You mentioned Arthur Anderson.
A couple of days ago, I filled out some claim forms for a class action litigation settlement having to do with a company called Boston Chicken. It is not likely you would hear of it in Oz. Boston Chicken operated restaurants called the Boston Market. The stock was much hyped here in the US. They also had some questionable accounting practices. The company went bankrupt and the residue bought up by McDonalds, the hamburger giant, which continues to operate the restaurants. Of course, the shareholders got screwed.
Anyway, there two defending parties settling this lawsuit - the underwriters (i.e. brokerage houses that initially offered the Boston Chicken stock) and Arthur Anderson.
Do you notice a pattern there?
As a shareholder, one gets to approve the Board of Directors' choice of auditing accounting firms. Never again will I vote for Arthur Anderson.
Alex
"Of course, you realize this means war." -B. Bunny
