Some in the industry say that one reason for the failure of an attempted merger between Arthur Andersen and Price Waterhouse eight years ago was Andersen's disdainful view that a lot of Price Waterhouse's senior partners were dead wood.

ECONOMIST: Accounting

The report submitted by Lazards to London Underground's board strongly criticises Price Waterhouse's various proposals for splitting operations and track as over-complex and risky.

ECONOMIST: London Underground

Schwab's retreat was followed by the defection of Toronto Dominion's discounter TD Waterhouse.

FORBES: Fearful financiers