With refining margins down, production problems up and its Dynegy Inc. investment blown, ChevronTexaco Corp. (CVX) reported a net loss of $904 million (85 cents/share) for the third quarter, compared to earnings of $1.27 billion ($1.19/share) for the same period a year ago. Total net charges were $2.07 billion, including the $1.55 billion Dynegy write-off.
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Boxer Plans Bill to Sever Auditor, Client Financial Ties
When the Senate reconvenes this week following a month-long recess, Sen. Barbara Boxer (D-CA) said she plans to introduce legislation that will require auditors to maintain financial independence from their clients. The bill, prompted by questions about Enron Corp.’s close ties to outside auditor Arthur Andersen LLP, specifically would bar accounting firms from providing management consulting services to the companies that they audit.
January 23, 2002
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