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Non-Tech : The Enron Scandal - Unmoderated -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (2500)	9/21/2002 12:58:16 AM
From: Raymond Duray	Read Replies (2) \| Respond to of 3602

I seem to hear an echo of Everett Dirksen here..<gg>

To: Glenn Petersen who wrote (2500)	9/25/2002 10:29:38 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3602

Former WorldCom controller to plead guilty to two counts Plea by David Myers would be the first in telecom’s accounting fraud fallout By Laurie P. Cohen and Deborah Solomon THE WALL STREET JOURNAL msnbc.com Sept. 25 — David F. Myers, the former controller of WorldCom Inc., is expected to plead guilty to two felony counts Thursday in connection with his role in the $7 billion accounting scandal at the telecom concern, THE PLEA IS the first in the ongoing investigation into the accounting fraud at WorldCom, which has filed for bankruptcy protection. Mr. Myers was charged last month with securities fraud, and has been in negotiations with the government about cooperating with its investigation. Prosecutors put off a formal indictment, pending plea negotiations, which were completed earlier this week, these people said. A lawyer for Mr. Myers didn’t return calls seeking comment. Mr. Myers’s cooperation, as part of his plea agreement, is expected to be crucial in the government’s case against Scott Sullivan, WorldCom’s former finance chief. Mr. Sullivan, who was indicted on charges of securities fraud earlier this month, is expected to go to trial and defend his role in the company’s accounting scandal. Prosecutors have accused Mr. Sullivan of orchestrating the telecom company’s accounting fraud, the largest in U.S. history, by ordering subordinates to move around billions of dollars in expenses to make WorldCom appear profitable when it was, in fact, losing money. Formed in 1985 as a second-tier long-distance carrier, WorldCom grew to become the embodiment of the go-for-broke New Economy as it drove an aggressive series of acquisitions and mergers, culminating in the $40 billion takeover of MCI in 1998. Source: The Associated Press, Reuters, Hoover's Printable version Copyright © 2002 Dow Jones & Company, Inc. All Rights Reserved.