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Massive Fraud At WorldCom  
User currently offlinePilot1113 From United States of America, joined Aug 1999, 2333 posts, RR: 12
Posted (12 years 4 weeks 1 day 5 hours ago) and read 1211 times:

CNBC is reporting that WorldCom has inflated $3.6 billion and could, ultimately, file for bankruptcy. Their auditor was none other than Anderson.

What's that sound I hear? I think it's our economy being flushed down the toilet.

Here's the link: http://www.msnbc.com/news/772330.asp

- Neil Harrison

36 replies: All unread, showing first 25:
 
User currently offlinePROSA From United States of America, joined Oct 2001, 5628 posts, RR: 5
Reply 1, posted (12 years 4 weeks 1 day 3 hours ago) and read 1168 times:

I'll take the contrarian view and say that these corporate accounting scandals will be good for the economy. They're a way of separating the bad from the good, and in the long run will increase the credibility of corporate disclosures. Sunlight really is the best disinfectant.



"Let me think about it" = the coward's way of saying "no"
User currently offlineNUAir From Malaysia, joined Jun 2000, 1181 posts, RR: 0
Reply 2, posted (12 years 4 weeks 13 hours ago) and read 1146 times:

They already announced the layoff of more then 17,000 employees it will be interesting to see how AA reacts to this one, if they can react at all.

Its very interesting that only one person has responded to what is looking to be the largest scandal in corporate American history......ties to the Bush administration? ohhh yeah, Worldcom is a huge donor to the republican party and like his friends at Enron, Bush maintains close relationships to Worldcom upper management.

Well at least the Euro is finally equal and set to pass the dollar so my paycheck is worth something when I go back to the states. Unfortunately our economy is collapsing to so going back to the states probably isn't that beneficial anymore if your looking for a job.

Hint to Bush, listen to Greenspan and raise interest rates for once so foreigners still have a reason to invest in America! and cut military spending don't quintiple it, military contracts have never helped the economy in the long run just the fat cats who get the military contracts and pocket all the money. Ben Ladin is alive and has already won the war. America has proven to be completely incompetent and has turned allies to enemies (this now includes our closest ally in Europe, England) and its own population into passive gullible sheep who listen to anything there incompetent leader and CNN tells them.

In addition I don't care if your republican, democrat, or something else its time to admit that Bush is the worst president that the US has ever had and has no right to spend another day in office. I would never vote republican (or democrat) but I would rather see McCain or even KROC in office rather then this idiot!!!



"How Many Assholes we got on this ship?" - Lord Helmet
User currently offlineTwaneedsnohelp From , joined Dec 1969, posts, RR:
Reply 3, posted (12 years 4 weeks 13 hours ago) and read 1138 times:

Ugh my stock portfolio, down down down.

bring back clinton.


User currently offlineEGGD From United Kingdom, joined Feb 2001, 12443 posts, RR: 35
Reply 4, posted (12 years 4 weeks 12 hours ago) and read 1132 times:

Excuse my ignorance... but who are WorldCom?



User currently offlineDavid_itl From United Kingdom, joined Jun 2001, 7360 posts, RR: 14
Reply 5, posted (12 years 4 weeks 12 hours ago) and read 1127 times:
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They are a telecoms company (the only office in Britain that I know is the one in Reading - they have given my company infrequent work. No doubt this has put a stop to that.)

Daivd


User currently offlineHeavymetal From , joined Dec 1969, posts, RR:
Reply 6, posted (12 years 4 weeks 10 hours ago) and read 1105 times:

WorldCom, interestingly enough,, was supposed to be the "great right hope" in telecom. They were to telecom what Enron was to energy....a massive corporate entity run by staunch conservatives who gave a lion's share of their campaign donations to Republicans. Former WorldCom chief Bernie Ebbers is a born again Christian from Alabama who donated to a variety of conservative causes.

And, like Enron, apparently lied his ass off about earnings.



User currently offlineDonder10 From Canada, joined Oct 2001, 6659 posts, RR: 22
Reply 7, posted (12 years 4 weeks 10 hours ago) and read 1100 times:

Also lent huge amounts of money to their ex-boss,Bernie Ebbers,who apparently used it to gamble on the company's stock price.

