The Prosecution of Arthur Anderson Did Not Reduce Employment in the Accounting Industry by 28,000

Andrew Ross Sorkin's piece arguing against the prosecution of large banks and other large companies might have led readers to believe that 28,000 people were out of work as a result of Arthur Anderson's bankruptcy, following its prosecution. Of course this is not true.

There is no reason to believe that the demand for accounting services fell as a result of Arthur Anderson's prosecution. While the people who had been working at Arthur Anderson lost their jobs when the company folded, the comp...