Bigger than Enron
by Volker Weber
On June 15, a Houston jury convicted Arthur Andersen -- the 89-year-old accounting firm once known as the gold standard of integrity in auditing -- for obstruction of justice in the government's investigation of Enron, Andersen's biggest client. With the demise of Andersen, the American business landscape was forever altered. But something else was altered as well: the scandal surrounding Enron and Andersen, together with the wave of other major accounting scandals that have come to light in recent months, has dealt America's markets an unsettling psychological blow. If we can't trust the auditors, investors wonder, whom can we trust?
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