Replies

It's a good question, Howlin, how they've stayed in business and I sure wish I knew the answer. I watched first-hand in CT as many good people lost everything because they invested in a development firm based on false financials provided by Arthur Anderson. Companies folded, people lost jobs, bankruptcies were declared, foreclosures happened. It was ugly and it was a huge story in CT. Everyone thought AA would be banished but I guess they just get hired by other companies who want to provide false financials! It's a good deal if you can get it.

...but how have they stayed in business?

AA stayed in business by cooking the books of failing companies. They'd get paid "consulting fees" out of a companies treasury while they were auditing the company. The company would then get glowing earnings reports. The top shareholders would sell off their stock at a high price as the company fell apart, then the smaller share holders(ie pensioners) would get stuck with worthless stock. During the Clinton Administration there were numerous examples of this that they refused to act on. Another Clinton mess for Bush to clean up.

Sunbeam Corp. and Waste Management, Inc. are two 'scandals' AA has been linked to. IMHO, we would see similair problems if the books of Marriott Intl. were opened up, they've paid AA almost $32 million. You know something stinky is going on there.