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Non-Tech : The ENRON Scandal
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To: Baldur Fjvlnisson who wrote (1165)1/25/2002 7:24:44 PM
From: Karen Lawrence  Read Replies (1) of 5185
 
From the site you posted saying that no one knows the true worth of companies, some reasons are: That brings us to Arthur Andersen — and the crisis no one is talking about. The obvious scandal is that Arthur Andersen's audit team once again failed miserably. Was it incompetence or conflict of interest?

If there is any part of this story that demands an investigation — by Congress, by Justice, by the accounting industry itself — it is the moral failure of a leading firm in the profession to fulfill its moral duty to unflinchingly, and without bias, uncover the truth and present to the weak, the vulnerable and those without influence or voice.

But we can't stop at Arthur Andersen. The real "values" crisis represented by the Enron mess is far deeper, and stretches across our economy. We are all being victimized by it, and the situation is growing ever worse. It is the great unreported business story of our time: the growing failure of the accounting system to accurately capture what is going in the new hyperspeed economy.
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