Arthur Anderson Overturned - Kenny Boy probably next if he even

[Jon8503]

goes to trial. A setback for corporate wrongdoing. Also, it was a 9 - 0 vote.

[Gothmog]

1. Judge clearly screwed up

I have read the decision. The jury instructions were so flawed that the jury could find that an otherwise legal conduct or policy was a crime. The US Attorney was desparate for a conviction and pushed too hard. The judge should have never submitted the case on these jury instructions.

Please understand that AA used to be one of the best of the major accounting firms. It was wrong for the firm to be taken down in this case when the jury instructions were so poorly done.

[Orrex]

2. That's true, but

The article that I read mentions that this is a symbolic victory
because AA has been so thoroughly decimated in the wake of the scandal.

AA is more or less permanently associated with Enron, however laudable their previous practices may have been.

[cajones_II]

4. AA's practices were never what I'd call "laudable"

Here on the West Coast, if you had a prospectus where the numbers didn't add up, or you needed some really "pie in the sky" projections, you called in the fish squad at Arthur Anderson.

In my experience, those guys would start with the conclusion you wanted, and work it all backwards to perfection. Many a spec project in California in the 80's were certified by an AA accountant.

Their style of accounting contributed to the notion that honest just isn't as profitable, and to insist on such things as a General Partner was foolish and quaint. IMO they ended up where I knew they always would. Their contribution to the Finance industry is a questionable deal-driven specious logic that still infects the business; and until the guys on top learn that they have engendered enough distrust for a lifetime of investors, the DOW will stay mired in the 10,000 range while they thrash about looking for new fish to replace the ones who have left.

[Gothmog]

5. Andersen is dead

The firm could not audit anyone with the criminal conviction pending. There will likely be no retrial of this case and I do not think that the US Govt. could win with the jury instruction approved by the Supreme Court.

[RaleighNCDUer]

6. AA was criminally negligent with its record keeping and in hiding

its dealings.

Does the unclear instructions mean that the specifics with which AA was charged were not true?

If the judge's instructions were flawed, doesn't that provide some cover for AA, getting them off the hook? Maybe they were deliberately flawed, so that the decision would be overturned?

Who was the Texas judge in charge of the AA trial?

The energy industry owns the courts in Texas. Maybe we should ask these questions.

Or maybe I'm just paranoid.

[cajones_II]

7. Think Priscilla Owen might have had a hand in Texas

That would be pretty typical; it was her jurisdiction; and she heard other Enron related matters

[KurtNYC]

3. Check this line from the article

The ruling is a setback for the Bush administration, which made prosecution of white-collar criminals a high priority following accounting scandals at major corporations.

http://www.usatoday.com/money/industries/banking/2005-05-31-scotus-andersen_x.htm

The poor Boosh admin dealt another set back in their dogged pursuit of white collar donations, er, criminals! The "news" is so rediculously skewed it would be impossible to write parodies of it.

[Jon8503]

8. This goes to show you how dam good this administration is on

getting the spin out on something.

#1) This Admin is not serious about corporate corruption and never has been. They have put a lot of lip service out on it and that is all.

#2) They have their media put out something like this. It is a setback for the Bush Administration. They love it.

This is not a setback for them.