Word: marwick
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...issue is who should be held most accountable for detecting and disclosing management fraud. The debate has heated up since the 1982 failure of Oklahoma's Penn Square Bank and the subsequent near collapse of Continental Illinois Bank of Chicago. Litigants are asking at least $400 million from Peat Marwick for its alleged failure to predict the Penn Square debacle. Then came the 1985 furor over E.S.M., the Fort Lauderdale Government-securities firm, amid a scandal that involved massive fraud. E.S.M.'s auditor, Chicago-based Grant Thornton (formerly Alexander Grant), has reportedly since been slapped with some $1 billion...
...Contrast different companies within one field: Peat Marwick & Mitchell or Price Waterhouse in accounting; Bowles vs. Ogilvy & Mather in advertising...
...Peat Marwick & Mitchell...
...Peat, Marwick, Mitchell...
...some corporations, the board of directors is getting tougher, and outside compensation committees are doing careful studies before making recommendations on bonuses or salaries. Says Peat, Marwick's Peter Chingos: "Chief executives are being asked to leave the room, if necessary, so that consultants can have a free and open exchange on pay matters." Nonetheless, a leading former investment banker argues that even more needs to be done. Says he: "Questions should be asked about compensation at all levels. Shareholders should insist that compensation committees be composed of outside directors free to make comparisons, use consultants and make independent...