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WorldCom Uncovers Another $3.3 Billion in Faulty Accounting
Bankrupt long-distance telephone carrier WorldCom Inc. (WCOME) announced late Thursday it has uncovered another $3.3 billion in improper accounting, adding to the $3.8 billion fraud bombshell the company dropped in June.
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The company previously reported finding its books cooked to the tune of $3.8 billion for 2001 and the first half of 2002. The latest discovery was made as the company reviewed its books for 1999 and 2000, with most of it tallied in 2000, the Clinton, Miss.-based company said.
I have enough trouble even comprehending how much $7 billion dollars is, let alone how a company could possibly hide that much loss for that long, all the way back to 1999.
This is the inevitable result when a company is led by men who have no character. Greed and selfishness trump honesty and integrity.
Posted by Robert at August 09, 2002 07:49 AM | TrackBack