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.
Scalawags were white Southerners who supported the party, carpetbaggers were recent arrivals in the region from the North, and freedmen were freed slaves. Although carpetbagger and scalawag were originally terms of opprobrium, in the early 21st century they are commonly used in the scholarly literature to refer to these classes of people.