New US regulator follows Andersen trail
In an ironic twist-of-fate, the heralded new US accountancy regulator, created to counteract Enron-like scandals, is literally following in the footsteps of Enron's auditor Andersen.
The Public Company Accounting Oversight Board, who holds its first public meeting today, is moving into the eighth and nighth floor of an office just three blocks from the White House.
The reason why these premises in this popular area were vacant, is that they used to be the Washington base of Andersen. After the Department of Justice found the Big Five firm guilty of obstruction of justice, its operations shrunk to just a handful of lawyer looking after outstanding suits.
One thing in favour of the oversight board: it is not likely to find stray files lying around – the defunct firm had an excellent reputation for shredding and tidying up.