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ARTHUR ANDERSEN: MISCARRIAGE OF JUSTICE, OR JUSTICE BY OTHER MEANS?
June 01, 2005
Victor Fleisher rounds up thoughts on Arthur Andersen's victory yesterday at the Supreme Court. The Court overturned the criminal conviction that destroyed the firm.
Several of the opinions in the roundup say that Arthur got off on a technicality, and that they had it coming.
While we have no particular affection for Arthur, we question the wisdom of indicting the firm itself, rather than just the partners involved. The real beneficiaries of Arthur's demise are the four remaining major audit firms. They now have 20% less competition - a result that can't help but increase costs for public companies and their investors. The lack of any subsequent firm indictments makes it seem that the government might agree with us.
Prior Coverage: HANG 'EM FIRST, AND LET THEM SORT IT OUT ON APPEAL
Cite: Arthur Andersen LLP v. United States
UPDATE: The Wall Street Journal weighs in.
Also, Professor Yin from the U of I law school has his say.
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