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Posts Tagged ‘Arthur Andersen

I’m so blue…

 

Readers can try their hands at recognizing the identifying hues of tech brands, NFL teams, and NHL clubs at Name that Blue.

[TotH to @mattiekahn]

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As we cogitate on color, we might recall that it was on this date in 2001 that energy high-flyer Enron (which had blue, among other colors, in its logo) declared bankruptcy.  The company, to that point a widely-cited exemplar effective corporate management (Fortune named it “America’s Most Innovative Company” six years in a row), turned out to have been innovative in an altogether different way: it was revealed that Enron’s performance– it claimed revenues of nearly $101 billion during 2000– was largely the product of institutionalized, systematic, and stealthily-executed accounting fraud.  In the aftermath, the Sarbanes-Oxley Act was passed; Arthur Andersen, the auditing firm that certified Enron’s results (and was, in the most charitable construction, asleep at the switch) went out of business; 11 financial institutions (among them, Deutsche Bank and Citicorp) paid over $20 billion dollars into the bankruptcy creditors’ account in recompense for having colluded with management… and “Enron” became synonymous with “corporate fraud and corruption.”

 source

 

Written by LW

December 2, 2013 at 1:01 am

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