By Maxine Shapiro, KERA 90.1 commentator.
Dallas, TX – It's Friday, so "It's Only Money," a review of the big and not-so-big stories of the week. I'm Maxine Shapiro with KERA Marketplace Middays.
It was just two days ago that Arthur Andersen's hopes were bright for a merger with either Deloitte and Touche or Ernst and Young. That light went out yesterday when the Justice Department charged Andersen with a single felony count of obstruction of justice. Andersen accused the Justice Department of "a gross abuse of governmental power." I'm sorry, Andersen, but who abused the power here?
We've all seen enough cop shows to know that you don't tamper with evidence once an investigation has began, and it's even a bigger no-no when you destroy the evidence. And though Anderson says the shredding was confined to the Houston office, it's the Corporate Way for the buck to stop at the top. Unfortunately, the good workers at the 89-year-old firm better start sending out their resumes. Never before has a financial firm survived a criminal indictment.
I know firsthand. In 1987, I intuitively left E.F. Hutton one month before their buyout by Shearson. Their indictment occurred two years earlier. Hutton was a good firm. It just did a couple of stupid things. Andersen goes to court next Wednesday to fight their case. Good luck.
In the "why-can't-we-leave-the-rest-of-the-world-alone-with-our-restaurant-chains?" category, Dallas-based Romacorp, Inc., owner of Tony Roma's, announced this week that they'll be opening up restaurants in Detroit, Michigan and Sidney, Australia. That's right, halfway around the world. Tony Roma's can now join the neon world of McDonalds, Kentucky Fried Chicken, and of course, Starbucks. And according to the Dallas Business Journal, Tony Roma's already has 16 restaurants in Spain.
There are just some things better left to this continent and restaurant chains are one of them. I wonder if I could call up that lovely caf? in Paris and ask them to open up a few hundred restaurants here. You never know!
Oh, and your taxes are due?one month from today.
Stay healthy and happy. For KERA Marketplace Middays, I'm Maxine Shapiro.
Marketplace Midday Reports air on KERA 90.1 Monday - Friday at 1:04 P.M.