I only hope, no, I pray to GOD, that someone who worked for World Com will have the guts to KILL anyone guilty of this crime, and that they will be willing to die to accomplish it. That my friends is the only way to stop what is happening in America, and as a bonus, to make darn sure there are no repeat offenders!
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world com deception
- Thread starter emarsh
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i think their stock went from $20+ to $0. 20 in one day if i remember what the radio said right. . just imagine. . you had $1,000,000 in their stock. that's 50,000 shares. now that 50,000 shares are worth $10,000. i'd be wanting to kill something at that point. .
Thanks to Bill Clinton
This is what you get when the last 8 years have been about deceit, immorality, and bald face lying . If we don't hold our government to the same standards we hold our companies, this is what you’ll get. The US congress lost/misplaced 7 billion dollars and the news haven’t said a word, but now it's up in arms about Arthur Anderson’s accounting practices cooking the books for WorldCom to the tune of 3. 8 billion. I'm not defending these companies but this is what you get when the president and congress gets away with it, the companies think they can do the same.
This is what you get when the last 8 years have been about deceit, immorality, and bald face lying . If we don't hold our government to the same standards we hold our companies, this is what you’ll get. The US congress lost/misplaced 7 billion dollars and the news haven’t said a word, but now it's up in arms about Arthur Anderson’s accounting practices cooking the books for WorldCom to the tune of 3. 8 billion. I'm not defending these companies but this is what you get when the president and congress gets away with it, the companies think they can do the same.
Press Release
CLINTON, Miss. , June 25, 2002 – WorldCom, Inc. (Nasdaq: WCOM, MCIT) today announced it intends to restate its financial statements for 2001 and the first quarter of 2002. As a result of an internal audit of the company’s capital expenditure accounting, it was determined that certain transfers from line cost expenses to capital accounts during this period were not made in accordance with generally accepted accounting principles (GAAP). The amount of these transfers was $3. 055 billion for 2001 and $797 million for first quarter 2002. Without these transfers, the company’s reported EBITDA would be reduced to $6. 339 billion for 2001 and $1. 368 billion for first quarter 2002, and the company would have reported a net loss for 2001 and for the first quarter of 2002.
The company promptly notified its recently engaged external auditors, KPMG LLP, and has asked KPMG to undertake a comprehensive audit of the company’s financial statements for 2001 and 2002. The company also notified Andersen LLP, which had audited the company’s financial statements for 2001 and reviewed such statements for first quarter 2002, promptly upon discovering these transfers. On June 24, 2002, Andersen advised WorldCom that in light of the inappropriate transfers of line costs, Andersen’s audit report on the company’s financial statements for 2001 and Andersen’s review of the company’s financial statements for the first quarter of 2002 could not be relied upon.
The company will issue unaudited financial statements for 2001 and for the first quarter of 2002 as soon as practicable. When an audit is completed, the company will provide new audited financial statements for all required periods. Also, WorldCom is reviewing its financial guidance.
The company has terminated Scott Sullivan as chief financial officer and secretary. The company has accepted the resignation of David Myers as senior vice president and controller.
WorldCom has notified the Securities and Exchange Commission (SEC) of these events. The Audit Committee of the Board of Directors has retained William R. McLucas, of the law firm of Wilmer, Cutler & Pickering, former Chief of the Enforcement Division of the SEC, to conduct an independent investigation of the matter. This evening, WorldCom also notified its lead bank lenders of these events.
The expected restatement of operating results for 2001 and 2002 is not expected to have an impact on the Company’s cash position and will not affect WorldCom’s customers or services. WorldCom has no debt maturing during the next two quarters.
“Our senior management team is shocked by these discoveries,” said John Sidgmore, appointed WorldCom CEO on April 29, 2002. “We are committed to operating WorldCom in accordance with the highest ethical standards. ”
“I want to assure our customers and employees that the company remains viable and committed to a long-term future. Our services are in no way affected by this matter, and our dedication to meeting customer needs remains unwavering,” added Sidgmore. “I have made a commitment to driving fundamental change at WorldCom, and this matter will not deter the new management team from fulfilling our plans. ”
Actions to Improve Liquidity and Operational Performance
As Sidgmore previously announced, WorldCom will continue its efforts to restructure the company to better position itself for future growth. These efforts include:
Cutting capital expenditures significantly in 2002. We intend 2003 capital expenditures will be $2. 1 billion on an annual basis.
Downsizing our workforce by 17,000, beginning this Friday, which is expected to save $900 million on an annual basis. This downsizing is primarily composed of discontinued operations, operations & technology functions, attrition and contractor terminations.
