A former Wall Street analyst describes his discovery of the world of high-stakes investment, discussing the pervasive use of inside information, the corruption that cheated many investors, and how the insider's game is played.
This exposé reveals the unethical practices that led to the indictment and collapse of the once-revered accounting firm. Arthur Andersen's conviction for obstruction of justice related to the Enron scandal marked the end of its 88-year legacy. Previously seen as the conscience of the accounting profession, the firm’s decline was evident long before the Enron crisis. Barbara Ley Toffler, a former Andersen partner and expert in ethics, provides an insider's perspective on how a culture of arrogance and greed permeated the organization, resulting in significant lapses in judgment. Toffler chronicles the gradual deterioration of values that contributed not only to Enron but also to earlier scandals involving other clients like Sunbeam and Waste Management, setting the stage for accounting failures at WorldCom and beyond. She describes the indoctrination process within Andersen, where employees, termed "Androids," prioritized client satisfaction over quality work, leading to internal conflicts and a focus on excessive billing. Having served as an ethics consultant to over 60 major companies, Toffler is uniquely positioned to analyze the ethical missteps at Andersen and the decay of its once-proud culture. Her insights carry significant implications for CEOs and investors, making this a vital account of one of the greatest upheavals in U.S. history.