Is this ever going to stop? Can one fraudulent consulting firm bring our economy to its knees? I am absolutely disgusted.

WorldCom Finds $3.8 Billion Error, Fires CFO
[url]http://story.news.yahoo.com/news?tmpl=story&ncid=578&e=1&cid=578&u=/nm/20020626/ts_nm/telecoms_worldcom_dc_6[/url]

The Clinton, Mississippi-based company said that accounting irregularities involving expenses misrecorded as capital expenditures had inflated its cash flow and that otherwise it would have reported a net loss for 2001 and the first quarter of 2002

WorldCom also said it would cut 17,000 jobs, or more than 20 percent of its work force, starting on Friday, a cost-cutting move expected to save $900 million on an annual basis.

Accounting firm Andersen, whose role as the auditor of Enron helped lead to the energy trader's collapse, had audited WorldCom's financial statements for 2001.
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Laissez-faire captialism has nothing to do with these frauds. Poseurs, the lot of them. I get more disgusted every day. Where's a lynch mob when you need one?


[blue]Edited to make it a link. Click on the [red][u]Board Code[/u][/red] under the message box you type your post in to learn how to make it a hot link.

Sweep[/blue]

Edited to add....

I just noticed Maynards thread on this same topic after I posted this...sorry for the redundancy...

One astute crowd we have here.  Nothing gets by you guys....

Funny thing, this.  Osama Bin Laden wanted to put a dent in the US economy, and he certainly has done so.  And what he failed to do himself Andersen has done.  Our economy is having serious issues.

Remember the Alamo, and God Bless Texas...

These are the same MF's that take 33% raises and stock options while they sack the common workers.  They could fund 100's of workers for what they make in a year.  They suck donkey dicks for beer money in my humble opinion.

RCS

Now that is funny...

Thanks!  It's only there because I trade electricity for a living...and I happen to take a lot of pride in what I do.  Call me a sucker.  That little tagline gives me my own (humorous) anecdote on my position.  My industry is under utter turmoil right now in the aftershocks of the Enron/Anderson scandal...which gives my industry a black eye in the whole commodity trading community...but I still love what I do.

Keeping the lights on,

Gene.

Sorry about your industry... I don't know why people are down on stock market people... It is ones own responsibility to understand the nature of things. Many people get upset when they play a game they don't understand and loose..

Happens every economic boom. Oppotunities to make money abound, everyone wants to be rich. Some will cut corners, but no one questions it because money is plentiful and everyone wants to be rich. Then the down turn, layoffs, people are disillusioned, and those who made their money by crook during the boom are seen as devil reincarnates. Part of my Morality Question thread delt with this. I asked myself, should such an opportunity come to me that I can make lots of money by screwing others over, without doing anything illegal, just things that are immoral, should I do it? As noble as saying no would be, I decided that I would go for it. No because I'm a greedy person, but I can't bear the thought of these crooks screwing over the little guy. It just seems so evil, I thought, if I can just screw over the little guy before they can, and teach the little guys a lesson they'll never forget, then I can derive satisfaction from knowing that I protected these little guys from these jackals.

I wonder which political party was involved in this one

Keving67