Soon after the Big Five accounting firm Arthur Andersen was found guilty at trial in 2002 of obstruction of justice for having shredded massive numbers of documents while under investigation — with Andersen going under as a result — I attended a CLE program at which Eliot Spitzer was the key panelist. He was then in his heyday as New York state’s attorney general, or, as he was often known, “the sheriff of Wall Street.”
In the presence of one of the former Enron special prosecutors on the panel who tried to defend the prosecution monstrosity that U.S. v Arthur Andersen LLP had become, Spitzer unabashedly looked her squarely in the eye and said that indicting Andersen was “the worst prosecution decision” in American history. Just imagine — Eliot Spitzer opining that a white-collar prosecution had been too aggressive, and that the prosecutors had basically gone rogue in the process.
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