User currently offlineSuper Em From United States of America, joined Nov 2000, 442 posts, RR: 0
Reply 8, posted (12 years 4 weeks 10 hours ago) and read 1100 times:

It's funny how all these big corporations are riddled with fraud and Bush has close ties with them. Bush doesn't care about the economy right now. He is more interested in his so called war on terrorism. People are supporting him now but when the unemployment rate continues to rise in various states and Bin Laden is still around, I am sorry to say that I see trouble in the future for America.

User currently offlineHeavymetal From , joined Dec 1969, posts, RR:
Reply 9, posted (12 years 4 weeks 10 hours ago) and read 1096 times:

Any bets there will be another "terror alert" from Cheney and Rumsfeld by the weekend?

Again, keep people's minds off the sh*t that could actually put a dent in Dubya's popularity contest.

"What the American public DOESN'T know...is what makes them the American public"


User currently offlineSuper Em From United States of America, joined Nov 2000, 442 posts, RR: 0
Reply 10, posted (12 years 4 weeks 10 hours ago) and read 1092 times:

I could not have put it better myself heavymetal.

User currently offlineCfalk From , joined Dec 1969, posts, RR:
Reply 11, posted (12 years 4 weeks 10 hours ago) and read 1087 times:

Funny how people start pulling a Bush-Worldcom conspiracy, based on one ex-employee. In any case The company was founded and is still run by Bert Roberts, who is Canadian, if I am not mistaken - a long way from Texas.

User currently offlineHeavymetal From , joined Dec 1969, posts, RR:
Reply 12, posted (12 years 4 weeks 9 hours ago) and read 1078 times:

I was mistaken, Cfalk...Bernie Ebbers is from Canada but calls Mississippi, not Alabama, home.

I stand corrected.


User currently offlinePROSA From United States of America, joined Oct 2001, 5628 posts, RR: 5
Reply 13, posted (12 years 4 weeks 8 hours ago) and read 1070 times:

Now that U.S. stock markets have been closed for about a half-hour, it's very interesting to see just what effect the WorldCom fiasco had. Overnight futures markets had predicted a bloodbath, and that's exactly what we had within the first 15 minutes of trading. Most of the rest of the day saw fairly narrow trading ranges. Yet the major indexes mounted powerful rallies in the last hour or so of trading and erased almost all of the opening drop. The NASDAQ in fact ended with a slight gain. Could today's early plunge really have been the much-awaited capitulation? The next few weeks should tell.


"Let me think about it" = the coward's way of saying "no"
User currently offlineSccutler From United States of America, joined Jan 2000, 5486 posts, RR: 28
Reply 14, posted (12 years 4 weeks 5 hours ago) and read 1056 times:

It is always amusing to see ill-informed commentary which suggests a "connection" with particular politicians and the failure of (f'rinstance) Enron or WorldCom.

Those whose range of thought actually includes any genuine understanding of conservative business and political reasoning know that, as the current accounting scandals bring true and accurate reporting of financial information back to the process, the markets will benefit.




...three miles from BRONS, clear for the ILS one five approach...
User currently offlineHeavymetal From , joined Dec 1969, posts, RR:
Reply 15, posted (12 years 4 weeks 5 hours ago) and read 1048 times:

Ohhh, did we hit a nerve?

Everything under the friggin' sun was Bill Clinton's fault for 8 years and now the vaunted principles of free market, corporate responsibility and Republican deregulation fall smack dab on their greedy, self serving faces and you get 'sick?'

Funny....Bill Clinton had one set of lips in his crotch. Dubya Bush has about 50 million planted firmly on his ass.


User currently offlineLMP737 From , joined Dec 1969, posts, RR:
Reply 16, posted (12 years 4 weeks 4 hours ago) and read 1043 times:

NUAir:

You accuse us of being gullible sheep who will listen to anything our "incompetent leader" and CNN tells us. Where do you get your information? By the nature of your post I would say that you have been believing the anti-US stories in the press in your country.

"Bin Laden is alive and has already won the war."

What do you base this comment on? Who knows if he's alive or not. Tell me, what has he won? He has lost his base of operations in Afghanistan, hundreds of his followers are dead and hundreds more captured. Doesn't sound like a win to me.

