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. . 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! 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