Word: worldcom
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...there anybody out there investors can trust? Wall Street was pondering that today as markets were hammered following last night's announcement that WorldCom had inflated profits by a staggering $3.8 billion over the past five quarters. The Dow skidded towards the 9,000 level, while the news pushed the NASDAQ (on which WorldCom trades) to near post-Sept. 11th levels...
...edge of bankruptcy. It will cut 17,000 jobs, about 25 percent of the work force, by Friday, and CFO Scott Sullivan has been fired over the accounting debacle. Also drawn in, once again, are the beleagured auditors at Arthur Andersen, who were in charge of monitoring WorldCom's books...
...Just two years ago the telecom was trading at $64 a share. Today, you could purchase a piece of WorldCom for 21 cents. Nobody was buying, though, as the stock didn't even open for trading...
...STOP COMPANIES FROM MAKING LOANS TO EXECUTIVES A company is not a private bank. Kozlowski appears to have borrowed millions of dollars. WorldCom CEO Bernie Ebbers borrowed hundreds of millions. The Rigases, controlling family members at cable giant Adelphia, borrowed billions. In each case, shareholders have been left holding the bag. So let's change the rules. Executives get paid well; let them go to the bank and put their home in hock like the rest of us. And end the practice by which executives at Enron and Tyco have sold stock back to the company, rather than...
...billion deal will not be revived, but the case sets an important precedent. This is the first time a court has overturned a Commission anti-trust decision, and it comes while several larger appeals are pending - including the thwarted takeover of Honeywell by General Electric and the merger of WorldCom and Sprint. It may be too early to declare a new outbreak of merger mania, but companies with an eye on European assets will certainly be dusting off their courting clothes. THE BOURSE Name With Legs Can you get too much brand recognition? Sony must think so. It sued Austrian...