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November 10, 2009

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Adviser bothered by records destruction

Friday, May 31, 2002 | 11:02 a.m.

HOUSTON -- An in-house Arthur Andersen LLP adviser was "bothered" by lawyer Nancy Temple's instruction last year that he destroy old drafts of memos noting disputes over whether Andersen should approve some problematic Enron Corp. accounting.

John Stewart, a partner for an Andersen group that advises auditors on sticky accounting issues, testified today in the firm's obstruction of justice trial that he wanted to keep all the memos leading to resolution of how to deal with several financial vehicles on financial statements.

"I wanted a record of it in case somebody in the firm asked me," he said.

Prosecutors contend that Andersen suddenly promoted the policy in October to get rid of potentially damaging documents as the Securities and Exchange Commission began investigating Enron's finances.

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