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Date Posted: 09:48:12 03/20/05 Sun
Author: No name
Subject: Accenture ties with SEC
In reply to: 's message, "SEC Probe Into Accenture" on 09:46:56 03/20/05 Sun

Accenture and the SEC Ties
No worry Harvey Pitt prior head of the Securities Exchange Commission (SEC) came from Arthur Anderson/Accenture he wanted to have them audit the SEC to via their crony pals McKinsey. make sure that Enron Investigation was being properly organized and managed. Both Accenture and McKinsey were being investigated for the Enron Mess. Why not just Hire Ken Lay to advise the SEC how to organize its white collar crime division investigating Enron.

From the start of the SEC, this institution was corrupted. The first head was Joe Kennedy Sr. FDR said the only way to deal with a crook is to hire one.

www.sba.uconn.edu/USERS/cearley/ACCT243p/SECPres-2004.pdf

SEC - Formed as part of the Securities Exchange Act of 1934 as an “independent, nonpartisan, quasi-judicial regulatory agency” of the US government. First Chairman was Joseph P. Kennedy (father of JFK) from 1934 - 1935. Had made a lot of money in “shady” stock market deals, which he outlawed during his term. Many felt that the appointment of Joe Kennedy to head the SEC was a case of “the fox guarding the henhouse.” SEC Administers and enforces securities laws. Most notable for accountants are Securities Act of 1933 and Securities Exchange Act of 1934.

FDR – “The only way to deal with a crook is to hire a crook”.

The solution is to regulate the accounting industry. Self Regulation has failed to protect investors. Sarbanes/Oxley results in more funds for the Accounting Firms that were actively involved with the scandals. eg. Ed Gillipse the top lobbyist for the acccounting industry. Lobbied SEC head Harvey Pitt Arthur Anderson/Accenture Lawyer to change the laws that resulted in the Enron Mess.
www.sba.uconn.edu/USERS/cearley/ACCT243p/Enrontimeline.pdf

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