Word: volckerism
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...officials angry with Kofi Annan? The U.N. Secretary-General is not accused of wrongdoing, but he refuses to compel U.N. employees to testify before U.S. congressional committees investigating the fraud, angering Senators of both parties. Annan appointed Paul Volcker, former chairman of the Federal Reserve Board, to lead a U.N. investigation of the program. Volcker says separate congressional inquiries would impede his work. Investigators are also looking into Cotecna, a Swiss contractor for which Annan's son Kojo worked as a consultant...
...gave the new President what he most wanted, a 25% tax cut over three years and a $35 billion cut in the budget. At a time when many economists were arguing that America would just have to learn to live with 10% inflation annually, Reagan reappointed inflation fighter Paul Volcker as chairman of the Federal Reserve and supported his war on inflation despite withering attacks and considerable domestic pain. The economy swooned into a recession: by the following year, the GNP was shrinking at a rate of 1.9%. Unemployment reached 10.8%, the highest since the Depression, and the poverty rate...
...which seems to finally put the firm on the path toward the born-again Andersen that Volcker envisions - tightly focused on accounting and auditing (no more consulting), squeaky clean and conflict-of-interest free. The idea is to resell Andersen to clients as a purveyor of what the auditing business was supposed to provide all along - a Good Housekeeping seal of approval that investors could trust...
...reason the Justice Department is talking deal could be that the pro-business, anti-regulation Bush Administration has an interest in seeing if a reborn, back-to-basics Andersen in the Volcker model could survive on integrity premiums. Certainly a new breed of cold-eyed auditor sought for its very scrutiny - and the investor confidence a passing grade would bring - would take some pressure off the SEC and other federal watchdogs whose responsibilities (and budgets) Bush would prefer not to increase...
...Andersen, which is set to announce massive layoffs as early as next week and is still scraping together enough cash to fund its daily operations, much less its legal liabilities, the immediate challenge isn't testing the Volcker paradigm - it's hanging around long enough to even have a chance to try. For all the relief the governor's voice must have given Arthur Andersen Thursday, the phone could still have rung too late...