ACCOUNTING: Price, Water-house Pays

The late F. Donald Coster (Philip Musica) of McKesson & Robbins always took a close personal interest in his auditors, Price, Waterhouse & Co. He first hired the firm in 1925; used their audits to get respectable banker backing; always saw that the sales and inventory records (i.e., pieces of paper) of his fictitious crude drug department were in A-1 shape.

When the truth about the crude drug fantasy was first announced, a Price, Waterhouse man exclaimed, "Why, that's the best-run department in the business." Wrote Coster to Price, Waterhouse in 1936:...

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