EDITORIAL: Heat is on IPG after expenses estimate

At the other end of the industry, it seems that we could all do with a crash training course in Interpublic's accounting quirks.

Last week, IPG delivered yet another earnings - or, as Stuart Elliott writes in this week's Campaign, lack of earnings - bombshell as it increased its estimate for improperly charged expenses from $68.5 million to as much as $120 million for the last financial year.

It is fortunate that IPG's woes are company-specific, although this latest bombshell gave a knock to the share prices of Aegis and WPP and will inevitably put IPG's management under the spotlight still further.

Wall Street at this point is not demanding that the IPG board replace its chairman and chief executive, John Dooner. As the account man on Coca-Cola, he still controls a crucial revenue stream, after all. But the heat is certainly on.

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