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FINANCE
Accounting fears squash M&A
Firms are spending so much time accounting properly for past acquisitions that future deals took a back seat in Jan., research firm Thomson Financial said. After a burst of merger activity in Dec., this should be the slowest Jan. since '94, with less than $20 bil in deals announced. Jan. was the worst global M&A month since July '96.
New York's state comptroller urged NYSE to ban, for listed firms, auditors from working as consultants for the same companies.
Pricewaterhouse to spin off unit
Accounting giant PricewaterhouseCoopers plans an IPO for its consulting arm. PwC hopes to restore confidence in the independence of the accounting firm's auditing services. Former COO Thomas O'Neill will be CEO of PwC Consulting. In '00, PwC's planned $18 bil sale to Hewlett-Packard fell apart.
Credit Suisse's CSFB loses $1 bil