As for you calling Bush the worst president the US has ever had and an idiot it sounds like your believing all the anti-Bush press in your country. An other thing, what do you base your remarks on? Are you an expert on the history of the US presidency? While I do not agree with some of his policies, the massive farm subsidy bill and steel tariffs are two, I think he has done a good job so far overall. As for his intelligence I cannot comment since I do not have access to his IQ, ACT Scores or college grades. Maybe you do. If so, please share them with us.



User currently offlinePanAm747 From United States of America, joined Feb 2004, 4242 posts, RR: 9
Reply 17, posted (12 years 4 weeks 4 hours ago) and read 1040 times:

>>Well at least the Euro is finally equal and set to pass the dollar<<

When the economy rebounds there will be millions of europeans putting their money into the NYSE



Pan Am:The World's Most Experienced Airline - P(oor) S(ailor's) A(irline): San Diego's Hometown Airline-Catch Our Smile!
User currently offlineHeavymetal From , joined Dec 1969, posts, RR:
Reply 18, posted (12 years 4 weeks 3 hours ago) and read 1036 times:

When the economy rebounds

At this rate global plate shifting will have made the NYSE a part of Europe.


User currently offlinePanAm747 From United States of America, joined Feb 2004, 4242 posts, RR: 9
Reply 19, posted (12 years 4 weeks 2 hours ago) and read 1026 times:

Heavymetal-

Is someone disappointed with their 401(K)?  Smile




Pan Am:The World's Most Experienced Airline - P(oor) S(ailor's) A(irline): San Diego's Hometown Airline-Catch Our Smile!
User currently offlineNUAir From Malaysia, joined Jun 2000, 1181 posts, RR: 0
Reply 20, posted (12 years 3 weeks 6 days 21 hours ago) and read 1012 times:

Bush graduated high school with a C average...somehow he got into an ivy league school where again he graduated with a C average.... <--NY Times (I dont know if you consider that to be an anti-American source or not)

I know that grades dont mean everything but I think you should expect a little better from the leader of the most economicaly powerful country in the world.

As for pro-US stories, Im having trouble finding any, even from the American press (aside from the soccer team of course). Maybe you could help.

Bin Laden did win the war. His goal was to turn the world upside down and show the world the weakness of a superpower like the US. People are starting to see that the Palistinians are the ones who are suffering and when you see your wife and family killed by armed Israeli soldiers, your family house buldozed to make room for jewish immigrants from Argentina and its still illegal for you to have a gun to protect yourself you just might feel so low and so desperate that strapping a bomb on and blowing yourself and others up in revenge makes a lot of sense.

If Bush really wanted to end this war and the threat of terrorism in the US all he has to do is end all diplomatic relations with Israel, stop the sales of weapons to Israel and stop all public foreign aid to Israel. Even jewish people in the US and Europe are protesting against Israeli action and calling for a Palestinian homeland...So why on earth does the US continue to support Israel.........OIL. Israel represents stability in the middle east and gives the US a military base to protect oil interests in the middle east. If its not apparent to you yet that the Bush administration is connected with the Oil industry you should check out the US gov't website and see how many bills have been passed that benefit the oil industry (more then any other administration in the history of the US) with decreased polution restrictions, tax breaks (oil companies made record profits hense the need for tax breaks???), federal money for exploration and decreased regulations. This isnt comming from anti-US press this is comming from the US govt like the US energy bill S.517.

I am American and I'm not trying to be anti-american I'm just worried about my country and I dont feel that any private money from oil companies, telecom companies or any other business belongs in government. McCain and Feingold (sorry for my spelling) had it right on the finance reform bill but the public refused to listen and now we are paying for it. I fail to see how our current gov't is looking out for the interests of its people while it caters to lobyists and corporate financers.

But I guess disagreeing with the Bush adminstrations actions makes me anti-american.......strange I always thought that freedom of speech was one of the cornerstones of American life, but I guess even that has its restrictions when fighting the axis of evil.

KROC for pres. 2004!!!  Smile/happy/getting dizzy




"How Many Assholes we got on this ship?" - Lord Helmet
User currently offlineSuper Em From United States of America, joined Nov 2000, 442 posts, RR: 0
Reply 21, posted (12 years 3 weeks 6 days 21 hours ago) and read 1011 times:

End the war? Why would Bush want to do that. His popularity rating is soaring because of his war.If he ends it how will he get Americans behind him. People if the US Army wanted to get Bin Laden they would have captured him. I am sorry to say that the troops are not over there to stop terrorism.There's alot behind what I just said. Do your research and you'll know what I mean.

