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<<<<CORPORATE America suffered its biggest scandal to date last night when it was claimed that WorldCom, a telecommunications company founded by a devout Mississippi Christian, had lied about making about $3.85 billion (?2.6 billion) of profits over 15 months. >>>> Oops! To: Stop Nato <[EMAIL PROTECTED]>, "[EMAIL PROTECTED]" <[EMAIL PROTECTED]>, [EMAIL PROTECTED], Communist Internet News <[EMAIL PROTECTED]> From: Bill Howard <[EMAIL PROTECTED]> Subject: Corporate America hit by biggest scandal in history [WWW.STOPNATO.ORG.UK] Date sent: Fri, 28 Jun 2002 01:09:35 +0100 Send reply to: [EMAIL PROTECTED] > HTTP://WWW.STOPNATO.ORG.UK > --------------------------- > > > . > . > Capitalist Imperialism or Socialist Communism? ... > http://www.egroups.com/group/Communist-Internet ] > > [Subscribe: [EMAIL PROTECTED] ] > . > . > ----- Original Message ----- > From: info <[EMAIL PROTECTED]> > To: <[EMAIL PROTECTED]> > Sent: Wednesday, June 26, 2002 4:04 PM > Subject: [mobilize-globally] Corporate America hit by biggest scandal in history > > > > ------ Forwarded Message > From: Rick Rozoff <[EMAIL PROTECTED]> > Date: Tue, 25 Jun 2002 23:57:24 -0700 (PDT) > To: [EMAIL PROTECTED] > Subject: [MLNews!*2002] Corporate America hit by biggest scandal in history > > http://www.timesonline.co.uk/article/0,,3-338704,00.html > > The Times (London) > June 26, 2002 > > Corporate America hit by biggest scandal in history > From Chris Ayres in New York > > > CORPORATE America suffered its biggest scandal to date > last night when it was claimed that WorldCom, a > telecommunications company founded by a devout > Mississippi Christian, had lied about making about > $3.85 billion (?2.6 billion) of profits over 15 > months. > The size of the alleged profits overstatement at > WorldCom is more than double the previous record, set > by the pharmacy chain Rite Aid, and makes the > accounting irregularities at Enron Corporation look > like a rounding error. WorldCom, already crippled by > nearly $30 billion of debt, is now expected to go > bust. > > Brad Burns, a WorldCom spokesman, could not be reached > for comment by The Times last night. The alleged > WorldCom fraud comes amid a crisis of confidence in US > capitalism, after a series of accounting scandals at > Tyco International, Kmart, Enron and Global Crossing. > > The accounting problems at WorldCom, described as a > ?massive fraud? by sources last night, were discovered > during an internal investigation at the firm. WorldCom > has fired its chief financial officer, Scott Sullivan. > > > Last night?s revelation is likely to result in > questioning of Bernie Ebbers, WorldCom?s cowboy-booted > founder and former chief executive, who was ousted in > May. > > Until yesterday, Mr Ebbers, 60, was most famous for > giving himself a $366 million personal loan from > WorldCom?s bank account. The loan, to cover some of Mr > Ebbers?s share trading debts, caused widespread > outrage on Wall Street. > > The former WorldCom chief was one of Wall Street?s > most charismatic chief executives. He still drives a > tractor on his brother?s cattle ranch and takes Sunday > school classes at a Baptist church in Mississippi. > According to The Wall Street Journal, ?it isn?t > beneath him to occasionally castrate a bull?. > > WorldCom?s auditing firm during the period of the > accounting problems was Andersen, which was also > Enron?s auditor. > > It is thought that WorldCom exaggerated its profits by > billions of dollars using a simple accounting trick: > it booked many of its day-to-day expenses as capital > expenditure. That meant that corporate expenses did > not show up on its profit-and-loss account, making the > firm appear far more profitable than it was. > > > > > > > __________________________________________________ > Do You Yahoo!? > Yahoo! - Official partner of 2002 FIFA World Cup > http://fifaworldcup.yahoo.com > > > Main Line News 2002 > http://groups.yahoo.com/group/MainLineNews/ > > Amnesty International today expressed its dismay and disappointment at the > Canadian authorities' refusal to grantaccreditation to the organization's > observer of the policing at the G8 summit > http://groups.yahoo.com/group/MainLineNews/message/24202 > > NYC Live Webcast: Protesting the G8 Agenda > The leaders of the G8, "an exclusive grouping of the wealthiest advanced > industrialized nations," will convene this week for their annual summit in > Kananaskis, Alberta. To > protest against the G8's dominance over global affairs, activists are > presently converging in Kananaskis, Calgary and Ottawa. > http://nyc.indymedia.org/archive/features/2002/06/2002-06.html#4095 > > Radio Free Ottawa is Now Live [OttawaIMC] > gretchen k. - 24.06.2002 11:05 > IMC Ottawa is now broadcasting live from the media centre, with our stream > available at http://microradio.net/ecb.pls or open the following URL in your > MP3 player: http://r1.loudeye.com/ottawa.mp3 . > http://groups.yahoo.com/group/MainLineNews/message/24204 > > AltaVista.Com: Translate with Babel Fish > http://world.altavista.com/ > > > > > > > Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/ > > > > > ------ End of Forwarded Message > > > > ------------------------ Yahoo! Groups Sponsor ---------------------~--> > Free $5 Love Reading > Risk Free! > http://us.click.yahoo.com/3PCXaC/PfREAA/Ey.GAA/XgSolB/TM > ---------------------------------------------------------------------~-> > > To unsubscribe from this group, send an email to: > [EMAIL PROTECTED] > > > > Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/ > > --------------------------- > ANTI-NATO INFORMATION LIST > > --------------------------- ANTI-NATO INFORMATION LIST ==^================================================================ This email was sent to: [email protected] EASY UNSUBSCRIBE click here: http://topica.com/u/?a84x2u.bacIlu Or send an email to: [EMAIL PROTECTED] T O P I C A -- Register now to manage your mail! http://www.topica.com/partner/tag02/register ==^================================================================
