A news item in your April 30 edition ("FCA filed a lawsuit against Arthur Andersen & Co.") appears to have all the ingredients to substantiate the lack of accountability of American business leaders.
Spectacular growth in a competitive industry is always suspect. Financial Corp. of America, in light of their recent loan write-offs, must have lowered their underwriting requirements, knowing full well that a downturn in the economy would produce disastrous losses.
Predictably, a downturn happened and also, predictably, came the resultant responses in the grammar-school mentality of American business leaders: "It's not my fault!" and "Nobody told me!" and "The accountant shouldn't have let me get away with it!"
There is no way the accounting profession can protect business leaders and investors from their own greed. FCA's loss, in my opinion, rests right now where it belongs; with the shareholders and not with Arthur Andersen and/or its professional liability insurance carrier.
WALTER T. SULLENS, CPA