter value and more importantly for the educational value.

The stories are amusing. If you work in the finance area or are leading an organization, having an awareness of these schemes might help you recognize one if presented to you.

Your entertainment and anti-fraud training for the day:

OCC settles with former general counsel of Wells Fargo.

Photo from Wells Fargo’s museum in San Diego by James Ulvog.

On 1/12/21, former general counsel James Strother of Wells Fargo signed a Consent Order with the Office of the Comptroller of the Currency.

He agreed to pay the U.S. Government $3.5 million for his role in the sales practice fiasco. Payment is due within 10 days via wire transfer.

Federal mileage rates for 2021.

Image courtesy of Adobe Stock.

The IRS has published the reference amounts for mileage rates for 2021. The rates:

Beginning on January 1, 2021, the standard mileage rates for the use of a vehicle will be:

  • 56.0 cents per mile driven for business use, down 1.5 cents from the rate for 2020,
  • 16 cents per mile driven for medical or moving purposes, down 1 cent from the rate for 2020, and
  • 14 cents per mile driven in service of charitable organizations.

The business mileage rate decreased one and a half cents for business travel driven and one cent for medical and certain moving expense from the rates for 2020. The charitable rate is set by statute and remains unchanged.

The business rate is down from 57.5 cents in 2020 and 58.0 cents in 2019, which in turn was up from 54.5 in 2018.

The standard rate for business is based on their analysis of the fixed and variable costs of operating a vehicle.  The medical & moving rate is based on variable costs of operation.

Rates were published in Notice 2021-02:  2021 Standard Mileage Rates.

Final two sentences announced in KPMG inspection list theft scandal include no jail time; there are lots of consequences though.

Image courtesy of Adobe Stock.

The final two sentences have been handed down in the KPMG fiasco for stealing PCAOB inspection lists.

Spoiler alert: no jail time.

Thoughts in last half of this post on other consequences they have earned.

Recap of perps:  Status of players in KPMG fiasco from leaked PCAOB inspection files.

 

Thomas Whittle

“An Ulvog Journey” – Tales of growing up on a South Dakota farm in the 1930s and 1940s.

Casting my CPA eye on the 1946 probate document for my grandfather’s estate led to a series of posts on my other blog describing what we can learn about farming in the 1940s from a legal filing.  Those posts have been combined into one section of my newest book: An Ulvog Journey.

The book also provides recollections of growing up on a South Dakota farm in the 1930s and 1940s, written by my dad and his seven siblings.

One of my uncles, Carl Ulvog, was a captivating storyteller. His autobiographic tale of experiences in the South Pacific during World War II are also included.

Description from back page of the book:

Wells Fargo update.

Instructions on how to seal a bag of gold and gold dust for shipping, from the days when Wells Fargo was the gold standard of integrity. Photo by James Ulvog.

There are still a few enforcement actions ongoing over the Wells Fargo fake account fiasco, primarily individual cases against senior officials from a few agencies who haven’t previously settled the charges.

11/13/20 – Wall Street Journal – Wells Fargo Ex-CEO Settles SEC Claims, Former Consumer-Unit Head Faces Fraud Case –  The former CEO settled up with the SEC, agreeing to pay a $2.5 penalty for his role in the fake account scandal. As is typical, he neither admitted nor denied the claims.

Article reminds us he previously paid $17.5M penalty to OCC and was also banned from working in the banking industry.

New claims for unemployment continue slow decline for week ending 11/7/20; continuing claims dropping quickly.

The number of new claims for unemployment for week ending 11/7/20 again declined. This is the fourth weekly decline, with drops in eight of the last fifteen weeks.  New claims are 709K, a 48K drop for the week.

Starting 8/29/20 the new claims have been in the mid- to high 800 thousands. Since 10/17/20 the new claims have been under 800K.

Remember that before the government induced shutdown of the economy the new claims averaged about 220K per week so we are still running more than three times the previous norm.

The number of continuing claims for unemployment is continuing to drop. Large part of the drop is people going back to work. Part of it is people dropping off the state-level unemployment rolls exhausting coverage.

