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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: BWAC who wrote (1973)	8/1/2002 9:28:35 AM
From: Ian@SI	Respond to of 25522

Further, I suspect that this Aug 14th signing deadline is truly a tempest in a teapot. First, the overwhelming majority of the companies are probably not hiding anything. Second, whether or not there's fraud in the balance sheet, the form will be filed and signed. Honest managers will obviously sign. Crooks could give a shit. They've already gotten away with several other crimes. What's one more? The only confessions I expect is where management has plausible deniability and decides to "fess up". e.g. We replaced Andersen and our new auditor told us about "x"; or we fired the former group of scoundrels and have uncovered "y"... Personally, I'd be surprised if we see more than 2 or 3 of these confessions during the next couple months. FWIW,

To: BWAC who wrote (1973)	8/1/2002 9:59:33 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 25522

Two Former WorldCom Execs Arrested NEW YORK (Reuters) - Two former top executives of bankrupt telecommunications firm WorldCom Inc were arrested on Thursday for their role in the $3.85 billion accounting scandal that has rocked confidence in corporate America, an FBI spokesman said. Former WorldCom Chief Financial Officer Scott Sullivan and former Controller David Myers were being held at the FBI offices in lower Manhattan and are expected to be presented in Manhattan federal court later in the day. Details of the charges were not immediately available. WorldCom, which has been charged with fraud by the U.S. Securities and Exchange Commission, filed for the world's largest bankruptcy in July as it buckled under $40 billion in debt and the billion accounting scandal. The company fired Sullivan, who it alleged orchestrated the accounting debacle. CEO Bernie Ebbers resigned under pressure in April. The scandal at WorldCom, coming after the collapse of energy trader Enron Corp., fanned a political firestorm that led to new legislation signed by President Bush on Tuesday that quadruples penalties for accounting fraud.