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

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To: Steve Lee who started this subject	7/8/2002 8:37:47 AM
From: sylvester80	Read Replies (1) of 99280

Ex-WorldCom Execs to Refuse to Testify biz.yahoo.com Monday July 8, 7:56 am Eastern Time Reuters Business Report Ex-WorldCom Execs to Refuse to Testify WASHINGTON (Reuters) - Former WorldCom Inc. Chief Executive Bernard Ebbers and former Chief Financial Officer Scott Sullivan are expected to invoke their right not to testify at a congressional hearing on Monday, according to the chairman of the U.S. House Financial Services Committee. Current and former executives were subpoenaed last week by the House panel to testify about how a $3.85 billion accounting error at the telecommunications giant escaped notice for over a year. "We've heard from their attorneys and both are expected to take the fifth amendment and declare their constitutional right to do so," Rep. Michael Oxley said on NBC's "Today" show. Ebbers and Sullivan will still have to appear to exercise their constitutional right not to testify. Sullivan was fired on June 25 after the discovery that he improperly accounted for $3.85 billion in expenses over five quarters, which securities regulators have alleged hid $1.22 billion in losses at the telecommunications giant. Ebbers, who built WorldCom through scores of acquisitions over the last 17 years, resigned as CEO in late April under pressure resulting from the company's huge debts, personal loans from the company, and a slumping share price.

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