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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.

2 of 545 comments (clear)

  1. history in the making by telstar · · Score: 1, Troll

    The new form of terrorism ... internal sabotage. These guys should be held accountable not only for the losses of this company, but the overall impact that this crap has on the U.S. Economy.

  2. Re:Thank Goodness by Usquebaugh · · Score: 1, Troll

    Uhh we have a crook in the oval office and you want the goverment to tighten up the very laws they've just relaxed. Which presidential candidate do you think used Enrons corporate jet for campaigning?

    I see the seeds of a revolution lets just hope it's bloodless.