Andersen Quits as TheStreet.com Auditor After Ultimatum Is Refused

Arthur Andersen said it no longer will serve as TheStreet.com's (TSCM Quote) auditor after the media company's CEO refused to disavow negative remarks made by co-founder James Cramer about the embattled accounting firm on television.

In a March 5 meeting, Tom Duffy, a partner managing Andersen's account with TheStreet.com, asked CEO Tom Clarke to repudiate publicly comments made by Cramer on CNBC's "America Now" program, according to Clarke.

When Clarke refused, Andersen notified TheStreet.com of its intent to resign as the firm's auditor. In a letter dated March 5, Duffy wrote that Andersen's resignation stems from "the inability of our firm to continue to work with TheStreet.com in a cooperative manner." ...