Selling a series of non-core businesses, including exiting the wireless resale business, which alone will save $700 million annually. The company is also exploring the sale of other wireless assets and certain South American assets. These sales will reduce losses associated with these operations and allow the company to focus on its core businesses.
Paying Series D, E and F preferred stock dividends in common stock rather than cash, deferring dividends on MCI QUIPS, and discontinuing the MCI tracker dividend, saving approximately $375 million annually.
Continuing discussions with our bank lenders.
Creating a new position of Chief Service and Quality Officer to keep an eye focused on our customer services during this restructuring.
“We intend to create $2 billion a year in cash savings in addition to any cash generated from our business operations,” said Sidgmore. “By focusing on these steps, I am convinced WorldCom will emerge a stronger, more competitive player. ”
About WorldCom, Inc.
WorldCom, Inc. (NASDAQ: WCOM, MCIT) is a pre-eminent global communications provider for the digital generation, operating in more than 65 countries. With one of the most expansive, wholly-owned IP networks in the world, WorldCom provides innovative data and Internet services for businesses to communicate in today's market. In April 2002, WorldCom launched The Neighborhood built by MCI - the industry's first truly any-distance, all-inclusive local and long-distance offering to consumers for one fixed monthly price. Effective as of the close of regular trading on July 12, 2002, WorldCom will eliminate its tracking stock structure and have one class of common stock with the NASDAQ ticker symbol WCOM. For more information, go to http://www.worldcom.com.
Forward-Looking Statements
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to economic uncertainty; the effects of vigorous competition; the impact of technological change on our business, alternative technologies, and dependence on availability of transmission facilities; risks of international business; regulatory risks in the United States and internationally; contingent liabilities; uncertainties regarding the collectibility of receivables; risks associated with debt service requirements and; our financial leverage; uncertainties associated with the success of acquisitions; and the ongoing war on terrorism. More detailed information about those factors is contained in WorldCom's filings with the Securities and Exchange Commission.
CLINTON, Miss. , June 25, 2002 – WorldCom, Inc. (Nasdaq: WCOM, MCIT) today announced it intends to restate its financial statements for 2001 and the first quarter of 2002. As a result of an internal audit of the company’s capital expenditure accounting, it was determined that certain transfers from line cost expenses to capital accounts during this period were not made in accordance with generally accepted accounting principles (GAAP). The amount of these transfers was $3. 055 billion for 2001 and $797 million for first quarter 2002. Without these transfers, the company’s reported EBITDA would be reduced to $6. 339 billion for 2001 and $1. 368 billion for first quarter 2002, and the company would have reported a net loss for 2001 and for the first quarter of 2002.
The company promptly notified its recently engaged external auditors, KPMG LLP, and has asked KPMG to undertake a comprehensive audit of the company’s financial statements for 2001 and 2002. The company also notified Andersen LLP, which had audited the company’s financial statements for 2001 and reviewed such statements for first quarter 2002, promptly upon discovering these transfers. On June 24, 2002, Andersen advised WorldCom that in light of the inappropriate transfers of line costs, Andersen’s audit report on the company’s financial statements for 2001 and Andersen’s review of the company’s financial statements for the first quarter of 2002 could not be relied upon.
The company will issue unaudited financial statements for 2001 and for the first quarter of 2002 as soon as practicable. When an audit is completed, the company will provide new audited financial statements for all required periods. Also, WorldCom is reviewing its financial guidance.
The company has terminated Scott Sullivan as chief financial officer and secretary. The company has accepted the resignation of David Myers as senior vice president and controller.
WorldCom has notified the Securities and Exchange Commission (SEC) of these events. The Audit Committee of the Board of Directors has retained William R. McLucas, of the law firm of Wilmer, Cutler & Pickering, former Chief of the Enforcement Division of the SEC, to conduct an independent investigation of the matter. This evening, WorldCom also notified its lead bank lenders of these events.
The expected restatement of operating results for 2001 and 2002 is not expected to have an impact on the Company’s cash position and will not affect WorldCom’s customers or services. WorldCom has no debt maturing during the next two quarters.
