Arthur Andersen is finished. How do you feel about that?
I've heard a good deal from employees there, who are likely out of work there. And I do feel badly for them. Yet it isn't the first time the sins of a few have ruined it for the many. Just look at Enron. Or Qwest Communications.
No, it's happened before. And it will happen again. But you know what bugs me? No one is looking at the other victims here: The people who invested because they trusted. They trusted accounting firms like Arthur Andersen to do their job. And they didn't.
They assumed when an accounting firm like Andersen raised its thumb up on a company, that it wasn't raising up another finger instead. But it was. All were burned. Young, old, teachers, retirees, policemen and firemen, housewives, and cooks. Folks who hoped for the best but got the worst.
I don't blame every one at Arthur Andersen. But they are all part of Arthur Andersen.
The same company that was warned on at least two prior occasions, before Enron, before all the other headlines, that it was playing fast and loose.
Now thousands are left high and dry. People who wanted to retire, but now can't. People who wanted to have fun, but now wait. People who wanted to believe the firms who check the books, knew the books. But now wonder whether they ever knew them at all.
I feel sorry for the innocent workers who suffered at Arthur Andersen.
I feel sorrier still for the thousands more who suffered because of Arthur Andersen.
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Neil Cavuto serves as senior vice president, anchor and managing editor for both FOX News Channel (FNC) and FOX Business Network (FBN). He is anchor of FNC's Your World with Cavuto - the number one rated cable news program for the 4 p.m. timeslot - as well as the FNC Saturday show Cavuto on Business. He also hosts Cavuto on FBN weeknights at 8 p.m. In addition to anchoring daily programs and breaking news specials on FNC and FBN, Cavuto oversees business news content for both networks and FNC's weekend business shows, including Bulls & Bears, Forbes on Fox, and Cashin' In. Click here for more on Neil Cavuto.