January 30, 2002 |
Think straight, talk straight. That motto was coined by Arthur Edward Andersen, a Northwestern University accounting professor who made standing up for what's right the bedrock principle of the company he founded 88 years ago. What John Wayne was to westerns, Andersen was to accounting--demanding absolute honesty and probity from employees and clients alike.
June 8, 1999 |
Santa Ana-based Procom Technology Inc. said Monday that its outside auditor, Arthur Andersen LLP, resigned abruptly. Procom officials said they received a letter from the accounting firm on June 1 in which Arthur Andersen said it had gone through an analysis of Andersen's clients, after which they chose to resign from the company.
August 8, 2000 |
An international arbitrator Monday ended a long-standing dispute between Arthur Andersen and its sister firm Andersen Consulting, ruling that the profitable consulting arm can run its own show without any future payments to the accounting firm. Both sides claimed victory after the ruling by a Paris-based arbitrator, but Arthur Andersen's chief executive resigned hours after the decision came down.
May 20, 1994 |
The state's accounting board has sought to revoke or suspend the license of Arthur Andersen & Co., the world's biggest accounting firm, for what it calls negligence in auditing Lincoln Savings and two other companies. Irvine-based Lincoln was seized in 1989 at an ultimate cost to taxpayers of $3.4 billion, America's costliest thrift failure. Charles H. Keating, the chairman of its Phoenix-based parent company, American Continental Corp., is serving a 12-year prison sentence for fraud.
September 27, 1989
Accounting Merger Talks Halted: Arthur Andersen & Co. and Price Waterhouse & Co. said they have ended merger talks that would have created the world's biggest accounting and consulting company. The discussions were discontinued because differences could not be resolved within a realistic period, the companies said in a joint statement. Other factors, including regulatory concerns, also helped to derail the talks. The Justice Department asked Price Waterhouse for information, including client lists, shortly after the merger talks were announced July 6, an official said.
July 22, 2002 |
Arthur Andersen Business Consulting, the German consulting business of Arthur Andersen, is merging with Deloitte Consulting, the German unit of Deloitte Touche Tohmatsu's management consulting business, the German business newspaper Handelsblatt said, without citing a source. A letter of intent has been signed, and the companies plan to make the merger public next week, Handelsblatt said.
April 29, 2009 |
In a blast from the past, Arthur Andersen agreed to pay $16 million to Enron Corp. creditors to settle claims that the accounting firm was negligent in auditing and advising the onetime giant energy trader, which collapsed in bankruptcy in 2001. A hearing on whether a bankruptcy judge should approve the settlement is scheduled for May 14. The accord resolves a lawsuit filed in Houston accusing Arthur Andersen, now largely defunct, of approving transactions that manipulated Enron's financial condition for the benefit of its executives.