“Our senior management team is shocked by these discoveries,” said John Sidgmore, appointed WorldCom CEO on April 29, 2002. “We are committed to operating WorldCom in accordance with the highest ethical standards. ”
“I want to assure our customers and employees that the company remains viable and committed to a long-term future. Our services are in no way affected by this matter, and our dedication to meeting customer needs remains unwavering,” added Sidgmore. “I have made a commitment to driving fundamental change at WorldCom, and this matter will not deter the new management team from fulfilling our plans. ”
Actions to Improve Liquidity and Operational Performance
As Sidgmore previously announced, WorldCom will continue its efforts to restructure the company to better position itself for future growth. These efforts include:
Cutting capital expenditures significantly in 2002. We intend 2003 capital expenditures will be $2. 1 billion on an annual basis.
Downsizing our workforce by 17,000, beginning this Friday, which is expected to save $900 million on an annual basis. This downsizing is primarily composed of discontinued operations, operations & technology functions, attrition and contractor terminations.
Selling a series of non-core businesses, including exiting the wireless resale business, which alone will save $700 million annually. The company is also exploring the sale of other wireless assets and certain South American assets. These sales will reduce losses associated with these operations and allow the company to focus on its core businesses.
Paying Series D, E and F preferred stock dividends in common stock rather than cash, deferring dividends on MCI QUIPS, and discontinuing the MCI tracker dividend, saving approximately $375 million annually.
Continuing discussions with our bank lenders.
Creating a new position of Chief Service and Quality Officer to keep an eye focused on our customer services during this restructuring.
“We intend to create $2 billion a year in cash savings in addition to any cash generated from our business operations,” said Sidgmore. “By focusing on these steps, I am convinced WorldCom will emerge a stronger, more competitive player. ”
About WorldCom, Inc.
WorldCom, Inc. (NASDAQ: WCOM, MCIT) is a pre-eminent global communications provider for the digital generation, operating in more than 65 countries. With one of the most expansive, wholly-owned IP networks in the world, WorldCom provides innovative data and Internet services for businesses to communicate in today's market. In April 2002, WorldCom launched The Neighborhood built by MCI - the industry's first truly any-distance, all-inclusive local and long-distance offering to consumers for one fixed monthly price. Effective as of the close of regular trading on July 12, 2002, WorldCom will eliminate its tracking stock structure and have one class of common stock with the NASDAQ ticker symbol WCOM. For more information, go to http://www.worldcom.com.
Forward-Looking Statements
This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to economic uncertainty; the effects of vigorous competition; the impact of technological change on our business, alternative technologies, and dependence on availability of transmission facilities; risks of international business; regulatory risks in the United States and internationally; contingent liabilities; uncertainties regarding the collectibility of receivables; risks associated with debt service requirements and; our financial leverage; uncertainties associated with the success of acquisitions; and the ongoing war on terrorism. More detailed information about those factors is contained in WorldCom's filings with the Securities and Exchange Commission.
52-Week High (12/7/2001) 16. 06
52-Week Low (6/24/2002) 0. 87
52-Week Low (6/24/2002) 0. 87
Animal, you hit it right on the head; Just what I have been saying. There are those who say all that matters is how good a job the president does at running the country, and nothin else matters, well guess what, it does matter, this fallout is proof that government MUST set an example, otherwise it's too much like Do what I say not what I do, even our children know this don't work!
"Government MUST set an example"?
Gov't DOES set the example. This WorldCom stuff is small peanuts compared to the fraud & waste by our Federal & State gov'ts.
Look at the Education and Health & Human Services department. These gov't hacks **** away 10's of billions each and every year! Much if not all can not be accounted for when the GAO does an audit!!!
It makes me laugh when I heard some prick rep from Oregon stand up and demand that action be taken to punish these companies ... hey pal, start with cleaning up your own friggen mess, waste, and fraud ... these politicians are the real fraud.
Gov't DOES set the example. This WorldCom stuff is small peanuts compared to the fraud & waste by our Federal & State gov'ts.
Look at the Education and Health & Human Services department. These gov't hacks **** away 10's of billions each and every year! Much if not all can not be accounted for when the GAO does an audit!!!
It makes me laugh when I heard some prick rep from Oregon stand up and demand that action be taken to punish these companies ... hey pal, start with cleaning up your own friggen mess, waste, and fraud ... these politicians are the real fraud.
I guess your right.
I guess Emarsh and Animal are right. Look who is office when these companys are falling. Could it be they know when they can get away with it?
I guess Emarsh and Animal are right. Look who is office when these companys are falling. Could it be they know when they can get away with it?
Right Champane
Like the Dems would hold them accountable. Two sides of the same coin.
Like the Dems would hold them accountable. Two sides of the same coin.
Our resident liberal sez:
"I guess Emarsh and Animal are right. Look who is office when these companys are falling. Could it be they know when they can get away with it?"
