Fraud @ WCOM

Bachelier · Jun 25, 2002

This cbs marketwatch article made my eyes pop out:

:35pm 06/25/02
Reports: Massive accounting fraud at Worldcom (WCOM) By Anne Stanley
Shares of WorldCom (WCOM) lost nearly 60 percent of their value in Tuesday's extended session after CNBC and The Wall Street Journal reported that the troubled telecom carrier misrepresented costs in a massive accounting fraud and will be forced to restate EBITDA for the past 5 quarters. The reports said that Worldcom's board fired its chief financial officer and that the overstatement could be as much as $3.5 billion.

WCOM last $0.24 down from about 0.85

chasinfla · Jun 25, 2002

if that made your eyes pop out, wait till you see the naz print.

chasinfla · Jun 25, 2002

bloomy just now picking it up... "breaking news...."

Rigel · Jun 25, 2002

HOLY CRAP BATMAN! That one really took a dump!
That should be criminal. Oh yeah, it is!

kiwidtrader · Jun 25, 2002

Some serious tanking going on here. Tomorrow will be an interesting day, remember we also have the fed.

Some serious jail time needed for these bastards!

Newatthis · Jun 25, 2002

Faber broke story at 6:20. Stock trading about 25 cents. One quarter.

There goes a whole group of investors who will never come back. Martha, WCOM why would the public want to play in this cesspool when they can invest in a house and watch it appreciate 10% a year?

chasinfla · Jun 25, 2002

there was a time in the not too distant past when what is criminal was winked at because prosperity seemed to be everywhere...

a house? I'm thinking canned goods and bullets..

saschabr · Jun 25, 2002

bankruptcy imminent

Newatthis · Jun 25, 2002

I am with you Chas. Joining the milita. Bottled water, bullets and gold.

Rigel · Jun 25, 2002

Of course, just as soon as they do invest in houses the market will turn up and property values will tank. That bubble is probably about to burst. (Refering to Newatthis's post-modified post)