Word: andersen
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...corporate-reform movement took two body blows last week: the Supreme Court overturned the conviction of accounting firm Arthur Andersen for obstruction of justice, and Securities and Exchange Commission (SEC) chief William Donaldson quit under pressure...
...Andersen been vindicated? The court decision didn't address whether Andersen obstructed justice when it destroyed documents that could have proved valuable to the federal probe of accounting fraud by its client Enron Corp. The high court simply found fault with the instructions Judge Melinda Harmon gave the jury at the prosecution's request. The jury, it said, should have been clearly told that an intent to conceal wrongdoing was essential to finding Andersen guilty...
What does this mean for future prosecutions? The Sarbanes-Oxley corporate-reform law, passed in 2002, supersedes the one under which Andersen was tried-and it broadens the criteria that determine who may be prosecuted for obstruction of justice. Still, says Todd Jones, a corporate litigator at the Atlanta law firm Powell Goldstein, the SEC and the Justice Department are likely to be more cautious about pursuing such cases now, having been warned against prosecutorial overreach. One prominent white-collar litigant, former financier Frank Quattrone, above left, is appealing his conviction on similar grounds and has argued that...
...bought a Russian confectionery company called SladCo for an undisclosed amount. SladCo's revenues were estimated at $160 million last year. "Our experience is that acquiring an established company often gives a better and more viable entry into a local market than starting up from scratch," says H?kon Christian Andersen, who heads the firm's Russian operations...
...terrific looking; black dinner jackets are preferable to sky blue dinner jackets; better a posturing young poet, surely, than a buttondown teenage arbitrager in chinos. But why all black and why now? The color is gunpowder and midnight; the message is menace and highly private pleasure. --By Kurt Andersen...