12:22PM House investigators to probe WorldCom restatement (WCOM) by William L. Watts House investigators will investigate WorldCom's (WCOM) $3.8 billion restatement, Energy and Commerce Committee Chairman Billy Tauzin, R-La., said. "Once again, it seems as if accounting rules were manipulated to hide debt and inflate income, violating all accepted accounting standards and, perhaps, violating federal law as well. This was not a simple bookkeeping mistake. Clearly, it was an orchestrated effort to mislead investors and regulators, and I am determined to get to the bottom of it," Tauzin said.
We have met the enemy, Billy... and it is YOU!!!