Zeev's Turnips Patch-No Politics (ZEEV)

[sylvester80]

WorldCom Finds $3.3 Billion in More Errors; may take a $50.6 BILLION writedown.

If they do not put Worldcom's CEO in jail after this, them IMO the whole freaking market is RIGGED!! DISGUSTING!!! Everyone should be mad as hell about the state of executive greed. Investors should DEMAND blood. These people are nothing but the worse CRIMINALS. And where are the Enron executives Mr. President and Mr. SEC Chairman??? Are you two on the take too? Enron has been the longest out there without a single charge. Is it because they are all your blood buddies Mr. President??? Sheesh....

http://biz.yahoo.com/rb/020808/worldcom_accounting_9.html

Thursday August 8, 7:56 pm Eastern Time
Reuters Business Report
WorldCom Finds $3.3 Billion in More Errors

WASHINGTON (Reuters) - Bankrupt telecommunications giant WorldCom Inc. said on Thursday an internal audit of its books back to 1999 has turned up another $3.3 billion in improperly recorded earnings and said it may take a writedown of $50.6 billion.

The company in June had revealed $3.85 billion in improperly booked expenses.

The $3.3 billion in earnings was before interest, taxes, depreciation and amortization (EBITDA) and covers the period of 1999 through the first quarter 2002, the company said in a statement, adding that it would restate its earnings for 2000.

"The amounts disclosed today have previously been disclosed to the SEC (Securities and Exchange Commission) and other investigative authorities," the company said. The $3.85 billion of improperly booked expenses that were previously disclosed only covered 2001 and the first quarter of 2002.

The Clinton, Mississippi-based company also said it may write off $50.6 billion of goodwill and other assets and would reevaluate the value of its property, plant and equipment.