Editorial: Trading and accounting

06/24/2002
The arrogance of trading and complicity of accounting create a dilemma for American business. Companies can impose and enforce controls likely to shrink the potential for quick profits. Or they can let governments do the job. Of the two choices, self-enforcement is the less costly.Enron Corp., bankrupt and disgraced, has discredited the practice of trading. Arthur Andersen, the Enron auditor newly convicted of obstructing justice, has stained the practice of accounting. The companies might not survive. The functions they represent must. Functions neededBusiness, the energy business no less than any other, needs trading. It needs a mechanism for managing risks and cash flows and for trans...
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