The Financial Accounting Standards Board, which sets rules for U.S. companies' financial statements, and the International Accounting Standards Board, which does the same worldwide, requires companies to prepare consolidated financial statements when they hold a controlling interest -- more than 50 percent ownership -- in other businesses.
Scalawags and Carpetbaggers. Scalawags and Carpetbaggers were derogatory terms used in the aftermath of the Civil War. Scalawags referred to a group of white Republican Southerners who sympathized with the federal Reconstruction effort.
The term scalawag was originally used as far back as the 1840s to describe a farm animal of little value; it later came to refer to a worthless person. For opponents of Reconstruction, scalawags were even lower on the scale of humanity than carpetbaggers, as they were viewed as traitors to the South.