Registered: Jul 2000
Location: Beatrice, Nebraska
Posts: 18808

http://www.nola.com/newsflash/topst...sflash-topstory

quote:

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CHICAGO (AP) -- The Arthur Andersen LLP employees who gathered at a downtown bar for an end-of-workday drink weren't in a celebratory mood. They were dreading pink slips.

Earlier Monday, after weeks of speculation and dreaded anticipation, it had become official: The 89-year-old accounting firm was laying off 7,000 workers, or more than a quarter of its nationwide work force.

"I'm out," said Chris Duffey, a computer technician who was laid-off after 2½ years with Andersen. Although the father of three said he was closing on a new house later this month, there were no tears.

"I'm not going to knock Andersen," he said. "It was a business decision. What they did is what they had to do."

Since its audit client Enron Corp. went bankrupt in December, Andersen has been hit by a barrage of lawsuits by Enron shareholders and creditors. It also has lost dozens of blue-chip clients and at least 10 overseas affiliates have bolted to rival firms, leaving the firm's future in doubt.

The firm employs about 5,300 people at its headquarters in downtown Chicago, where heavy layoffs are expected.

About 75 Andersen employees on Monday evening sat and stood in small groups scattered around the bar at Mother Hubbard's, talking in subdued tones, playing pool and gulping down drinks.

Some knew before they left their offices they would not be returning the next day. Others were told in an e-mail to check their voice mail Monday night to learn if they should report to work Tuesday.

Around 8 p.m., the Andersen workers in the bar began drifting out to the sidewalk, standing in the rain, away from the pounding music, to make the calls to the firm's offices to find out their fates.

Most were unwilling to talk about their plight, instead making their calls and then re-entering the bar to commiserate with co-workers or -- for those let go -- their former co-workers.

Lee Stump, who works for Andersen's global technology division, had trouble accessing his voice mail. Apparently more nervous than he appeared, he made two attempts to connect with his voice mail and failed.

After the second try, he handed his cell phone to a colleague to make the call for him. There were two messages waiting. After listening to the first, Stump grabbed the drink of another Andersen worker and gulped it down. He then pressed a button to hear the second message.

After a few moments, he announced his fate.

"I'm in," he said, unhappy despite the good news.

"It isn't right," he said vehemently as he re-entered the bar. "I don't want to talk about it."

Company officials are laying off workers and selling off assets in an effort to save the company, most likely in a sharply reduced form. Analysts have expressed doubts the company will survive, an opinion expressed by at least one laid-off worker.

"The company is going to go under in two months," Duffey predicted.

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Registered: Dec 2001
Location: Baton Rouge
Posts: 1575

If I was an employee, I'd sue them too... for deception, fraud, whatever. They signed on to work at a legit accounting firm, not for a bunch of felons. The leadership in that company lied to every employee it hired.

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Registered: Jul 2000
Location: Beatrice, Nebraska
Posts: 18808

Indeed, but I think there is a bit of limited liability involved somewhere that would indemnify the upper management-type people. I'm sure it can also be shown that despite their not knowing it, the employees had a hand in the fraudulent records.

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