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WorldCom CFO Accused of $3.6 Billion Fraud

Posted by ryuzaki0 on from the talking-real-money dept.

winter was among the first to point out that allegations of fraud have led to a massive stock drop at WorldCom. A flurry of stories have popped up on Yahoo!, none of them good news for WorldCom. CFO Scott Sullivan is accused of misstating the company's revenues, specifically its earnings before interest, taxation, depreciation and amortization (aka EBITDA), and the stock has slid more than 50% (as of this writing) in after-hours trading.

8 of 545 comments (clear)

  1. Oops! by Anonymous Coward · · Score: 1, Funny

    Sorry about that... I didn't think anyone would notice the missing money. I've got IOU's for all of it.

  2. The big question... by kitzilla · · Score: 4, Funny

    ...did Martha Stewart sell her stock in time?

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    This is my post. There are many others like it. If you don't like what you read here, go try one of the others.
  3. Two year chart by anthony_dipierro · · Score: 2, Funny

    LNUX vs. WCOM

  4. Re:25 of 29 biggest telecom companies will go bye- by Anonymous Coward · · Score: 1, Funny

    The analogy between early auto manufacturers and present telecoms is actually correct with regard to the supply/demand ratio. ATM, most of the fiber these telecoms built is dark.

    Telecom is a natural oligopoly market. Like auto manufactures, it's simply better to have a small number of large producers in moderate competition with one another. The telecom market is maturing. This begins with shaking out the crappy models.

    Your other points on the relative value of CEO's are all valid and correct. Frankly, you could probably pull a moderately bright loser out of the mail room and get better results.

  5. VA LINUX was used as an example in that report by Anonymous Coward · · Score: 2, Funny

    VA LINUX was used as an example in the report, because the VALINUX IPO was a huge rip-off. What did CMDRTACO know and when did he know it??!

  6. On another page I jus saw was the headline... by bubblegoose · · Score: 3, Funny

    ...WorldCom Finds $3.8 Billion Error.

    Too bad for WorldCom it wasn't the old "Community Chest" card reading "Bank error in your favor. Collect $3.8 Billion dollars"

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    I hope that someday we will be able to put away our fears and prejudices and just laugh at people. - Jack Handey
  7. Re:Terrorism?! by Danse · · Score: 3, Funny

    Yeah... it was pretty funny how the tv news shows whipped out the old mushroom cloud pictures to run along with the dirty bomb story. Yeah, they have a clue.

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    It's not enough to bash in heads, you've got to bash in minds. - Captain Hammer
  8. Google Sets by jesser · · Score: 5, Funny

    Enron, Worldcom, Microsoft?

    (Discovered by Ksosez on #mozillazine.)

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    The shareholder is always right.