Posters Name: CCMC
Posters Email: ccmc@mwgl.org
Subject: WorldCom Keeps Finding Errors
News:
WorldCom claims another $3.3 billion accounting error. This on to of the already $3.85 billion in errors. This would bring their total errors to about $7 billion. But whos counting small change?
The earlier accounting errors brought fraud charges against WorldCom by the U.S. Securities and Exchange Commission in June and pushed the company into bankruptcy last month--the largest in U.S. history listing $41 billion in debt.So big companies can misplace several billion dollars, But when we try to the IRS gets all over us.
The discovery of further accounting problems is not a total surprise, as WorldCom has said it was probing its books as far back as 1999. The company is also under investigation by the U.S. Justice Department and Congress.