Getting to Bottom of WorldComgreenspun.com : LUSENET : Y2K discussion group : One Thread |
June 28, 2002As WorldCom Inc. executives struggle to keep the
company's business going, they will be facing a litany of questions from government officials, investors and bankers in the coming weeks about how a massive $3.8 billion in inflated earnings went unnoticed.
. . .
"The auditor is supposed to go on there and verify that the long-term asset is correct,” Trueman said. According to public filings, WorldCom paid Arthur Andersen $4.4 million to audit its financial statements last year and another $12.4 million in other fees such as for tax preparation.
. . .
"It's been a business that's been deteriorating for the last two years,” Schilit said.
newsday
-- Anonymous, June 28, 2002