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Author: TMFSelena Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 10416  
Subject: Re: The Pitt and the Pendulum (not swung with) Date: 10/8/2002 12:22 PM
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<<Anyone heard anything more on this? Do I smell an angry Otter, fishing for a column? >>

I read an interesting op-ed piece on this, at the NY Times, by Paul Krugman:

http://www.nytimes.com/2002/10/08/opinion/08KRUG.html (free registration probably needed)

An excerpt:

<<Let me just quote The Wall Street Journal on this: "The big accounting firms won't dare speak on
the record. . . . All signs suggest they're working instead through Republicans in Congress, specifically Ohio's Mike Oxley. . . .
They don't want pension fund chief John Biggs to lead the new accounting board because they fear he might actually force the
industry to shape up." What The Journal doesn't point out is the obvious: The accounting industry may have a lot of clout, but this
wouldn't matter if the White House made it clear that the S.E.C. must choose an independent board. There's only one possible
conclusion: The administration doesn't really want corporate reform. >>

There are a bunch of articles in The Wall Street Journal on the topic. The one quoted above is here: http://online.wsj.com/article/0,,SB1033696123887861593,00.html?mod=article-outset-box (Subscription required) And here's a bit more from it:

<< Beyond Mr. Biggs, the issue is whether the accounting industry has learned anything from its recent travails. One of its venerable giants is out of business, and PricewaterhouseCoopers is being investigated as the auditor for the "criminal enterprise" that prosecutors now say Tyco has been. You'd think the bean counters would realize that a respected cleanup man is exactly what they need to restore some public trust in their trade.>>

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