Getting to Bottom of WorldCom

greenspun.com : LUSENET : Y2K discussion group : One Thread

June 28, 2002

As 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


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