Word: andersens
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...under control. But he did not. "In the corporate world," he declared when pressed about how Harken Energy had hidden losses while he was on its board, "sometimes things aren't exactly black and white when it comes to accounting procedures." It was a defense that only an Arthur Andersen executive could love. The President whose wartime rhetoric runs to all or nothing was making a case for relativism; his business experience was being channeled not into a call for probity but into an excuse for conduct he would declare unethical in a speech the next...
...downturn driven not just by a sick economy but by disillusion over everything from Vietnam to Watergate. This too is a summer not of one scandal but of many--the Roman Catholic Church, and the FBI, and Major League ballplayers on steroids. Comedians joke that Arthur Andersen tries to cover up corruption by rotating accountants from diocese to diocese, that Enron and K Mart will merge so Martha Stewart can design the prison uniforms. In each case it is the mighty who have fallen. The church scandal was as much about complicit Cardinals as about wayward priests; the FBI field...
...Cheney's Halliburton in 1998, the accountants (from--where else?--Arthur Andersen) allowed the company to count uncollected bills--cost overruns from fixed-price construction contracts--as revenue. Under standard accounting rules, overruns should be listed as a cost unless there is a likelihood the bills will be collected--and in the construction industry, overruns can be hotly contested. But in 1998, Halliburton turned at least $89 million in uncollected bills into revenue; by 2001, the figure had grown to $234 million...
...EXPLANATION] Cheney's not talking. But a White House spokesman said the lawsuit against Halliburton, Cheney and Arthur Andersen on behalf of shareholders was "without merit...
...France for each day it refuses to lift its ban on British beef. The French government has ignored the court's earlier ruling that the ban is illegal. BOTTOM LINES "If you saw something, you stopped it. Oh, a good audit was a beautiful thing." Al Bows, 88, retired Andersen senior partner, on accountancy when Arthur Andersen hired him in 1935 "It looks to me like spring, when the snow melts and you see the dog shit that's been there all winter." John Malone, chairman of Liberty Media, on the scandals rocking corporate America "Greed is not an issue...