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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here
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To: Frank A. Coluccio who wrote (5376)9/29/1999 3:24:00 AM
From: elmatador  Read Replies (1) of 12823
 
BellSouth & the Tale of the Mysterious, Missing Money
From www.faulkner.com

The FCC conducted an audit of BellSouth's central office equipment, to ensure that there was no dead switching equipment. But when
the commission examined the RBOC's Continuing Property Record, which the FCC uses to set ILEC price caps, it found $5 billion in
uncorroborated investments. So where is the missing money? Is there missing money? BellSouth claims that the discrepancy is the
result of a book-keeping error, that the audit was sprung without notice. In fact, it says, the audit should not have occurred in the first
place, since the FCC is no longer pushing rate-of-return regulation. MCI WorldCom immediately claimed that the funds were a violation
against CLECs and demanded a drop in price-cap indexes.

What does this mean? Could anyone shed some light?

(perhaps shooting the accountants is not such a good idea. Who is going to explain that to us?)
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