Below is an Email I sent to Loomis Headquarters in Sweden.
Dear Loomis Team,
I read the news that Loomis was able to move 1.2 Billion ounces of Silver into your depository in 24 hours, which is an amazing feat.
"Today’s CME daily inventory report is sure to draw the attention of many. The Loomis Depository vault supposedly added 1.2 BILLION OUNCES of silver in 1 day! To put that in perspective, the total silver mined annually in 2020 was estimated to be 25,000 metric tons or just over 800 million troy ounces. Either this is one gigantic keystroke error or Loomis was able to pull off the biggest feat since David took down Goliath by throwing 37,000 metric tons into the vault in a period of 24 hours."
https://www.silverdoctors.com/headlines/world-news/1-2-billion-silver-ounces-added-to-comex-in-1-day/
If this is true, then Loomis will continue it's illustrious history of customer service. If this is not true, then Loomis's loses it's stellar reputation like Arthur Andersen and will end up in the dust bin of history.
Arthur Andersen and the Enron Scandal
"The failure of Enron in the early 2000’s is one of the largest bankruptcies in US history (with Lehman Brothers in 2008 as the largest). Its accounting scandal led to Enron’s bankruptcy as well as the dissolution of Arthur Andersen, one of the big five accounting firms. Shareholders were wiped out, and tens of thousands of employees left with worthless retirement accounts."
It is a fact that the CME is dangerously low on Silver inventories, and the Bullion Banks have massive Silver derivative short positions. If the price of Silver were to spike above $30.00 dollars, then Banks would lose billions. The Banks need Physical Silver inventories so they can continue suppressing the the price of Silver using Leverage Silver Contracts.
Understand, that If the CME and Bullion Banks used Loomis to continue their criminal activity in the manipulation of the Gold & Silver markets and get caught. The Bullion Banks will not hesitate to throw Loomis under the bus, just like Arthur Andersen.
God Bless you & your Family,
I found revenue models online, but I can't find revenue models of the other firms and I was just curious how big they were compared to the other four firms.
For people who were in accounting back when this happened, I'm just curious, what happened to all those people working at Arthur Andersen, who were not remotely involved with the scandals, when it went down the toilet? Did they head to the unemployment line? Did they go and fill up all the openings at the other big 5 (now big 4) and make it so getting hired as a brand new no experience candidate impossible? Just curious. Thanks.
I think it would be cool to hear from someone who was involved in the one of the most turbulent times in the history of accounting. And I understand that there may be legal orders that prevent you from answering or talking about certain topics.
Questions:
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Was it hard finding work after your time at Andersen?
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How did you feel when the Supreme Court found Andersen innocent of obstruction of justice?
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Things you miss about Arthur Andersen compared to other Big 4 firms? I.e culture.
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What was the office like after news broke of the several accounting scandals?
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Did you ever expect that something like this was coming? I.e suspicious about way corporate had you go about some things.
It's an unusual question for this sub but I figure this would be the best place to ask. A name change would work for the general population but I would assume those in the industry wouldn't be so easily convinced.
For those wondering- http://en.wikipedia.org/wiki/Accenture#Splitting_from_Arthur_Andersen
I saw this video about a year ago.
I think I remember the video is shot with the professor standing in the center of the frame, with the camera facing him head on, with two blackboards on either side of him.
His interpretation of it was that Enron offered the Arthur Andersen employee a bunch of money. The Andersen employee seemed naive in his impression, like an older kid talking a younger kid into doing something stupid.
Could someone explain to me the Enron scandal and what role Arthur Andersen played in it?
