CENDANT: WHO'S TO BLAME?

Discusses the poor accounting practices at CUC International Inc., which merged with HFS Inc. in 1997 to form Cendant Corp. The resignation of former chairman of Cendant, Walter A. Forbes, in 1998; Questions over travel expenses that Forbes claimed; Why many analysts felt that CUC's accounting practices were insufficient prior to the merger with HFS; The agreement between Forbes and Henry R. Silverman, head of HFS, which kept the accounting departments of each company separate after the merger.