Highlights
The story of Andersen, a once-great Chicago accounting firm shut down after the collapse of client Enron Corp., started in 1913, when the son of Norwegian immigrants set up shop on West Monroe Street in Chicago. Arthur Andersen's mother had schooled him in a Scandinavian axiom--"Think straight, talk straight"-- and he believed a firm that didn't sugarcoat its opinions could earn the respect of clients. At the time, the accounting profession was dominated by a few big houses with London roots. Andersen wanted to set his firm apart by making money beyond routine bookkeeping. When he sat down to craft the announcement of his firm's opening on Dec. 1, 1913, Andersen also promised to provide "the...
The story of Andersen, a once-great Chicago accounting firm shut down after the collapse of client Enron Corp., started in 1913, when the son of Norwegian immigrants set up shop on West Monroe Street in Chicago. Arthur Andersen's mother had schooled him in a Scandinavian axiom--"Think straight, talk straight"-- and he believed a firm that didn't sugarcoat its opinions could earn the respect of clients. At the time, the accounting profession was dominated by a few big houses with London roots. Andersen wanted to set his firm apart by making money beyond routine bookkeeping. When he sat down to craft the announcement of his firm's opening on Dec. 1, 1913, Andersen also promised to provide "the designing and installing of new systems of financial and cost accounting and organization." But he insisted that without integrity, the firm would never grow. He set the tone in 1914 when a railroad executive demanded that Andersen bless a corporate ledger marred by inflated profits. Andersen sent him packing, establishing a reputation for independent thinking that would lead to decades of prosperity. His brand of stern independence carried on through Leonard Spacek, who succeeded Andersen after the founder's death in 1947. The Andersen name disappeared from the Chicago business scene in 2002, but its legacy lives on through Accenture, the firm formerly known as Andersen Consulting.
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Baltimore Grand Prix group in turmoil
IndyCar executives met with Baltimore officials Monday to discuss the future of the company planning the city's Grand Prix — and whether the leader of the group should depart. Downforce Racing LLC, which took over the troubled event earlier this...
Tags: Stephanie Rawlings-Blake, Egypt, New York City, Labor Day, Corporate Officers
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New Grand Prix chief is racing fan and driver
Construction magnate and self-described "gearhead" Dale Dillon has built offices for high-speed racing teams, laid tracks for IndyCar contests in two cities and, despite having only one leg, raced open-wheeled cars competitively around the country.
Now,...Tags: College Sports, Car Repair and Maintenance Tips, Cancer, Labor Day, Oriole Park at Camden Yards
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Court reverses conviction of Enron auditor
Sun National StaffThe Supreme Court threw out the government's high-profile conviction against Arthur Andersen yesterday, saying in a unanimous and swift decision that jurors relied on flawed instructions in 2002 when they found that the accounting giant had obstructed...Tags: Prosecution, George Bush, Antonin Scalia, U.S. Department of Justice, Judges
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Ousted AIG chief to take the 5th today
Bloomberg NewsNEW YORK - Maurice R. "Hank" Greenberg, ousted last month as chief executive officer of American International Group Inc., will invoke his legal right to avoid self-incrimination when he testifies today before investigators probing the insurer's...Tags: Prosecution, NYSE, Criminals, Stock Market, Manhattan (New York City)
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Lay blasts U.S. over Enron
Associated PressAbout a month before he faces two trials on fraud and conspiracy charges, Enron Corp. founder Kenneth L. Lay reiterated his insistence that he is innocent of any wrongdoing related to his company's scandalous collapse four years ago. In a speech to about...Tags: Prosecution, Court Preliminary, Criminals, Fraud, U.S. Supreme Court
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Former top Enron official in plea-bargain discussions
Associated PressProsecutors and attorneys for Enron Corp.'s former chief accounting officer, Richard Causey, are in negotiations on a plea bargain on the eve of trial for founder Kenneth L. Lay and former CEO Jeffrey K. Skilling, according to people familiar with the...Tags: Prosecution, Court Preliminary, Fraud, Credit Ratings, Judges
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Ex-chief Lay indicted in fall of Enron
Sun StaffThe federal government's 2 1/2 -year investigation into the collapse of Enron Corp. reached the top of the shattered energy company's boardroom yesterday, as former Chairman and CEO Kenneth L. Lay was indicted on criminal charges related to the company'...Tags: Court Preliminary, Fraud, University of Virginia, U.S. Department of Justice, The New York Times
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Chimes, other charities are object of badly needed reform
FEDERAL authorities have launched a tax probe of Baltimore-based Chimes Inc. and have proposed sweeping governance standards, including executive salary limits, for Chimes and other nonprofit groups that get $2 billion annually from taxpayers to employ...Tags: Internal Revenue Service, NYSE, Standards, Contracts, Corporate Officers
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Some companies restate finances
Associated PressInvestors jarred by a wave of accounting scandals were jostled by smaller ripples Wednesday, as several big companies restated their finances against a deadline to swear to the accuracy of financial reports. After waiting until the last minute, scores of...Tags: Hunt Valley, W.R. Grace & Co., The Pantry Incorporated, Stock Market, Ciena Corporation
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The Enron collapse: A year later
The Associated PressA year after Enron Corp.'s facade as a thriving global energy behemoth began to crumble publicly, only remnants remain of the heady days in the 50-story headquarters where the rich and powerful once ruled. No one uses former chairman Kenneth L. Lay's...Tags: Houston Astros, Corporate Officers, Lawyers, Companies and Corporations, Employees
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Ex-Enron CFO Fastow indicted
The Associated PressFormer Enron Corp. chief financial officer Andrew S. Fastow was indicted Thursday on 78 federal counts alleging he masterminded a scheme to artificially inflate the bankrupt energy company’s profits. The indictment, returned by a grand jury in Houston...Tags: Bribery, Fines, Court Preliminary, Punishment, Fraud
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Company used basic fraud tactics, experts say
Associated PressWhat did Arthur Andersen know, and how could it have approved financial statements full of corporate chicanery? The questions that arose in Enron Corp.’s meltdown have surfaced again with WorldCom Inc. And while Andersen blames WorldCom for the latest...Tags: Investments, Fraud, Waste Management and Pollution Control, Global Crossing Limited, Annual Reports
Apr 16, 2012
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Jun 1, 2005
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Dec 14, 2005
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Dec 26, 2005
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Jul 8, 2004
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Dec 5, 2004
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Aug 14, 2002
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Oct 14, 2002
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Oct 31, 2002
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Jun 27, 2002
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