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.
Cartoon suggesting President Rutherford B. Hayes supported removal of carpetbaggers from the Southern States during Reconstruction (Frank Leslie's Illustrated Newspaper, 1877.) In United States history, carpetbaggers were Northerners who moved to the South during Reconstruction to take up new business, reform or political opportunities. More generally the term refers to the political faction of the Republican Party in the South controlled by the new arrivals.