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Technology Stocks : WCOM
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To: BWAC who wrote (10966)6/27/2002 3:47:20 PM
From: Oeconomicus  Read Replies (3) of 11568
 
I haven't seen enough detailed info yet to decide. Have you?

I'm not sure whether it's fraud or bad judgement, but the facts about the expenses are out there. The footnote you found is not the expenses that are at issue - they looked proper to me. The ones at issue were payments for leased access to other telcos' lines. He apparently felt that, since they were making these payments in advance of actually using the lines to generate revenue, that the costs should be deferred and taken later against the associated revenue. The board, after conferring with KPMG said "No! You can't do that. These are operating lease payments and you can't defer the expense. And since you've possibly cost us the whole company, you're toast. Goodbye."
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