WORLDCON

New York Post ^ | 6/27/02

[kattracks]

It would be overstatement to say that the last shreds of public faith in corporate America evaporated with the news that WorldCom overstated its profits by $3.8 billion.

But the assertion is not far off.

Even before Tuesday's announcement by the mammoth phone company, U.S. firms had already lost a good deal of the world's trust - the result of multibillion-dollar financial scandals at Enron, Global Crossings and elsewhere.

[mict42]

The root cause is greed and dishonesty. The temptation is the pay arrangements for top level employees. CEOs, etc., are compenstated to the greatest degree on performance. Companies show positive numbers and executives get big bonuses. Salaries are high to begin with, but with the carrot of tax deferred reward of stock options makes the easily tempted conspire.

[DB]

Those stock options aren't worth anything if the stock tanks.

Here's the Clinton miracle for all to see. All smoke and mirrors... Public perception over substance... The big lie...

[tm22721]

When the profits aren't there the corporate crime wave is exposed for all to see.

BUMP

[2sheep]

>Capitalism works - but only when there's a free flow of information.  Honest information, that is.

Babylon falling...

Joan Veon writes ~ Enron: A financial 9-11

[NoControllingLegalAuthority]

Clinton set the tone - It's all about getting away with a con.

Anything goes in Clinton's America. It still is Clinton's America - greed, dishonesty, sexual immorality, godlessness and treason. It takes character to walk the straight and narrow and character is in very short supply.

[PGalt]

Thanks for the link. Capitalism works - but only when there's a free flow of information.

Enron, Global Crossing, Anderson, WorldCom...the terrorist cells within them are examples of individual criminality under cover of a corporation, much like predatory priests under cover of a church. Criminals are individuals. Criminals are anti-capitalism. Criminals are anti-freedom.

[ex-Texan]

Tip of the iceberg is just peeping out. Think terrible events are unfolding.

[Wonder Warthog]

"Capitalism works - but only when there's a free flow of information. Honest information, that is."

Gee, what a revelation! But it isn't true just for "capitalism"---ANY endeavor, business, government, science, or whatever else, works only as long as it is based on truth (or reality). As soon as facts start being "shaded" to accomplish some agenda--whether that agenda is to make a buck, or pass some "good" legislation, things start to go to heck.

Or, to use a VERY old saying---"Honesty IS the best policy" over the long term.

[Kermit]

I'll believe they're serious, if they'll check government for the same practices. Government puts these corporations to shame.