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.
1 The term carpetbagger refers to Northerners who moved to the South after the Civil War, during Reconstruction. 2  Many carpetbaggers were said to have moved South for their own financial and political gains.  Scalawags were white Southerners who cooperated politically with black freedmen and Northern newcomers.