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WorldCom Facing Charges of Fraud; Bush Vows Inquiry

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WorldCom Facing Charges of Fraud; Bush Vows Inquiry
Topic: Economics 6:11 am EDT, Jun 27, 2002

CSFB says banks will now refuse credit, and "bankruptcy is now a distinct and near-term possibility."

Off-market, Worldcom's stock down to 9 cents. AT&T's stock reached a 10-year low. Nortel down 10%, Lucent down 20%, Qwest down 57%. Qwest director Marilyn Carson Nelson resigns after 27 years.

FCC chairman: "I am deeply concerned." [He obviously isn't reading the Cook Report, or he would have been concerned six months ago.]

... the telecommunications industry is likely to be left reeling ...

Scott Cleland: "Investors are in denial, just like they were with WorldCom, on how much worse it can get."

... Lawyer: "There are some telecom managers out there who bought into this whole one-stop-shopping thing. Those guys who were foolish enough to put all their eggs in one basket are now in a very awkward position, particularly if that choice was WorldCom."

Reed Hundt warns: "70% of Internet traffic, 30% of consumer long distance, and 50% of corporate communications crosses the Worldcom network. Worldcom is the most important Internet company in the world."

Worst. Scandal. Ever.

Bah. This simple fraud is a sidebar to the real story, which is that the global telecom industry is in the midst of collapse.

Recipe for death (of an industry): 1) Initiate hemorrhaging. 2) Allow to clot. 3) Repeat.

WorldCom Facing Charges of Fraud; Bush Vows Inquiry



 
 
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