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View Diary: Thoughts on the Enron decision from an ex-Andersen guy (240 comments)

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  •  I hate to disagree here (1+ / 0-)
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    But the diarist made a big point that Anderson didn't pump the stock price up. That's true, but the analysts relied on Anderson's Auditors for cover to pump the stock.

    It also seemed to me that a disproprotinate amount of small firm and large firms who went down over the following years or suffered serious set backs due to fraudulent financials were also Anderson clients.

    To say that Enron was an isolated incident is ignoring the fact that the culture of the firm itself allowed people who were willing to make big big bets on stepping over the line with their clients would get huge rewards.

    I'm sorry for the loss of employement, but the firm needed to be broken up. Look at it another way, it would be tragic for awhile if Wal-Mart went out of business but I think ultimately the good that would come out of it would mitigate the first few years of misery.

    The people in the justice dept that went after Anderson in 02 were probably a number of career people left over from the Clinton years. They wern't forced into prosecuting the firm.

    If you want to place this ugly situation at Bush's feet then look at the relationship between Kenney Boy  and Bush from 95-2000. If not for the Enron checks written for thousands by many Enron employees for Bush's camapigns in 1996 and 2000 we may have not seen Bush in 2000. A huge chunk of that financing came from that area of the woods.

    Then you have to ask how Enron  could have had the pull to do all that before Bush became President?  

    Finally the banks are paying billions of dollars in claims. It may not make everyone whole. But hopefully some of the retirees who lost everything will get something back.

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    by Dburn on Thu May 25, 2006 at 08:17:08 PM PDT

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