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

To: stockman_scott who wrote (1904)	3/14/2002 2:32:19 PM
From: Raymond Duray	Read Replies (1) \| Respond to of 3602

Hi Scott, Re: In addition to competition issues, a number of leading critics of the accounting industry -- including Volcker and former SEC chairman Arthur Levitt Jr. -- warn that the collapse of Andersen may scotch the best opportunity in decades to clean up problems that are widespread in the accounting profession. Their argument is that if Andersen can be "reformed" along the lines outlined by Volcker -- without the temptation to cut corners on audits to win lucrative consulting contracts -- it will create a tough, quality auditing firm sought after by corporations now eager to allay shareholder anxieties. In the resulting competition, other firms would eventually be forced to emulate the "new Andersen," in the process enhancing auditor independence and audit quality across an industry where questionable practices and audit failures have not been limited to Andersen. "My purpose is not to save Andersen but to finally bring some reform to an industry that has resisted it for decades," said Volcker. "Maybe its a romantic notion, but I thought it was worth a try." My opinion is that we should drive a stake through the rotten heart of Andersen. It's a bucket shop of petty corruption and grand larceny. No useful economic purpose is served by keeping such a criminal culture alive. Have a Nuclear Free Day, Ray

To: stockman_scott who wrote (1904)	3/14/2002 8:57:37 PM
From: Zeuspaul	Read Replies (1) \| Respond to of 3602

In addition to competition issues, a number of leading critics of the accounting industry -- including Volcker and former SEC chairman Arthur Levitt Jr. -- warn that the collapse of Andersen may scotch the best opportunity in decades to clean up problems that are widespread in the accounting profession. Their argument is that if Andersen can be "reformed" along the lines outlined by Volcker -- without the temptation to cut corners on audits to win lucrative consulting contracts -- it will create a tough, quality auditing firm sought after by corporations now eager to allay shareholder anxieties. When it is their own kind they sing a different tune. Stiff jail sentences will work better. Zeuspaul