Well, this sort of thing will keep the stock market down for a while to come. After all, its very existence depends on companies that state their profits and losses accurately. Once the trust in the system breaks down, the stock market has serious problems. (It may anyway, but that's another issue entirely.)
Bergonzi's attorney, Ira Raphaelson, said the real problem is confusing accounting rules. "The rules are unclear," he said.
Oh, please. How many rules can there be that say, "No, really, lie about your earnings. No problem at all, honestly. Just go in and change the figures for no reason whatsoever."
At least this one has nothing to do with accounting firms, merely corrupt executives. Andersen can breathe a sigh of relief ... or something.Posted by iain at June 22, 2002 11:19 PM