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WorldCom Fraud Doubles
Silvaran writes "No, this isn't a repeat story. WorldCom claims another $3.3 billion accounting error. That's about $7 billion, for those that are counting. Wish I had that kind of cash to miscalculate on my income tax forms." There's also a NYT story. I love how the news outlets are saying, "error", "irregularity", "problem", as if this was all some sort of tragic accident, instead of laying out the obvious truth, "criminal fraud committed with full knowledge it was a crime".
So theres another $50.6 billion down the hole, too.
What I don't get about telecom, esp. the telecom in my area, QWest, is how the hell they are rolling in money. My phone bill is outrageous... and they have a monopoly in the region. I know they're getting at least $40 out of every person with a phone in the midwest... where the hell does all that money go?
Maybe the American press are skirting the issue - but the British press certainly aren't: try
The Guardian ("fraud" appears 5 times) and The Times which even uses the word "scam".
Zack
"... and more and more now there are all kinds of electronic goodies available" -- Pink Floyd 1972
Maybe the Democrats don't want to delve into Enron too closely, seeings how former Clinton Treasury Secretary Robert Rubin, now at Citibank, lobbied his former colleagues at the Bush Treasury department to help bail out Enron. Citibank's on the hook big-time for Enron loans. The Bushies politely told Rubin to go away. So far, Rubin is the only compromised politico related to Enron that anyone's been able to find.
When they can straighten out who did what to whom, I'm sure we'll see Enron weasles being hauled into jail. But before a prosecutor goes up against a potential OJ jury he's going to want to take time to assemble a bulletproof case. Proving intentional fraud (rather than mere incompetence, "irrational exuberance", etc) can be a bitch.
Yes, and the equivalent computer industry terms in this case would be:
- maliscious code
- cracking/hacking
- backdoors in critical software
Except that, for doing any of those things, under current laws you will be fired, fined, and imprisoned. Those laws are enforced.
For "miscalculations" you will be noted, fined 1% of your profit, and forgotten.
Let's compare what happened to Mitnick or Sklyarov to the worst cases of corporate fraud you can think of. Pretty depressing innit?
(1) Why isn't every single member of Worldcom's Board of Directors in jail right now? So its okay to throw some kid in jail for cracking some piss poor encryption on a PDF file - but its not so okay to throw some suit in jail that knowingly stole billions upon billions of dollars from investors?
(2) Why hasn't Worldcom's stock been delisted? I mean comeon now - I think its about time to hang up the saddle and go on home because this horse isn't getting back up.
(3) Why is Worldcom being allowed to write off 50 billion dollars (as mentioned earlier) in addition to the 7 billion they already stole? I think Bernie Ebbers and friends better get out to the street corner and start "sucking it up" so he can play these people BACK.
(4) And once again - WHY AREN'T THESE FSCKING IDIOTS IN JAIL? If I bounce a check for 100 bucks I'm sure to face the consequences - yet if they "steal" 7 billion dollars its okay?
J
I love idealists not because I am one, but because they make life bearable for pragmatists such as myself.
Which companies provided the planes used by the Republicans during the Florida recount?
Answer: Enron and Haliburton
development.lombardi.com
Do you need more examples? I can provide plenty!
sPh