There could have been no Enron without Arthur Andersen’s complicity; no subprime crisis without AIG selling out. There could have been no Carillion without the Big Four accounting firms.
There also could have been no 2007-2008 banking crisis without the bond rating agencies (paid by the sellers, natch) giving absolute garbage securities AAA ratings.
While breaking these companies up (esp. separating the consulting units from the accounting ones) would be a good start, there’s a deep problem here.
