Reuters MCI Restates 2001 and 2000 Earnings Friday March 12, 8:26 am ET

http://biz.yahoo.com/rb/040312/telecoms_mci_1.html ^

[fatrat]

NEW YORK (Reuters) - MCI (Other OTC:WCOEQ.PK - News) said Friday its financial restatement for 2001 and 2000 resulted in a net reduction of $74.4 billion to its previously reported pre-tax results. The restatement included revenues, expenses and earnings and the write-downs of assets and adjustments to liabilities, the bankrupt telecommunications company said.

MCI, whose legal name is WorldCom, said that consolidated revenues were $37.7 billion in 2001 and $39.3 billion in 2000. It had a net loss of $15.6 billion in 2001 and $48.9 billion in 2000, including the restatement adjustments, it said in a regulatory filing.

[fatrat]

well there is another 48.9 billion you can subtract from clinton's booming economy in 2000. please be gentle, my first post.

[M. Dodge Thomas]

"Misstatement" of corporate earrings is a cancer on the body of US Capitalism, the generally accepted level, according to mainstream economic estimates, amounts to around a quarter of reported profits.

And this problem transcends the temporary question of who's in power in Washington – for example recent studies indicate that such misstatement is *greater* than three years ago.

This is one of the things that most depresses me about the present situation; one would hope that the political and business environment created by the bubble's collapse would have been sized upon by business leadership as an opportunity to gradually wring much of the misleading accounting out of financial statements.

Instead it’s become quite apparent that management remains fixated on this quarter's numbers.