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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: paul_philp who wrote (53546)1/29/2003 4:54:04 PM
From: Mike Buckley  Read Replies (1) of 54805
 
I've been thinking about Paul's observation that KPMG will likely go the way of Arthur Andersen and I'd love to hear from the legal and accounting gurus about that. If I remember correctly, Arthur Andersen's suit was criminal. And if I understand the SEC correctly, their suit against KPMG by definition is civil. It seems to me that one reason Andersen folded is because having been convicted of a crime of that proportion, the SEC regulations were such that they were no longer permitted to audit publicly held companies. If KPMG loses a similar civil suit, does the same restriction apply? If not, the Andersen and KPMG situations are not exactly analagous.

But what the heck do I know? That's why I'm asking for help with this.

--Mike Buckley
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