And avoids indictment. That's the story from the W$J, linked and discussed briefly by Gordon Smith, discussed previously, e.g., here.
Based on what I know about this case, and I confess to understanding blip about BLIPS, the stuff KPMG was doing -- promoting tax shelters that had a very small chance of legitimacy -- was bad.
Yet putting the firm out of business would have been, in my view, monumentally stupid. But, Tom K points out, the case has left such a mess that the firm may melt down anyway. If that happens, put it down to mismanagement. It would be a bad situation to be left with a Big Three, but chalk up some of that badness to the government's Arthur Andersen fiasco. In a market economy, firms mess up and disappear. That causes enough problems without the government making them disappear.
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