WCOM Message Board - Msg: 17855429

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Technology Stocks : WCOM

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To: ms.smartest.person who wrote (11432)	8/8/2002 8:28:37 PM
From: Oeconomicus	Read Replies (2) of 11568

Faber "broke" the story during trading (broke, as in got it wrong ;-), and there was no effect on the market. I don't think it was really news to anyone at this point. Who didn't expect them to find more things to reverse? They might even be pushing for more than is really necessary just to prove how serious they are. BTW, the company PR didn't give details of the nature of the discrepancies, but if Faber is right that they were playing with bad debt reserves, drawing them down to pad earnings, he conveniently overlooked the fact that they had to build up those reserves by overstating bad debt expense, understating earnings, in prior periods. Are they going to go back and restate 1998 earnings upward? Bob

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