15May

How times change

Arthur Andersen fell from grace through a number of massive scandals in 2002 – through greed and building a behemoth accounting firm of &5,000 employees and 9b in revenue – where profits came before ethics and partners became salesmen – who’s Motto was cya (cover your arse)


Arthur Andersen himself originally built his business by putting reputation over profit. In 1914, months after the 28-year-old Northwestern University accounting professor founded his tiny company, the president of a local railroad demanded that he approve a peculiar transaction that would have lowered the company’s expenses and boosted earnings. Mr. Andersen, who at the time was worried about meeting his next payroll, told the president that there was “not enough money in the city of Chicago” to make him do it, according to a book published by the firm in 1988. The client promptly fired the accountant, but Mr. Andersen was vindicated months later when the company filed for bankruptcy.

Your values need to be set in stone!   

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