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Massive fraud uncovered at WorldCom

  • 26-06-2002 12:17pm
    #1
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭


    ElectricNews.Net
    WorldCom has admitted to a massive fraud in which the firm inflated profits by incorrectly accounting for more than USD3.8 billion in costs. News of the fraud, which was quickly dubbed "another Enron," was broken by CNBC late on Tuesday night. Citing sources close to the situation, CNBC said that the WorldCom fraud is connected to the overstatement of EBITDA (earnings before interest, tax, depreciation and amortisation). WorldCom sought to boost its profits by booking certain ordinary expenses as capital expenditure in order to spread those costs over a longer period.
    In other news, telecommunications executives are now required to append the term "Liar and Cheat" to their job descriptions.

    [ Seems like an ideal opportunity for the Competition Commissioner to open an investigation into the finances and practises of Irish telecommunications firms, n'est ce pas? ]

    adam


Comments

  • #2
    spongebob
    Closed Accounts Posts: 6,143 ✭✭✭spongebob


    Thats not all.

    In a welter of fraud and thievery by top execs the 6th largest Cable company in the US collapsed yesterday too .........

    Details Here

    M


  • #3
    muchos_bongo
    Closed Accounts Posts: 56 ✭✭muchos_bongo


    With Worldcom and KPNQwest essentially buggered and their networks waiting to be disolved we will see international access rates increase and as such this associated cost will be passed on to the consumer be they businesses with leased lines, SOHOs or homeusers across Europe and the US.
    It will happen, it's business.
    Hype regarding the popularity of the Internet and it's business potential has oversubscribed international fibre networks from a Tier 1 perspective.


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