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Why did Arthur Andersen go along with Enron and Worldcom?

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Chicago's Andersen accounting firm, convicted earlier this month of obstruction of justice for destroying Enron-related records, was WorldCom's auditor during the five financial quarters in question. read more

What happened in this case, happens frequently, and probably caused the recession of 2008. Auditing Firms like to keep their customers. Most companies want reports that go public to look favorably upon their company. read more

A WorldCom Inc. executive notified the company's auditor, Arthur Andersen LLP, more than two years ago that the company was inflating profits by improperly accounting for expenses, but these practices continued, according to WorldCom documents released Sunday by congressional investigators. read more

WorldCom's accountants at the time were Arthur Andersen, the same people that looked after Enron's books as well as other companies hit by accounting issues - Tyco, Global Crossing and Adelphia. Andersen accused Mr Sullivan of withholding information from them. read more

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