Word: worldcom
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...making. Stocks kept climbing because executives kept finding creative new ways to hide the truth and fake a profit, to pretend they were investing money rather than just spending it. The revelations make for some dark magic now. When $2 billion disappears from Xerox's revenues, $4 billion from WorldCom's, it makes people feel poorer even if they personally lost nothing. The markets now look as if they could manage their third straight year of losses, for the first time since World War II, even though the economy grew at 6% in the first quarter. If people stop investing...
...EXPLANATION] The White House says there is a big difference between Bush's loans, which were a common practice, and gross abuses like WorldCom's $400 million insider loan to CEO Bernard Ebbers...
With the financial troubles of WorldCom, customers of MCI, its long-distance subsidiary, may be wondering if they have reason to worry. A TIME phone-service customer called MCI to find...
...know what's going to happen with WorldCom, but nothing's going to happen with us. We'll be here...
...they're like two different units. Now, I think the smart thing for them to do would be to just sell us to someone else. As a matter of fact, I think someone has already offered to buy this unit, so in that case, we would be separate from WorldCom, or they could just spin us off as a separate company again. But we're not going anywhere...