Word: sec
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Public companies record two types of earnings, one to the SEC and one to the IRS. It is perfectly legal for these numbers not to match, and often they don't. In 2008, retailer Macy's lost just under $5 billion, but only $33 million of that qualified as a tax loss eligible for credits against future profits. Other times a company books a much bigger tax benefit than its actual losses. Citigroup, for instance, had a bottom-line loss of nearly $28 billion in the numbers it reported to shareholders and the SEC. But at the same time...
...same might be said of its stance toward corporate transparency. The Chamber successfully sued the Securities and Exchange Commission five years ago to block a requirement that 75% of mutual funds' boards be independent. And another legal battle seems likely to be brewing over the new SEC Commissioner's interest in pushing to allow shareholders to nominate independent members to corporate boards. "They will accept all kinds of stimulus funds and bailouts but God forbid we should ask for any kind of accountability in return," says Nell Minow, co-founder of Corporate Library, a corporate governance research firm...
...That's not to say it was the first time a woman had competed: in 1966, Roberta Gibb hid in bushes near the start of the Boston Marathon and then jumped into the race shortly after the starting gun fired, finishing (unofficially) in 3 hr. 21 min. 40 sec. The next year, Kathrine Switzer registered for the race as "K.V. Switzer," and Boston officials, unaware of her sex, allowed her to compete. Upon noticing K.V. was no man, a race official tried to physically remove her from the course; her boyfriend, running nearby, gave him a shove and she finished...
...climb to the summit of the Colorado mountain. Record times have fallen from close to three hours a century ago to close to two hours today, with Ethiopian Haile Gebrselassie setting the current record in Berlin last year with a time of 2 hr. 3 min. 59 sec. (A fellow Ethiopian, Abebe Bikila, won worldwide acclaim after setting a record at the 1960 Olympics in Rome - running barefoot - and another in Tokyo four years later wearing shoes.) Radcliffe, the 2008 New York winner, set the women's record in 2003, breaking the tape in London...
...woman has also entered marathon lore as one of the most infamous competitors in race history. In 1980, Rosie Ruiz took first place in the Boston Marathon, crossing the finish line at 2 hr. 31 min. 56 sec. But there was a problem: competitors and officials never spotted the New York woman on the course during the race. As witnesses later verified, the 23-year-old had jumped out of a crowd of spectators about a half-mile from the finish line and simply sprinted to the end. An investigation revealed she had pulled a similar stunt in New York...