The company promptly notified its recently engaged external auditors, KPMG LLP, and has asked KPMG to undertake a comprehensive audit of the company's financial statements for 2001 and 2002. The company also notified Andersen LLP, which had audited the company's financial statements for 2001 and reviewed such statements for first quarter 2002, promptly upon discovering these transfers.
Doesn't this forgoing excerpt from the Board of Directors at WCOM strike you as a little odd?
This is the Board telling the new accountants what to do, normally this is an accounting decision, or at least the DETERMINATION WOULD BE FINNALLY PASSED UPON BY THE NOW COMPANY ACCOUNTANTS.
What this is a power play. First it boots the old management, second it cements control for the new regime, third and I can't remember wether wcom is in BK or going to be, it throws suspicion away from the board.
Note that the Enron board pulled the same tactic. AND MOST IMPORTANTLY IT TRIGGERS THE E/O COVERAGE.
note also this quote:
""Our senior management team is shocked by these discoveries," said John Sidgmore, shocked, shocked I tell you and then to find out there is gambling at Rick's!!!"
hELLO???? knock knock, any body home???
note: I don't see any sec here, previous news releases said this was sec motivated.
And if you or any of your friends invested based on ebitda, then you should be thrown in jail!! :))
By the way my comments are for the health of the capital accumulation process for the little guy in this country, not what the stock will open at tomorrow. |
