Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (1954)	9/20/2002 10:03:20 AM
From: AugustWest	Read Replies (1) \| Respond to of 57110

Over 9M traded on Qcom already this morning. Looks like a bunch of selling into the strength this morning.

To: Jorj X Mckie who wrote (1954)	9/20/2002 10:03:42 AM
From: Petrol	Respond to of 57110

PHILADELPHIA (Reuters) - Bankrupt telephone company WorldCom Inc. may tell regulators as early as Friday that it uncovered billions of dollars in additional accounting errors, sources familiar with the situation said on Thursday. One source said the latest errors could total as much as $3 billion. The Wall Street Journal, citing "people close to the situation," said the additional accounting snafus totaled only $2 billion. Clinton, Mississippi-based WorldCom WCOEQ.PK MCWEQ.PK , the No. 2 U.S. long-distance telephone and data services company, declined to comment. The new accounting errors would be in addition to the more than $7.68 billion of problems already disclosed. WorldCom filed for the world's largest bankruptcy in July after disclosing that it had inflated its profits by improperly booking $3.85 billion in expenses. Last month, WorldCom uncovered another $3.83 billion in accounting errors, and warned that it may disclose more problems as its investigations continue. At that time, WorldCom also said it may take a $50.6 billion charge for goodwill, and other charges to write down the value of its property and equipment. WorldCom officials are expected to disclose the recently discovered accounting errors to the Securities and Exchange Commission as early as tomorrow, sources said. In June, the SEC filed civil fraud charges against WorldCom. The report to the SEC is expected to tally the final accounting irregularities uncovered by the company's internal investigations, sources said. The company still faces an ongoing probe by the Department of Justice. The specific accounting errors were not immediately clear. The Wall Street Journal said some of the latest problems related to the consolidation of foreign subsidiaries. WorldCom, which transmits roughly half of the world's Internet traffic, aims to emerge from Chapter 11 bankruptcy by the middle of 2003. Last month, a New York grand jury indicted Scott Sullivan, WorldCom's former chief financial officer, and Buford Yates, the former director of general accounting. The company is searching for a new chief executive to replace John Sidgmore, who took the position in April when former CEO Bernie Ebbers quit amid mounting financial problems. reuters.com