New York (Oct. 14, 2003) -- When Ernst & Young revealed in its annual statement late last week that global chief executive Richard S. Bobrow was retiring after just a year on the job, it was yet another blow to the image of the nation's largest accounting firms.

Although E&Y would not publicly comment on the reasons for Bobrow's departure, it is widely believed that he stepped down as the result of a nasty divorce proceeding which laid bare the partnership's closely held financial records to the public -- and its competitors.

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