Fairfield University is again making national news, but this time it’s been tied to one of the most scandalous news stories in headlines today.
Joseph F. Berardino, a Fairfield University graduate and current member of the university’s board of trustees, is chief executive for Arthur Anderson, one of the largest accounting firms in the country and also the same firm that audited the financial statements for Enron.
Berardino graduated from Fairfield in 1972 as an accounting major. Upon graduating from the university, Berardino went on to a job at Arthur Anderson, where he worked his way up the ranks, eventually becoming head of the firm.
Enron, one of Anderson’s largest clients, is the energy giant that allegedly overstated profits by hundreds of millions of dollars and is currently the largest bankruptcy scandal in the nation.
According to an article in USA Today, Berardino was subpoenaed by the U.S. Senate to testify on the alleged document shredding concerning Enron records.
Berardino also went before Congress in December acknowledging the fact that Anderson did make mistakes in some of its accounting practices.
Due to the generosity the university has received from Arthur Anderson, a multimedia classroom in the business school was recently named after the firm. Also, the university recently began the Arthur Anderson Fellows program that recognizes faculty for their achievements.
Berardino, according to Fairfield Now, recently donated over $500,000 to the university and commented to the magazine about his Fairfield University experience.
“I graduated from Fairfield a wealthy man, because I had an education paid for by my parents,” he said.
“I may not have had a lot of nickels in my pocket, and my jalopy may have needed a few repairs, but I had something far more valuable. Jesuit education taught me to think broadly, to aim for integrity, and to make thinking of others part of my lifestyle.”
Bernadino became a member of the board of trustees in October of 1999 and has been actively involved in university activities such as alumni fundraisers.
In a recent article in The New York Times, Fairfield University President Rev. Aloysius P. Kelley, S.J. described Berardino as a careful planner who will face the scandal head on.
“He’ll go at it very carefully,” Father Kelley told the Times. “He’ll go about it very, very thoroughly, and he won’t be afraid to act.”
The Times articles also described Berardino as a man who has faced many challenges in his career such as challenging chairman of the Securities and Exchange Commission Arthur Levitt, concerning the limitations on accounting firms to work as consultants where there is a possible conflict of interest.
Many students were surprised at Fairfield’s connection to the news and understand Berardino to be an asset to the university.
“Although I don’t know much about Enron, I do think that Berardino has done a lot for the university in terms of fundraising,” said Todd Fratar, ’03.
Shane Fennessey, ’03, agreed. “A few friends of mine who have graduated have gotten jobs at Anderson in the last few years and I know that Berardino likes to hire university graduates.”
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