Andersen Collapses First

The hundred-billion-dollar giant WorldCom was facing intervention and investigation from the Securities and Exchange Commission and judicial authorities, which undoubtedly attracted the attention of countless people. However, who would have guessed that the first to collapse would not be them?

It was precisely the firm that provided external audits for WorldCom... Arthur Andersen!

May 15, 9:00 AM.

Arthur Andersen, hailed as one of the world's five largest international accounting firm giants, held a press conference today to officially announce the removal of current CEO Joseph Berardino from all personal positions and stated that they were contacting relevant departments to launch an investigation into him.

A desperate move to sacrifice the pawn to save the knight!

Aldo Cardoso, president of the France branch of Arthur Andersen, was appointed to the position of CEO of the Arthur Andersen group in this time of crisis.

"Aldo Cardoso?"

"I know him; he is a very capable big shot."

A reporter at the scene said solemnly.

"I know him too!"

A reporter from the Marseille journal in France echoed: "Aldo Cardoso is not only the head of Arthur Andersen's France branch, but he is also a specially appointed financial expert for the French Prime Minister's office, having made huge contributions to France over the years."

Aldo Cardoso's appointment in this time of crisis did indeed salvage some of Arthur Andersen's reputation.

However... the first order issued by the new CEO, Aldo Cardoso, after taking office was to lay off employees. And it was a massive layoff at that!

"To ensure Arthur Andersen's balance of payments, the company has decided: effective immediately, 2,000 employees will be laid off, and by the end of May, the total number of layoffs will be no less than 7,000!"

As soon as the news broke, the industry was instantly in