Recently Tao Group (UK) went bankrupt because lack of investor.
I found that the CEO of Tao Group is Joe Berardino.
This person is none other than the former CEO of bankrupt accounting company Arthur Andersen. This giant accounting company is bankrupt because of Worldcom scandal/curse.
Is Tao Group went bankrupt because of Worldcom curse or the famous Amiga curse?
http://en.wikipedia.org/wiki/Joseph_BerardinoFrom the cache of Tao Group website:
"Joe was elected to the Board of Directors of Tao in 2005 and elected Chairman in 2006. Since 2004 Joe has been Chairman and Chief Executive Officer of Profectus BioSciences, Inc., a biotechnology company in the United States developing preventative and therapeutic technologies intended to reduce the morbidity and mortality caused by viral diseases. Profectus won the Maryland Incubator of the Year Award in 2006 for tech transfer. Previously Joe spent 30 years at Arthur Andersen with increasing management responsibilities until elected Chief Executive Officer of Andersen Worldwide in 2001 ($9billion in revenues and 85,000 people in 84 countries). Joe has been a certified public accountant since 1975 and is an expert in corporate governance, financial reporting and controls and in negotiating and managing global partnerships."
From Global Policy.org:
"Berardino's fall from grace has been just as swift. In the space of 15 months, he has gone from being CEO of a $9.3 billion global partnership with 85,000 employees in 84 countries to a pariah in his industry. Although many of the accounting scandals that helped bring the firm down began festering long before he became CEO, Berardino's emphasis on growth over audit quality, his reluctance to walk away from big clients with questionable accounting, and a stunning ignorance of potentially crippling issues all contributed to the firm's undoing. He claims that he was never told the most basic outlines of the Enron controversy until it erupted into the news. At times, Berardino, who made an estimated $3 million a year as CEO, seems to focus more on his personal losses than those of the shareholders and employees who lost investments and jobs because Andersen failed in its duty."
