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With its roots in the utility business, the company enjoyed a solid reputation for old-economy stability. But unlike other energy companies that didn't get it, Enron thrust itself headlong onto the Internet. The business press ate it up; so did Wall Street, sending the stock into the stratosphere. At its peak, Enron was worth about $70 billion, its shares trading for about $90 each. All that came crashing down starting last October, when the company admitted that it had misstated its income and that its equity value was a couple of billion dollars less than its balance sheet said.
Then, as Enron unraveled, the auditors acted as if they had something to hide. Since Enron collapsed, Joseph F. Berardino, Andersen's chief executive, has tried to insulate Andersen from the storm. He said Enron officials had concealed information from his auditors that -- had the auditors only known -- would have kept Enron from hiding some losses.