When I was an undergraduate at university in England, our college hockey team solicited corporate sponsorship from Arthur Anderson accounting LLC. The team used to sing, in raucous and irreligious fashion: 'Arthur Anderson had many sons' to the well-known church tune of 'Father Abraham had many sons'.
Little did I think at the time that Arthur Anderson would be the syndicated accountancy firm hired by Enron. Enron, famously now, has been caught up in an accounting scandal that destroyed the once corporate giant. Now, bad news following upon bad, WorldCom has declared that it overestimated its revenues by several billion dollars. Fast on the heels of that news, venerable stock-safe-haven Xerox has mentioned that it too has overestimated its revenues to the tune of a few billion dollars.
The figures astound and Wall Street is reeling. One Wall Street broker simply remarked, 'This has just got to stop.'
