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August 08, 2002
Oops, I Hid it Again...
WorldCom Uncovers Another $3.3 Billion in Faulty Accounting
If you already dislike WorldCom CEO John Sidgmore, you're really not going to like him after he hits the talkshow-spin circuit tomorrow to explain how his company misrepresented $7.1 billion dollars of revenue. Back in June when the WorldCom accounting errors totaled a mere $3.8 billion we were treated to Sidgmore's smarmy comments such as, "WorldCom controls 40% of all Internet traffic, the government wouldn't dare break us up, or peon end users such as yourself wouldn't be able satiate your online porn and gambling addictions." Maybe I'm paraphrasing, but that was his message in essence.
Starting tomorrow, his job will be to spread FUD about how a harsh punishment for WorldCom would be bad for the economy and cause everyone to lose e-mail access or something. I had never even heard of this guy 2 months ago, and I can honestly say I hate him now. I'm not anti-corporation or anti-big business, but I am anti-FUD.
Get ready to give back those 668 points the Dow gained over the past three days.
Posted by Christopher at August 8, 2002 10:16 PM
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