The shamed accountancy firm, Arthur Andersen, is poised to make a return 12 years after a major scandal forced its closure.
Former partners in Arthur Andersen have bought the rights to the name and intend to rename their consultancy “Andersen Tax”.
Arthur Andersen intentionally shredded audit documents about energy company Enron during an investigation into the cover-up of losses of billions of dollars at Enron.
Enron collapsed in 2001 with Arthur Andersen following swiftly after in 2002. Arthur Andersen was eventually found guilty of obstructing justice.
Before then, the firm had been respected and in the world’s “big five” accountancy services.
The Enron affair became one of the largest corporate scandals in history. Thousands of people lost their jobs, shareholders lost fortunes. Nearly 100,000 at Andersen also lost their jobs.
After Andersen closed, more than 20 former partners set up a tax firm and grew it to become one of the largest in the US. It wisely does not take on any audit work.
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Maybe Thieves Lane is actually more apt now. How many thousands of Brits have been tricked into paying into Portuguese Social Security ?
When trying to start their businesses and being told to pay SS ...then failing at great cost - as always intended by the contablista and neighbouring elite competitors.
Or alternately - the contablista intentially screwing up the Capital Gains / Mais Valias on a house sale - particularly with those Brits leaving - to increase the wodge to Portugal.
The Brit now back in the UK yet still being hounded by Financas!
Then all the hundreds of thousands of bent tax declarations from shop tills nationwide that Financas had to plough through just a few months ago .... and still is.
Maybe inspired by OTOC circulating a suggestion 'How to do it' - to their contablista membership ?
On a lighter note I'm reminded of the old Cooper Brothers firm (now PwC) who were based in Gutter Lane in the City and asked the council if the road could be renamed "Cooper's Lane". The council refused and suggested they change their name to Gutter Brothers. Andersens and EY beat them to it!