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Posted: 6/28/2002 8:38:32 AM EDT
JUNE 28, 12:26 ET Xerox Improperly Reports $1.9B By JOHN CHRISTOFFERSEN AP Business Writer STAMFORD, Conn. (AP) — Xerox Corp. announced Friday that it had improperly reported $1.9 billion in revenue over the past five years and would restate its financial results for that period and begin reporting the money this year. The news comes in the wake of a series of recent reports of corporate accounting irregularities and sent Xerox shares sharply lower. Xerox fell $1.16 a share, or 14.5 percent, to $6.84 in midday trading on the New York Stock Exchange. The restatement was required under a settlement Xerox reached with the Securities and Exchange Commission. The SEC said in April that accounting improprieties increased the copier company's pretax profits by $1.5 billion from 1997 through 2000.
Link Posted: 6/28/2002 8:43:19 AM EDT
Reportedly there is a catch to this situation though. Apparently Xerox claims to have spent money that will soon show it's worth and filter down into invester pockets.
Link Posted: 6/28/2002 8:43:28 AM EDT
Investor confidence must be soaring about now, huh? Wonder what this will do to the precious metals market? Oh my aching 401K. The stock market. All the thrills and risk of Las Vegas without the lights and show girls!
Link Posted: 6/28/2002 8:54:45 AM EDT
Let me first say that I don't understand. 15 or so years ago when the market stood at 2500 I felt it was overvalued by 500 points. How does anybody think I felt when the market was at 10 and 11,000? Maybe LT could tell me simply? It appears that all the lying, double dealing, cheating, & milking the general public is coming home to roost. Now the question is, How bad is it going to get??? And of couse, "If we would have elected Gore this would never have happened!!!" I hear them leftest's now.[:(!}]
Link Posted: 6/28/2002 9:02:45 AM EDT
[Last Edit: 6/28/2002 9:20:18 AM EDT by anti-gov-tinfoil-man]
"If we would have elected Gore this would never have happened!!!" I hear them leftest's now.[:(!}]
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You nailed it: [url=http://www.nydailynews.com/2002-06-28/News_and_Views/Beyond_the_City/a-155860.asp]Gore Bashes Bush Policy As Cause of Biz Scandals [/url] Sooooo stupid.
Link Posted: 6/28/2002 9:07:13 AM EDT
Link Posted: 6/28/2002 9:09:38 AM EDT
No they won't buy it... THey all know what the heck AlGore is.
Link Posted: 6/28/2002 9:10:21 AM EDT
Originally Posted By HVYTECK1: And of couse, "If we would have elected Gore this would never have happened!!!" I hear them leftest's now.[:(!}]
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If Gore would have been elected all of these companies would have been able to continue cooking the books without fear of investigation and everyone would still have been happy, even the republicans.
Link Posted: 6/28/2002 9:12:13 AM EDT
Link Posted: 6/28/2002 9:17:52 AM EDT
Question, What does it mean that the "improper reporting" by these corporations was done during the Clinton adminstration, and they got caught during the Bush adminstration?
Link Posted: 6/28/2002 9:20:04 AM EDT
Originally Posted By Maynard: Not trying to be contentious my good man but why then did he win the Popular vote?
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People be dumb.
Link Posted: 6/28/2002 9:21:19 AM EDT
Originally Posted By Lord_Grey_Boots: Question, What does it mean that the "improper reporting" by these corporations was done during the Clinton adminstration, and they got caught during the Bush adminstration?
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It means that the bush administration is anti-private business.
Link Posted: 6/28/2002 9:39:03 AM EDT
I'm expecting more fraud out of the telecommunications sector. Qwest anyone ?? (The entire WorldCom board should be put to [b]DEATH[/b] to save possible further contamination of the gene pool.)
Link Posted: 6/28/2002 11:29:23 AM EDT
Ya' know, this makes me think. Remember how the Libs were in Nirvana during the 90's because of the screaming economy they credited Willhelm von Der Schlickmeister for? Well, that economy has evaporated. Why? Well, the dot-coms turned out to be nothing but air wrapped in fancy marketting, and now the big energy and telecom companies seem to have made it by cooking the books. Ergo, the "screaming" economy of the 90's may have been based in large part on lies covered over by the SEC to protect Klinton. Rush is right (again); the 90's really were the decade of fraud and deceit. And before any Liberal trolls start screeching about how we claimed the 90's economy was an extension of the Reagan 80's, I'll remind you that most of the companies and industries that grew in the 80's are still solvent and going strong, which perhaps is the only reason why the fraud of the 90's won't hit us as hard as it otherwise might have. Remember: Enron, Tyco, WorldCom, et al, started the monkey business whil you-know-who was on the job, NOT GW. My .223...
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