$12 Mil. And Six Years of Legal Fees Later…

I’m a creative. Accounting might as well be rocket science, because that’s about how familiar I am with it. You’d never see me succeeding in an accounting degree program. Despite this personal inadequacy, I bring you this from Ad Age, a story on accounting practices gone wrong at McCann.

Interpublic Group of Cos. and its global agency network McCann Erickson Worldwide today said it will pay $12 million to end a longtime accounting probe by the U.S. Securities and Exchange Commission.
Resolution of the charges, while anticipated, brings to a close a long-running federal investigation into the company’s accounting practices that began in the fall of 2002 and prompted turmoil including a slew of financial restatements to fix its improper bookkeeping and a revolving door of senior leadership.
“We are very pleased to have settled with the SEC and we believe this matter is now behind us,” said Interpublic Chairman-CEO Michael I. Roth.

Okay, now back to our regularly scheduled programming…

About David Burn

I wrote my first ad for a political candidate when I was 17 years old. She won her race and I felt the seductive power of advertising for the first time. Today—after working for seven agencies in five states—I am now head of brand strategy and creative direction at Bonehook in Portland, Oregon.