IP: I'm ( Gordon Cook) learning (re Enron and Andersen)

[David Farber <dave () farber net>]

> X-Sender: cook () pop3 netaxs com
> Date: Mon, 14 Jan 2002 11:14:51 -0500
> To: farber () cis upenn edu, Stan Hanks <stan () tta com>
> From: Gordon Cook <cook () cookreport com>
> Subject: I'm learning (re Enron and Andersen)
>
> In reading today's New York Times I see that my take on Enron and Andersen 
> was naive.  Evidently  *all* the big five accounting firms run huge 
> consulting operations with generally their best clients being the firms 
> that they  ALSO audit.  Furthermore all the big five have been harshly 
> criticized by various regulators for this continuing practice.
>
> I meant to suggest no conspiracy, but from various reactions I can see 
> that some readers thought otherwise.  I also was unaware of the existence 
> of internal warfare within Andersen re its own consulting at the time.
>
> Consequently, I now understand what seemed to me to be newsworthy as a 
> conflict of interest between Enron and Andersen was not at all unusual and 
> in that sense not especially newsworthy and hence not really worthwhile in 
> calling attention to.
>
> Information that I thought was adequate was really inadequate and 
> consequently  I stumbled into a briar patch on territory that I did not 
> know well.  I don't agree with Stan's interpretation of my 
> action.  However,  while it was also I who sent Stan the  post from IP, 
> I  understand better now why he was offended and certainly regret 
> any  offense caused to Stan and to Lin.
>
> Please share this with IP.
> --

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