Word: andersens
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Dates: during 2000-2009
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Half your business staff hired by Arthur Andersen after graduation...
...blame? Everybody else. Mintz and McMahon nudged the cloud upward toward Skilling (and Lay, and Buy and Causey and Kopper and Fastow). Robert Jaedicke and Herbert Winokur, two Enron board members trying to explain why they missed the whole thing, did likewise, throwing in Arthur Andersen and law firm Vinson & Elkins. Said Winokur: "It appears outside experts...failed us." Officials at both Arthur Andersen and Enron, added Jaedicke, "did not fulfill their duty...
...scandal: There's Lay, who resigned from Enron's board Monday night and decided not to show up before two Congressional committees Monday. Former CFO Andrew Fastow and aide Michael Kopper are expected to show up just long enough to take the Fifth. Arthur Andersen CEO Joseph Berardino is due today to talk about how much he didn't know. And so just as the cluster of Enron probes took a sharp turn over the weekend toward sending people "to the pokey," as Rep. Billy Tauzin put it Sunday, lawmakers are finding themselves either with no guests...
Some telecom companies are getting a second look, partly because more than a few use Arthur Andersen, Enron's auditor, but also because many achieved their once spectacular growth partly by immediately recognizing revenue from long-term contracts, analysts say. Qwest has received the most attention because its merger with US West opened the door to other accounting issues. Qwest has denied that it did anything wrong. "Think about a bottle of wine," former SEC chairman Arthur Levitt said in a speech two years ago. "You wouldn't pop the cork on that wine before it was ready. But some...
...fact that Enron was able to hide its losses immediately raises the question of why Andersen, Enron’s auditor, did not blow the whistle. Much of the blame appears to fall on the codependent relationship of Enron and Anderson, but this situation is only indicative of a larger problem. The “Big Five” accounting firms often make more money from consulting fees from their audit clients than from audit fees themselves. They have the incentive to turn a blind eye to potentially illicit practices to make sure those consulting fees keep rolling...