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It was discussed one evening on Fox during the 6:00 hour that Arthur Anderson made tens of millions of dollars a year providing consulting fees for Enron, in addition to cooking, I mean, monitoring their books. I lived in CT years ago when Arthur Anderson was caught out with a huge development company that went under - the company went under within a month or two of Arthur Anderson providing quarterly reports to investors that looked glowingly healthy. The White House needs to turn this story around ASAP.

Thanks for the info. I doubt AA's the only firm that conveniently overlooks corporate mismanagement. The VP-Finance at the college in my town has been cooking the books for years, and the auditor (another big 8 accounting firm) gives the school a clean bill of health every year.

I lost a few K on Enron. Fortunately it was not like some people whom were destroyed. I blame my loss on Arthur Andersen Accounting Firm. I bought Enron based on the quarterly report which looked great and the stock was a bargain based on the quarterly report. The quarterly report was given the stamp of approval by Arthur Andersen. The quarterly report was a damned lie.

The heads of Enron were crooks and thieves. Arthur Andersen is either totally incompetent beyond belief or Arthur Andersen is corrupt. I believe they are corrupt.

When you do an audit of a company it is a complex process but in the end it comes up with two figures. What is the company worth and what does the company owe. This gives the net worth of the company and from this one can make a reasonable calculation of the value of the stock. Arthur Anderson did not report either figure even remotely close.

PS
If you have Arthur Andersen in your portfolio I would suggest shorting the stock.