Sound Bites From Around The Profession - Accounting Scandals
AccountingWEB presents our favorite funny, quirky quotes of the year to give you a good feeling for the debates and discussions that have gone on around the accounting profession in 2003 related to Accounting Scandals.
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- "It’s a feeding frenzy," Todd Zywicki, a bankruptcy law professor at George Mason University in Virginia, on the windfall for legal and accounting professionals involved in cleaning up the mess of record-breaking accounting failures and bankruptcies. FULL STORY
- "Just part of a bag of tricks to fool shareholders," Sen. Charles Grassley on announcing the Senate's intention to end the practice of providing tax refunds to companies who intentionally inflate earnings. FULL STORY
- "A poster child for conspicuous conflicts of interest," as described by a colleague of Jack B. Grubman, a telecommunication analyst for Solomon Smith Barney, who was part of a $1.4 billion settlement with Wall Street firms over conflict of interest claims. FULL STORY
- "Things I believe I did not say, and things that I possibly could have said, but don't believe I said," Andersen auditor David Duncan, who was in charge of the Enron audit, in characterizing types of misstatements he believes the FBI has made about his testimony. FULL STORY
- Employees were "androids . . . encouraged to bill our brains out." Barbara Ley Toffler, former Andersen partner-in-charge of Andersen's Ethics & Responsible Business Practices consulting services in her new book, Final Accounting: Ambition, Greed, and the Fall of Arthur Andersen. FULL STORY
- "Instead of drilling for oil and gas, Enron was drilling the tax code, looking for ways to find more and more tax shelters," Senator John B. Breaux after reviewing the highlights of the U.S. Senate's Joint Committee on Taxation three-volume, 2,700 page report on Enron misdoings. FULL STORY
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.