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Freddie Mac Gets Another $6.1B from Gov't Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday. The company could also be close to naming a new, permanent CEO, according to a report in The Wall Street Journal. SmartPros News: HAWTHORNE, N.Y. - July 1, 2009 - SmartPros Acquires the Business and Assets of Executive Enterprise Institute (EEI)   Follow us on Twitter -  SmartProsEditor. Be the first to know when new stories, classes and webcasts are posted!     SmartPros:  Q1 2009 Financial Results SmartPros in the News Investor Relations Weekly Newsletter News Archives Online CPE  Last Week's Top Reads: 1. Five Simple Ways to Secure Your Information 2. Switzerland Complete Tax Negotiations 3. IRS, Treasury Want Cell Phone Tax Repealed 4. Tax Consequences for Forgiven Debt 5. New Mockumentary Lampoons Ponzi Scheme Rip-Offs

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Accounting board's lobbyists stress independence The rule-setting board for corporate accounting has a rocky history of bumping up against lawmakers often acting at the behest of powerful business interests. It has been criticized by some as spineless in the face of pressure from Congress. Income Redistribution Set to Increase Under Obama's Budget Counting both spending and taxes, new study finds redistribution from top-earning 5% will rise from $619 billion to $698 billion in 2012. SEC Pitches Tightened Rules for Money-Market Funds Federal regulators on Wednesday proposed tightened rules for money-market mutual funds that would require them to hold some assets that could be easily converted to cash and to invest only in the highest quality securities. The SEC Is Too Lax on CEO Health Disclosure Company shareholders have a right to know when an executive's life hangs in the balance. As things now stand, Securities & Exchange Commission rules are exceedingly vague about what a company should disclose about the health of a C-level official, and how soon that disclosure should be made. UBS Client Pleads Guilty to Filing False Tax Return (x66901) Boca Raton resident pleaded guilty to hiding income and assets in secret Swiss bank account. Parents and Children Don't See Eye to Eye When It Comes to Money Wells Fargo today announced results of a recent survey that shows parents and their 18 to 22-year-old children differ in confidence about attaining financial goals. Recession Changes Investing, Spending Patterns of Wealthy U.S. economic woes and stock market volatility have prompted changes in the investment and social behaviors of high-net-worth Americans, according to a new survey of CPA Personal Financial Specialists conducted by the AICPA. IASB Proposes Guidance on Management Commentary The International Accounting Standards Board (IASB) has published for public comment a proposed non-mandatory framework to help entities prepare and present a narrative report, often referred to as management commentary. California Budget Q&A: How Did We Get Here? Where Are We Going? This is usually the time of year when state legislators begin sparring in earnest over the adoption of a new state budget for the fiscal year that begins July 1. But this week they're scheduled instead to begin sparring in earnest -- and doubtless at length -- over plans to fix a cumulative $24 billion hole in the budget they already approved last February for the coming fiscal year, and the current year ending June 30. Public Workers' Free Health Care Hangs Over Taxpayers Over the next 30 years, Nassau County expects to spend $3.6 billion paying health care bills for its retired workers. Already this year, it spent more for retirees' health care than it did for their pensions, according to financial statements it plans to publish Wednesday. Grant Thornton Names Stephen Chipman New CEO Accounting firm Grant Thornton LLP said Tuesday it has named Stephen Chipman its new chief executive officer. SEC, CFTC Agree on Derivatives Oversight The heads of two federal agencies with financial oversight responsibilities have told Congress that their jurisdiction can be split over the instruments blamed for hastening the global economic crisis. Court to Look at Standards in Whistleblower Case The Supreme Court has agreed to consider restricting certain whistleblower lawsuits claiming that local governments misused federal money. SEC Charges Madoff-Linked Firm, Adviser with Fraud Federal regulators on Monday charged a New York brokerage firm said to be secretly controlled by Bernard Madoff and a prominent California investment adviser with securities fraud, accusing them of funneling billions of dollars from investors into Madoff's Ponzi scheme. Prepare for Hurricanes by Safeguarding Tax Records With the 2009 hurricane season now underway, the Internal Revenue Service encourages individuals and businesses to safeguard themselves by taking a few simple steps. JPMorgan to Record $1.1 Billion Charge in 2Q JPMorgan Chase & Co. said Friday it expects to record a $1.1 billion charge against its second- quarter earnings from its early repayment of $25 billion in taxpayer money the bank received under a federal bailout program. Billionaire Stanford Indicted in Alleged $7B Fraud Brash Texas billionaire R. Allen Stanford was indicted Friday on charges his international banking empire was really just a Ponzi scheme built on lies, bluster and bribery.

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