Off to a Doubtful Start
In what we can only hope is not a harbinger of things to come, the Accounting Oversight Board had its first meeting last week. During this inaugural meeting, they voted on such important topics as paying themselves $452,000 annual salaries and ratifying a lease to move their Washington headquarters into collapsed accounting firm Arthur Andersen's old space. They also voted down a proposal to rotate their own auditors every 5 years, saying the issue required further study. Yes, these are the people who are supposed to restore investor confidence. I don't know about you, but I'm feeling somewhat confident now - that this board will be meaningless.