Financial Ratings Agencies: Getting Off Easy? | Newsweek Business | Newsweek.com

Remember Arthur Andersen? The giant accounting firm ceased operation in 2002 after authorities learned that its auditors had shredded documents related to Enron’s fraudulent schemes and were probably complicit in those practices. Even though the firm’s felony conviction was later vacated by the Supreme Court, Arthur Andersen’s name was so tarnished, and it faced so many outstanding lawsuits, that no one wanted to do business with it any longer. End of story. That’s life in the capitalist system, folks.

via Financial Ratings Agencies: Getting Off Easy? | Newsweek Business | Newsweek.com.

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