New York (May 7, 2002) -- Paul A. Volcker, the former Federal Reserve chairman tasked with overseeing the reform efforts of embattled firm Andersen, has reportedly suspended his efforts to save the firm."The independent oversight board is in suspension as far as Andersen is concerned, but it wants to stay together to work on reform of the accounting industry," a New York Times report quoted Volcker as saying.

Volcker could not be reached for comment, however his office confirmed Monday that the oversight board's efforts had been suspended.

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