WorldCom to File for Chapter 11 Protection

Mantour writes: "To everyone's big suprise ;), Worldcom is going for Chapter 11. 'The Chapter 11 filing by WorldCom would follow once high-flying companies like energy trader Enron Corp. and Global Crossing Ltd., which crumbled into bankruptcy amid a crush of accounting investigations by federal regulators.' You can get more info in this Yahoo story" Update: 07/22 12:21 GMT by T : mnordstr points out a CNN report calling this "the largest bankruptcy ever."

Comments

Re:So, Here's the Question

[Anonymous Coward]

You're FIRED!

Actually (seriously) it probably means WCOM can keep running while it reorganizes, instead of collapsing or selling itself in bits fire-sale style, so it's probably good news for you.

How to take care of current financial woes

[Com2Kid]

How to take care of America's current financial woes; (not just applicable to WorldCom)

Everybody earning more then $100,000 a year takes a 10% pay cut.

Everybody earning more then $1,000,000 a year takes a 20% pay cut.

Would help if somebody also gave the congress critters the occasional wack along-side the head. Well even if it didn't help it would feel good. :-D

Re:Now is the time ot buy the stock

[eyepeepackets]

Yeah, for suckers and fools. P/Es are still very high, especially for tech stocks; there is no accountability on the corporate side because there are no real penalties on the legal side; there is no credibility on the part of the government with Mr. Bush as president ("I'm gonna run government like it's a business!" and they surely have tried.); Democrats aren't going to change much either because they're all owned by the same corporations as Mr. Bush and company.

Face the facts: We, as a nation, have seen our national governance (and states as well) sold to corporations by our elected leaders and representatives. We've been sold out for a bunch of dollars, which are now tanking too.

Gonna be a sucky next few years. Shit, I don't even feel good about having my money in a bank any more (they too own a shitload of these corporations.)