Word: auditore
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...employees of what was once America’s seventh largest company lost not only their annual income, but also a substantial amount of their retirement savings that was invested in Enron stock. Enron’s implosion raises questions about its business practices, about those of its auditor and about Enron’s cozy relationship with dozens of politicians. In addition, the presence of Harvard Corporation member Herbert S. “Pug” Winokur Jr. on Enron’s Board of Directors also raises important and disturbing questions about Winokur’s role...
...President nicknamed "Kenny Boy," resigned in disgrace, forced out by a board of directors who had apparently been napping for months. One of 11 congressional investigations opened its hearings on Thursday with a tableau we might as well get used to: Enron's former outside auditor taking the Fifth Amendment. On Friday J. Clifford Baxter, 43, an executive who left Enron last May, was found dead in his Mercedes-Benz in the median of a divided highway in the fancy Houston suburb of Sugar Land--an apparent suicide. That same day, as if on cue, the White House acknowledged that...
...While Senators were making their acts of contrition, Republicans on the House side--with a nervous eye on the coming midterm elections--were trying to score points by publicly flaying some scapegoats. Arthur Andersen auditor David Duncan, who the company says ordered the shredding of Enron documents at the giant accounting firm's Houston office, took the Fifth in front of the House Energy and Commerce Committee (but not before briefing the panel's investigators behind closed doors). Then Duncan's superiors appeared before the committee and tried to pin all the blame on Duncan rather than take responsibility...
...Meanwhile, the long-simmering dispute between Dick Cheney and Congress about the Vice President's energy task force started bubbling again. The General Accounting Office, which is as close as Congress comes to having an independent auditor, announced that it would file a lawsuit against the White House this week if Cheney did not fork over the details of his energy task force's private meetings with Enron officials. The GAO had postponed the suit after Sept. 11, but when it became clear Cheney had no intention of complying with its request, or even negotiating, the tiny agency decided...
...Kmart proved that point Friday when it instigated - on the slight evidence of a Watkins-style letter from a downsized employee complaining of funny accounting at the now-bankrupt retailer - an internal investigation into its own books (by an outside auditor) and even forwarded the letter to the SEC. House members scared of their own coffers have forced campaign finance reform back onto the agenda. And Wall Street investors are suddenly very interested in old-fashioned notions like "cash flow" and "core business...