User currently offlineCfalk From , joined Dec 1969, posts, RR:
Reply 22, posted (12 years 3 weeks 6 days 20 hours ago) and read 1008 times:

NUAir,

You have it backwards. Oil is the reason the EUROPEANS suck up to the Arab cause. Europe gets nearly 60% of their oil from the Middle East. The U.S. only gets around 25% of their oil from that region, and could easily tap other resources to make up the shortfall if the Arab countries try to play an embargo game. They don't NEED the Middle East. The U.S. did in fact learn something from the oil crises of the 70's and 80's. The Europeans did not, and cannot easily shift their suppliers to alternate sources.

Charles


User currently offlineNUAir From Malaysia, joined Jun 2000, 1181 posts, RR: 0
Reply 23, posted (12 years 3 weeks 6 days 18 hours ago) and read 1003 times:

Cfalk,

Now you are talking out of your a**

For the fourth quarter of 2001 (latest available figures). The International Energy Agency who work with the OECD and are responsible for crude import figures used by every consulting company in the industry report the following.

For imports of crude oil, NGL and Refinery feedstocks. The US receives 29.38% from middle east countries while the EU receives 30.34% from middle east countries.

The EU is just as diverse as the US when it comes to Oil interests. US Diversification is turning out to be a huge advantage considering 25% of the other oil not coming from the middle East is coming from Venezuela where opposition to Chavez's state controlled oil company donated heavily to the Bush administration....any connection to the failed coup???

Bottom line is that the US has a huge military/oil interest in Israel which has a lot more to do with $3 billion + in aid then to stabilize a religious conflict that a majority of Americans know nothing about (75% of Americans cant identify Israel on a map).



"How Many Assholes we got on this ship?" - Lord Helmet
User currently offlineNUAir From Malaysia, joined Jun 2000, 1181 posts, RR: 0
Reply 24, posted (12 years 3 weeks 6 days 18 hours ago) and read 995 times:

CFalk,

The fact that CH gets 66.8% of their oil from one country in the middle east does not speak for the rest of Europe.

I know the Swiss love to think the continent revolves around them but in this case you guys are the exception not the rule.

BTW how much money from Libyan royalty-your preferred source of Oil (along with Nigeria and every other middle eastern country) is sitting in Swiss banks????



"How Many Assholes we got on this ship?" - Lord Helmet
25 LMP737 : NUAir: So he had a C average in high school. He also has an MBA from Harvard. May I ask you a question. What's your view of Al Gore? If he were presid
26 Heavymetal : Is someone disappointed with their 401(K)? No Pan Am, actually, through pure blunder on my part one afternoon about 3 years ago on the investment webs
27 PROSA : Let me also point out that Israel is the only democracy in the Middle East. Saudi Arabia is a monarchy, Iran is a theocracy, Iraq is a dictatorship, J
28 Post contains links Cfalk : NUAir, I don't mind getting into a discussion about facts, or at least our perception of them. My information was based on a CNN report I just happene
29 PanAm747 : >>However, your switch to personal attacks is inexcusable.
30 NUAir : Cfalk, Sorry, it was American slang and is an attack at your wrong facts not at you. But what you said was directed at me and was a personal attack so
31 Post contains links and images L-188 : It could be worse...... There are reports that Zerox overstated it's earnings by up to 6 Billion.... Thank god my 401K is in bonds http://money.cnn.co
32 Alessandro : Norway is one of the biggest oil exporters, Russia is also major exporter. Asia is the big customer for ME oil, thats why don´t mess with the Asians.
33 Pilot1113 : Global Crossing gave 2x more money to the Democrats than to the Republicans, but so far everyone seems to be bashing the GOP. CNN had a graphic up yes
34 PanAm747 : >>Because I work in the industry does that mean I have to agree with what industry leaders are saying?
35 NUAir : PanAm747, I never said that I never agree with the leadership, I said I don't have to agree with everything they say. The oil industry does a lot of v
36 Post contains links Eg777er : An excellent website to look at here is http://www.opensecrets.org which tells you exactly who gave what to who across the entire US political process
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