Prospects he identified led to a gas field in West Lake Arthur in southern Louisiana, good for 56 billion cubic meters, and to the Rijn and Horizon fields off the coast of the Netherlands, with 60 million barrels of oil.

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It added, for good measure, that the snappily titled Arthur Andersen Business Consulting had been financed by its annual payments.

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Mack is good personal friends with Pequot Chief Executive Arthur Samberg and served briefly as Pequot's chairman before being named chief executive of Morgan Stanley in June 2005.

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Arthur Jarman said it was "highly desirable" that the union should have good relations with a party which he said seemed to be "genuinely beginning with a clean slate".

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