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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Bob Rudd who wrote (14060)	3/1/2002 9:02:58 PM
From: Paul Senior	Read Replies (3) \| Respond to of 78673

OT: Bob, that is a heck of a story. Shocking too. Here's the part where I don't know whether to laugh or cry: Allegations appeared in the local newspaper, and here's how Andersen responded before issuing a clean audit opinion (11 days later): "Andersen responded by reviewing each allegation and asking the foundation if it was true. In a court filing, the firm said the foundation denied each allegation and repeatedly assured Andersen ... of its financial stability.'" Imagine. After Andersen gets multiple clues from multiple sources Andersen auditors meet the perpetrators of the fraud and ask these scalawags if they (the crooks) are crooks. When the crooks say absolutely not, the Andersen clowns say, well okay then, we'll certify your statements. And they do. That is some way to audit. Paul Senior, who in another life, once managed a small manufacturing-quality audit staff for a large multinational Argh. Those links are ruining my cocktail hour. Those poor retired people. Somebody ought to do jail time for putting them through the pain/grief/financial loss.