Dr.,Phil,McGraw,Interrogates,A business, insurance Dr. Phil McGraw Interrogates Arthur Andersen LLP
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Here's a hypothetical situation. Phil McGraw cross-examines top partner at Arthur Andersen who was instrumental in covering up Enron's financial woes. He asks, "How is the Enron situation working for you?" Top partner answers, "Fine." Let's get real. Arthur Andersen LLP is fighting to remain in business -- and so far the battle is going strong. The Big Five service company, known as the Cadillac of professional firms, is working around the clock to resolve possible criminal charges but as it stands right now, the verdict has come in. A federal grand jury has indicted the Andersen accounting firm, charging it with obstruction of justice, the first criminal charge brought in the scandal surrounding the collapse of energy trader Enron Corp. The firm vows to fight and is also negotiating a sale of some or all of its operations to KPMG, Deloitte Touche Tohmatsu or another competitor. In addition, the firm is trying to unflinchingly stop a stream of client defections; those who have already left include Merck, Federal Express, Sara Lee, among dozens of others. Separately, UtiliCorp United Inc., the third-largest remaining U.S. auditing client for Andersen is continuing to retain them. All in all though, it's been a terrible time for the accounting giant - and it isn't over yet.What are the chances for survival for Arthur Andersen LLP? I'd say pretty good.Andersen has been looked upon as a public guardian, setting the standards for all involved. After its involvement with Enron, their reputation may be tarnished but not beyond repair. We all mistakes but it doesn't mean that's who we are. We have to correct our mistakes, learn from them and move on. The end result is that it makes us stronger but you can't get stronger if people don't allow you a second chance as in the case with the Justice Department's action against Andersen, not to mention clients running off scared.Haven't we all experienced moments in our lives when we have been put to a test and don't know what to do? For example, you are a dutifully employee yet get fired because you expose that the chief operating officer is an alcoholic. You could have kept your mouth shut and maintained your job but something inside you kept saying, "I cannot stand another day of this abuse," and you act on it. Others, in the same position might hang on with tight-lip for fear of losing their job. Who is to say whose reaction is right or wrong? Or, perhaps you are CFO of a publicly-traded company and are fully aware that the company's sales projections are inflated. You do your best to navigate your way through it. You start complaining and pretty soon you can't stop. Out you go -- voluntary or involuntary. Mistake? How can one judge until after the fact? Or, the value of your stock options is tied to how much you sell for the company. Ever thought about pushing the envelope to fabricate sales? Some do, some don't. Where do you draw the line? Time to pause for a moment and ask yourself that very same question. If you don't, Dr. Phil will.You should hold firmly to your values, integrity and morals. If you can't, then walk. If you decide to stay, as in the case of Andersen employees, then be prepared to risk it all. At some point, you will have to come clean, admit mistakes and bare the consequences.Bankruptcy offers one possible solution to the Andersen problem. This might make it simpler for one of the other Big Four to acquire its business. It seems only natural that anti-trust concerns might be waived in the event of a bankruptcy. So if Andersen declares bankruptcy, which they have indicated they have no plans to do so, this might pre-empt any regulatory concern about anti-competitive mergers.I look at it this way. If actor Tim Allen can serve time in prison and later come back to churn out a best-selling book and televison show, then Arthur Andersen can surely survive over the long haul. And Dr. Phil McGraw might add, "Now, you are getting real." Article Tags: Phil Mcgraw, Arthur Andersen
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