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To: Libloather; Ernest_at_the_Beach
While, I think that many individuals at Enron did some very classic corrupt things; I am much more troubled by what the folks at Aurther Anderson did not do. To me that is the overarching issue.

There are always crooks and folks trying to manipulate company assets for their own benefits. Hopefully a good company or a "large company" has checks and balances in place to prevent such actions. A large company, traded on a major stock exchange and regulated by the SEC, should have sufficient internal checks and balances to prevent such corrupt practices. An additional level of protection should be the independent auditor.

It is hard for me to believe that there was such obvious cooking the books going on (or wishfull financial accounting of earnings and expenses) at En-Wrong, Global Crossing, WorldCom, Qwest, Sunbeam, etc. With such creative accounting, lack of internal checks and balances, lack of Board of Director oversight, lack of SEC oversight, lack of FERC or FCC oversight, lack of state regulatory agency oversight, lack of institutional investment analyst problem identification, or lack of credit rating agency blowing the whistle earlier.

There were so many companies and so many who were asleep at the switch is what if find disturbing. Yes, the Clinton legacy was all about "not getting caught and when caught stonewalling the truth."

2 posted on 08/29/2002 11:26:11 AM PDT by Robert357
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To: Robert357
for a large number of years, arthur anderson has been the best audit money could buy, what ever your desired result.

we should have a lot more in jail, and a lot more funds impounded and given to those who are justly owed.
4 posted on 08/31/2002 7:34:20 PM PDT by XBob
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