All up and down Wall Street, analysts, brokers, and investment advisors are pointing the finger at Enron, and blaming it for the fear of opaque accounting which has brought down shares of Tyco, AOL Time Warner, Williams, etc. in recent days.

And Bush himself called for accounting reform in the State of the Union.

This is no hoax. Investors get pissed when a company waits months then announces 'Oh, by the way, we goofed way back when on the valuation of certain off-budget partnerships, and our net worth is actually $1.2 billion less than we thought it was.' It destroys credibility, and it sounds pretty scandalous to me. You are correct in that it should NOT be a political scandal. Let the markets and the SEC punish these financial disclosure transgressions, and if crimes were committed, the appropriate legal authorities. We can certainly do without the pompous hypocrites in Congress acting out a laughable parody of righteous indignation whenever they spot a TV camera...

And maybe it was just a case of 'bad cellular' at Arthur Andersen? Enron executives called them and said, "Ship the Enron documents to the Feds" But Arthur Andersen heard, "Rip the Enron documents to shreds!"