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.
Carpetbagger as a term was first used during the Reconstruction Period following the American Civil War. Coming down from the northern states were a large number of people who sought to help rebuild the shattered South, yet many of them took advantage of the situation to engage in exploitation and theft.