Word: audits
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Clients of JPMorgan Private Bank pay top dollar for advice on how to increase their wealth. And for three years the bank has supplemented its investment advice with a list of summer "must reads." Want to audit the lessons the moneyed class will be taking on the beach this summer? Read...
...N.Y.S.E. proposals in this area are sound: more than half of a board should be independent of management, and those directors should make up all of the audit, nominating and compensation committees. But the proposals don't go far enough. Board members should buy a large chunk of a company's stock as the price of entry, and be paid only in shares or options with long vesting periods. Nothing promotes rigorous oversight like an economic stake. There needs to be a clear definition of "independent" director to exclude those who even indirectly receive any benefit from the company beyond...
...partners at Arthur Andersen battled behind closed doors over Enron, a demanding, rule-bending client that paid Andersen more than $50 million a year. At Enron's behest, an Andersen partner considered "too rule oriented" was taken off the account. But the head of the Andersen audit team based inside the Enron building, David Duncan, endured. He was privy to board meetings, conference calls and paper trails as Enron's web of deceit began to unravel--dragging Andersen down too. He's now the government's key witness in its obstruction-of-justice case against his former employer...
Instead, last fall Andersen's audit team worked frantically (to no avail) to find legal accounting tricks so that Enron wouldn't have to restate its earnings downward by $591 million and post a $1 billion loss. Prosecutors allege that around the same time, Andersen shredded trunkloads of documents it knew might help the Securities and Exchange Commission investigate Enron's demise...
After a similar audit, Christiani was recently allowed to resume research activities. His studies under investigation had already been completed, but until his reinstatement he had been barred from all research...