WORLDCOM BOMB

New York Post ^ | 6/26/02 | PAUL THARP

[kattracks]

Wall Street braced for a rout today following the collapse of troubled telecom giant WorldCom over admissions it inflated profits by $3.6 billion.

It would likely force the company to file for bankruptcy protection.

The company fired the financial brains of the company - Chief Financial Officer Scott Sullivan, who helped Chairman Bernie Ebbers build the giant for the last seven years - and will fire 17,000 people starting Friday.

[martin_fierro]

Worldcom's former CFO Scott Sullivan

Ironic article on Sullivan here

[pt17]

Yes, another "creative accountant" bites the dust.

[Hemlock]

Ha! Ha! Ha! Ha! Ha! Ha!

Welcome to Comedy Central.

I know a dentist with a successful practice who couldn't get a loan from Bank of Amerika, but they give $800 million to a milkman! WTF!!!

[martin_fierro]

Bernie Ebbers: Creamed

[doosee]

Watch how phone and internet connection rates begin to go up soon. After Wcom goes BK, the remaining few will have a field day upping rates. After all, Wcom made a fortune when phone rates were 30 cents a minute, but they are all losing money at a nickel.

[kcvl]

I wonder what kind of classes they teach?

1983 Summa cum laude graduate, Oswego State University, business administration and accounting major

Sullivan and his wife, Carla, make time to relax at the Boca Raton Resort Club, and when time allows, Scott plays golf and joins colleagues on deep-sea fishing expeditions.

"Every time there is another move, another merger, I ask myself, 'How can you top this?' and every time, there has been something new to come along to offer that challenge that makes this life so interesting."

_____________________________________________________ There are no limits to what Oswego State graduates of the Class of 1999 can do with their lives. That is the message Kenneth L. Lay will bring to commencement May 15

[Hemlock]

Bring back the penny-pinching "robber barrons" and industrialists who actually wanted to build something, and to HELL with this gaggle of stuffed-shirt, white-trash con-artists.

[TechJunkYard]

The news keeps rollin' in on WCOM.

How manu more are still out there cooking the books?

[martin_fierro]

[Hemlock]

I wonder what kind of classes they teach?

Snake Oil 101: M,W,F 10:00AM - 10:50AM

Introduction to Golf: M,W,F 11:00AM - 11:50AM

Advanced Three-Card Monte: M,W,F 1:00PM - 1:50PM

The Art of Maintaining Appearances: M,W,F 2:00PM - 2:50PM

Tuesday and Thursday: Sleep off hangovers from mid-week frat parties.

And remember, "If you no come to my seminar, you no deserve to be rich!"

[martin_fierro]

M E M O R A N D U M

TO: Bernie Ebbers
FROM: Martin Fierro
RE: Career change
DATE: 6/26/002

Dear Bernie;

Time to get back into an honest line of work:

[kcvl]

who would have known that this native Canadian had dropped out of college twice (before graduating from Mississippi College) and worked as a milkman by day and a bouncer by night.

[kcvl]

"I am not a technology dude," he has boasted

he's now out of a job and $366 million in debt.

[John W]

Bernie seems to have that "left eye thing",much like the sinkmaster who was in charge during most of the House O' Cards Clinton Roaring Nineties.Whats with that?

[KSCITYBOY]

Looks like this school must have offered ethics as an elective. Financial guys know when the books are cooked, what is amazing is that they stick around for the collapse. Fear of this type of thing is what has been keeping the market in the tank. During the big market run up of the Clinton years it looks like honesty and integrity went out the window. That's right it's okay to lie... The auditors and CEO's doing this need to be made an example of.

[gortklattu]

If they posted these profits, did they pay the taxes? Is this an angle for the co-profiteer, the US Government, to bail them out?

[kattracks]

That's right it's okay to lie...

More of the clinton "legacy".

[Thebaddog]

My current theory of the recent past history is that it was the Clintonian "reinvention" of government that is bedevilling us now. I think that there were rule changes and relaxations of the separation of banking roles and accounting roles that lead to this current mess. Then we can talk about those thirty year old smartpants that thought they knew everything with nothing to back it up.

[kcvl]

The building industry should start booming soon to build all of the jails that it will take to house these criminals.