UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: TMFWeasel One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 766  
Subject: Andersen Blues Date: 6/19/2002 5:15 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 8
In the current post-Enron environment, those that are saddened by the demise of soon-to-be defunct accounting firm Andersen are perhaps few and far between. I am one of them.

I used to work at PricewaterhouseCoopers (in E-Business), and my best friend was an auditor way back when at Andersen. He is one of the most honest people I have ever known. At that time Andersen was the gold standard for professional integrity. Today, the vast majority of the thousands of people that work at Andersen are completely honest and ethical. They will all have to find new jobs. Many will go through a period of unemployment, and their resumes will be sullied.

Did the entire firm have to be indicted? Of course not. Specific individuals could have been targeted. Or, the firm would surely have been willing to pay an enormous, billion-dollar fine. Instead, the entire firm was indicted, with the full knowledge that the potential penalty would the destruction of the firm worldwide. From what I have read about the jury deliberations, and entire firm went down the tubes because of a single e-mail. Even if the firm wins on appeal, it is for all practical purposes going out of business.

So what you have is thousands of people out of work. Reduced competition for audit work. And, of course, Enron still in existence, plotting its path out of bankruptcy. What a complete and total waste.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement