One of the Bad Guys bites the dust.

[dixiegrrrrl]

From Yahoo news of companies that will probably bite the dust:
BearingPoint. (BGPT; about 16,000 employees; stock down 21%). This Virginia-based consulting firm, spun out of KPMG in 2001, is struggling to solve its own operating problems. The firm has consistently lost money, revenue has been falling, and management stopped issuing earnings guidance in 2008.

And who is Bearing Point?

Remember Enron's Arthur Anderson Company?
Now Bearing Point.
And they were cosen by Cheney to profit from re-building Iraq.

from Source Watch:

"BearingPoint was formerly KPMG Consulting Inc., the consulting division of the huge accounting firm KPMG LLP that was brought down in the Enron/Arthur Anderson scandal of 2002. On February, 8, 2001, the consulting branch was officially separated from its parent due to a public offering on the company. When the Enron scandal broke, they changed their name to BearingPoint and subsequently acquired the operations left behind by the deteriorating Arthur Anderson.
* In July of 2003, BearingPoint was awarded a contract by USAID worth $79.5 million to facilitate Iraq's economic recovery with a two-year option worth a total of $240,162,688.<2><3> Responsibilities in this contract include:

1. Creating Iraq's budget
2. Writing business law
3. Setting up tax collection
4. Laying out trade and customs rules
5. Privatize state-owned enterprises by auctioning them off or issuing Iraqis shares in the enterprises.
6. Reopen banks and jump-start the private sector by making small loans of $100 to $10,000.
7. Wean Iraqis from the U.N. Oil-for-Food Program, the main source of food for 60% of the population.
8. Issue a new currency and set exchange rates."

Dancing on their grave seems fitting.......

[onethatcares]

1. Damn, they're a little bit of the IMF in good old Virginia

I hate to see people lose their jobs but this company sucks. It sounds like something out of the Shock Doctrine.

[SteppingRazor]

2. KPMG was brought down in the Enron/Arthur Andersen scandal?

No doubt the couple hundred thousand people who work for KPMG would be shocked to hear this.

[dixiegrrrrl]

4. Read it closer...

formerly KPMG Consulting Inc...( which is ) the consulting division
of the huge accounting firm KPMG LLC that was brought down in the Enron/Arthur Anderson scandal of 2002.
KPMG LLC was broght down, but its consulting subsidiary, KPMG, went on to other things, as mentioned in the Post, created Bearing Point, a company some of us were closely watching back in 2005 or so.
Other very very lucrative contracts with Bush Co. in Iraq.

edit: to add clarification.

[deaniac21]

3. I love it when 16,000 people lose their jobs.