On 11/12/20, the Wall Street Journal reported U.S. Unemployment Claims Slip but Hold at High Levels. Article asserts the declining new claims and drop in ongoing claims indicates the economy is in a good recovery. Consensus of economists spoken to for the article indicate economy is on a better tract recovery now then the expectations were a few months ago. Current expectation is the GDP will drop 2.7% for the year which is better than the 3.6% expected just last month.

Article suggests that recovery is better than expected.

Tally of people who are now in the extended 13 weeks covered at the federal level is rising rapidly. Here is a recap:

On this Veterans Day, it is fitting and proper to honor the sacrifice of Sergeant Alwyn Cashe.

Sergeant First Class Alwyn Cashe. Photo courtesy of U.S. Army.

While his clothes were on fire after an improved explosive device blew up the vehicle he was riding in, Army Sergeant First Class Alwyn Cashe returned to the burning vehicle, pulling out a soldier, then another, then another.

Ultimately he pulled six Americans and one national translator from the burning vehicle. Did I mention that his clothing was on fire as he removed each of the soldiers?

Sgt. Cashe is credited with saving the lives of six American soldiers. The national translator, working to free his people, died from the attack. Ten American soldiers were injured, seven seriously.

With 2nd and 3rd burns spread over 72% of his body, Sgt. Cashe died from his wounds a few weeks later.

America is so blessed that we keep finding men like Sergeant First Class Alwyn Cashe.

 

He was awarded the Silver Star. It took a while for the chain of command to fully understand the depth of his heroism. He will now finally get an even more appropriate award.

UPI reports on 11/11/20 that the Senate approved awarding Medal of Honor for Sgt. Alwyn Cashe.

Restrictions on holiday celebrations in California. This is not a spoof. You will think it is a joke, but it is not.

No fun allowed sign. Image courtesy of Adobe Stock.

The California Department of Public Health has listed their specific restrictions on holiday gatherings. There are serious limits on what you can do for your Thanksgiving and Christmas and New Year celebration.

I’m not making this up.

Check out for yourself the Guidance for Private Gatherings published on 10/9/20.

In case you think I imagined all this, I will quote select portions of the guidance.

So, if you happen to be one of the people who have not yet moved out of California, or you are waiting for the moving van to arrive, here are the requirements for your holiday celebrations –

(Again, this is not a spoof.)

You may not gather with friends inside your home. You are still allowed to let guests use your bathroom, assuming you scrub down the bathroom quite frequently:

“All gatherings must be held outside. Attendees may go inside to use restrooms as long as the restrooms are frequently sanitized.”

No more than three households may gather together.

Recap of fines for major banking fiascos.

Image doing that to seventy billion dollars. Intentionally. Image courtesy of Adobe Stock.

It is so sad to say, but a reality never-the-less, there are so many major banking fiascos with such a wide range of willing participants that it is impossible to keep straight the players and disasters and fines based just on memory.

So, that means I have a spreadsheet to track the willful disasters I’ve been following.

My tally does not include all the billions of dollars paid to settle mortgage issues arising from the Great Recession. That is another massive set of disasters all by itself.

Here is my running tally of the amount of stockholder equity wasted for a range of different debacles. Amounts in millions of dollars:

Economic destruction from the shutdown is expanding.

Image courtesy of Adobe Stock.

Economic damage from the shutdown is becoming more obvious as more reporters spend time covering the destruction. Here are two articles each on the overall economic impact, specific impact on individuals, and concentrated impact on two cities:

  • GDP in Italy expected to shrink to the level it was 23 years ago
  • Airline CEOs expect it will take years for the airlines to recover
  • Additional 8 million Americans drop below the poverty level, joining the 55 million who were there before the pandemic
  • All 1,600 orchestras in the country have gone dark; their 160K musicians are unemployed
  • San Francisco has 14% vacancy rate in commercial office space
  • Impact on employment in New York City is more severe than the national average

How long will we let this go on?

 

Broad indication of the damage:

10/11/20 – India Today – Italy’s GDP in 2022 shrink back to the same level as 23 years ago: Report – …