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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	6/27/2002 3:02:30 PM
From: Softechie	Read Replies (1) of 99280

House Committee Subpoenas WorldCom Executives, Grubman By JUDITH BURNS DOW JONES NEWSWIRES WASHINGTON -- The House Financial Services Committee voted Thursday to subpoena WorldCom Inc. executives and a prominent industry analyst who had long been bullish on the company's stock, ordering them to appear for a July 8 hearing. WORLDCOM'S FALL See complete coverage of WorldCom's troubles, including related articles, a clickable stock chart, profiles of the major players and an online discussion. PLUS • Continuing coverage of corporate accounting issues at Called to Account WorldCom Chief Executive John Sidgmore was subpoenaed along with former CEO Bernard Ebbers and former chief financial officer Scott Sullivan. Jack Grubman, an analyst at Citigroup's Salomon Smith Barney unit, who was a longtime WorldCom backer, also was subpoenaed to testify. WorldCom stunned investors earlier this week when it announced it had overstated earnings by $3.8 billion since 2001, making it appear to be profitable when it was not. The Securities and Exchange Commission filed a lawsuit in federal court in New York late Wednesday charging WorldCom with fraud. Lawmakers want to question the telecommunication executives about the accounting scandal and will probe the issue of analyst conflicts with Grubman, a committee spokeswoman said. WorldCom and Salomon officials weren't immediately available for comment. Write to Judith Burns at judith.burns@dowjones.com Updated June 27, 2002 2:38 p.m. EDT

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