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'World-Con': Massive Accounting Fraud Hits Wall Street Again
"The gargantuan telecommunications firm WorldCom announced on Tuesday that it is restating its financial statements for 2001 and first quarter 2002 because of incorrect capital expenditure accounting." News and reader discussion. [Plastic]
http://www.plastic.com/article.html?sid=02/06/26/01142537
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WorldCom's $3.8 Billion Scandal
"Telecom sector reels after accounting disclosure." By Shawn Langolis. [CBS Marketwatch]
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7B8F86BD40%2D3E85%2D424B%2DB34A%2D7D058C3CD76F%7D
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How Auditor Found $4bn Black Hole
"The financial scandal that has enveloped WorldCom, one of America's largest phone companies, was unearthed by an employee running a spot check on the Mississippi-based company's books." By Julian Borger and Richard Wray. [Guardian]
http://www.guardian.co.uk/Archive/Article/0,4273,4450236,00.html
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WorldCom: What the US Papers Say
"Ros Taylor takes a look at how the American media are reacting to the latest corporate scandal to rock the financial markets." Press review. [Guardian]
http://www.guardian.co.uk/Archive/Article/0,4273,4449838,00.html
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WorldCom Formally Charged with Fraud
"WorldCom today moved closer to bankruptcy as US regulators formally charged the telecoms giant with fraud by inflating its profits through improper accounting." By Mark Tran. [Guardian]
http://www.guardian.co.uk/worldcom/story/0,12167,744980,00.html
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WorldCom 'Must File Report by Monday'
"WorldCom, the disgraced telecommunications giant, has today been told it has until Monday to explain to regulators how it inflated profits by $4bn (£2.5bn)." By Mark Tran. [Guardian]
http://www.guardian.co.uk/Archive/Article/0,4273,4450411,00.html
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SEC Statement Concerning WorldCom
"The WorldCom disclosures confirm that accounting improprieties of unprecedented magnitude have been committed in the public markets."
http://www.sec.gov/news/press/2002-94.htm
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WorldCom Facing Charges of Fraud; Bush Vows Inquiry
"The Securities and Exchange Commission filed fraud charges against WorldCom yesterday and President Bush vowed to 'hold people accountable' for the bookkeeping scandal at the company, the nation's second-largest long-distance provider and a major c
http://www.nytimes.com/2002/06/27/business/27TELE.html
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Gloom at WorldCom Centre
"WorldCom's employees are feeling betrayed and bitter." By Nick Childs. [BBC News]
http://news.bbc.co.uk/1/hi/business/2073645.stm
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Who Watches the Watchers?
"US regulators are scrambling to line up new accounting rules in the wake of the Enron and WorldCom affairs, but are they doing enough?" Analysis by Jeremy Scott-Joynt. [BBC News]
http://news.bbc.co.uk/1/hi/business/2070308.stm
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