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Strategies & Market Trends : Take the Money and Run

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To: MulhollandDrive who wrote (9825)	7/22/2002 9:32:05 AM
From: Rainy_Day_Woman	Read Replies (1) of 17639

I saw current CEO and former board member John Sidgmore on Today, less than impressive and criminal IMO Extra! Worldcom’s board alerted to fraud in 2001 A shareholder lawsuit detailed the telecom's misdeeds more than a year ago. Sadly, a judge with knotty political ties dismissed the suit as directors, auditors, regulators -- and the press -- snoozed. WorldCom's (WCOME, news, msgs) board of directors, shocked by word in late June that WorldCom had buried $3.8 billion in costs in one of the biggest accounting frauds in history, had good reason not to be shocked at all. Over a year ago a raft of former employees gave statements outlining a scandalous litany of misdeeds -- deliberately understating costs, hiding bad debt, backdating contracts to book orders earlier than accounting rules allow. But it appears that WorldCom's directors never followed up to investigate the allegations leveled by over a dozen people who had worked at the company. moneycentral.msn.com

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