Andersen CEO grilled by panel on auditing role
Enron collapse prompts harsh questioning of Arthur Andersen chief executive Joseph Berardino. He says he lacks clear answers about what the firm knew and when, while lawmakers press for details on partnership dealings and the audit scope. The hearing follows scrutiny from regulators and other inquiries into Enron’s finances.
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House to vote next week on major campaign spending reform bill
House leaders set next Tuesday and Wednesday for a vote on the Shays Meehan campaign finance reform bill. The measure would ban soft money to parties, curb certain ads, and require greater disclosure. Supporters say Enron disclosures create momentum for reform, while opponents warn of free speech limits.
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Productivity rises at 3.5 percent rate
Washington reports that worker productivity grew 3.5 percent in the October-December quarter, the largest rise in over a year as businesses cut hours and jobs to cope with the weak economy. Payrolls were slashed while output rose, with total hours worked falling faster than output.
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