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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Steve Lee who started this subject6/26/2002 12:16:40 PM
From: Softechie  Read Replies (3) of 99280
 
Bush Says WorldCom Scandal 'Outrageous'

KANANASKIS, Alberta (Reuters) - President Bush on Wednesday said the accounting irregularities at U.S. long-distance carrier WorldCom (NasdaqNM:WCOM - News) Inc. were "outrageous," and promised to hold accountable those who were responsible for the scandal.

"I am deeply concerned about some of the accounting practices that took place in America," Bush, in Kananaskis for the Group of Eight summit of industrialized nations' leaders, told reporters ahead of a bilateral meeting with British Prime Minister Tony Blair.

WorldCom, the United States' second-largest long-distance carrier, disclosed improper booking of expenses to boost profits -- a $3.8 billion accounting scandal. The company said it would restate results for the last five quarters, erasing all profits from the beginning of 2001.

Bush called these revelations "outrageous," saying: "We will fully investigate and hold people accountable."

He acknowledged that accounting irregularities at WorldCom and other U.S. companies were a concern to investors but he said that despite such worries: "Our economy is strong."

Referring to the stock market, which slumped amid the WorldCom accounting crisis with the Nasdaq hitting a 3-1/2-year low, Bush said it was "not as strong as it should be."
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