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Non-Tech : The ENRON Scandal -- Ignore unavailable to you. Want to Upgrade?

To: JBTFD who wrote (1941)	1/31/2002 6:26:21 AM
From: Baldur Fjvlnisson	Respond to of 5185

WSJ: Firm Played Dual Role in PNC Woes NEW YORK (Reuters) - Accounting firm Ernst & Young confirmed Wednesday that it had played a dual role in the accounting problems that this week plagued PNC Financial Services Group Inc. (NYSE:PNC - news), the Wall Street Journal reported in its online edition on Thursday. PNC on Tuesday said it must restate its 2001 earnings downward by $155 million because it was told by regulators to consolidate its investments in units it established with insurance company American International Group Inc. (NYSE:AIG - news) Ernst & Young approved the transactions as PNC's auditor, and also acted as an ``accounting adviser'' to AIG as it drew up the plan for the units that would later be called into question, the Journal reported. The firm's dual role highlights one of the issues stemming from the collapse of Enron Corp. , which used Arthur Andersen LLP as both its auditor and for consulting.