TYPICAL slant from the left - totally OVERLOOK the FACT that the groundwork and early slide of these companies took place LONG before the Dems were outta office, and with their full knowledge and cooperation - and after the nearly *8 years* they WERE in office - THEN try to blame it on the new Repub President who just barely has hit the scene...
YET, even 'tho our economy had well begun to rise BEFORE Bill Clinton and Co. had hit the scene, do the libs/dems give the predeeding Bush administration credit? Of COURSE not - they eagerly took credit for it THEMSELVES! It's what is called "circumstantial ethics" - take credit for the work OTHERS have done, and lay the blame for your OWN failures upon your opponents - then count upon your loyal sheep/followers to eagerly swallow and repeat your slanted BS and ignorantly CONTINUE to follow your Pied-Piper footsteps on the downward path...
BUT, I totally agree that the ENTIRE political system shares in the shame and guilt where degraded morality and integrity is concerned... 
"I guess Emarsh and Animal are right. Look who is office when these companys are falling. Could it be they know when they can get away with it?"
TYPICAL slant from the left - totally OVERLOOK the FACT that the groundwork and early slide of these companies took place LONG before the Dems were outta office, and with their full knowledge and cooperation - and after the nearly *8 years* they WERE in office - THEN try to blame it on the new Repub President who just barely has hit the scene...
YET, even 'tho our economy had well begun to rise BEFORE Bill Clinton and Co. had hit the scene, do the libs/dems give the predeeding Bush administration credit? Of COURSE not - they eagerly took credit for it THEMSELVES!
It's what is called "circumstantial ethics" - take credit for the work OTHERS have done, and lay the blame for your OWN failures upon your opponents - then count upon your loyal sheep/followers to eagerly swallow and repeat your slanted BS and ignorantly CONTINUE to follow your Pied-Piper footsteps on the downward path... BUT, I totally agree that the ENTIRE political system shares in the shame and guilt where degraded morality and integrity is concerned...
Slanted?
Slanted and biased? If anyone here is slanted or biased it would be the ones who blame EVERYTHING that has happened in the last two years on the last President. Come on now! That is not only slanted and biased, but just a little gullible. Our resident Conservatives are just a touch paranoid.
All the woes we now experience are just a product of Capitalism and greed. And what is our justice system doing? Passing judgment on God in the Pledge of allegiance. If the reponsible even come to any justice, it will be minor to the people who have lost all their life savings. The truth is, that slowly but surely the middle class is going down and the only people left will be the VERY rich and the VERY poor.
Slanted and biased? If anyone here is slanted or biased it would be the ones who blame EVERYTHING that has happened in the last two years on the last President. Come on now! That is not only slanted and biased, but just a little gullible. Our resident Conservatives are just a touch paranoid.
All the woes we now experience are just a product of Capitalism and greed. And what is our justice system doing? Passing judgment on God in the Pledge of allegiance. If the reponsible even come to any justice, it will be minor to the people who have lost all their life savings. The truth is, that slowly but surely the middle class is going down and the only people left will be the VERY rich and the VERY poor.
I hate to break this to our ardent Clinton defenders (even though they do it by trying to smear Bush and the GOP to divert attention), but the Clinton administration DOES have a dog in this fight. In the very late 80's it came to the attention of Congress, that there was a very large loophole in both accounting practices, and securities reportings that could easily hide a failing company behind a false front.
New legislation was passed and made into law. These loopholes were, for the most part, closed. However, since some of the companies created before this change had their values and accounting structured around systems that resembled the newly unacceptable practices. Companies COULD, if they asked the SEC for waivers, retain previous methods and systems, provided they justified this, and demonstrated there was no possibility of fraud.
Enron asked the Clinton administration for these waivers, and was initially going to be rejected, based upon the fact that they were not justified. HOwever, Enron leaned on the Administration and a number of prominent Democrats, particularly in the Senate, and obtained these waivers, apparently but not proven so - at least not yet, after the Clinton White House leaned on the SEC to grant them.
Enron's financial debacle, it's impending demise, and the massive losses to investors were tied DIRECTLY to the the misleading reporting and non-transparent accounting methods used to value various assets and transactions. While using these things to do what they did is, I believe, criminal behavior and will result in prosecution, if the SEC had not granted the reporting waivers, it is unlikely that the debacle would be anywhere near the magnitude it was. At least those who's business it is to do the looking to find these problems with companies would have had a much easier time seeing.
Global Crossing is yet another player, caught in a bind. While it was to all outside appearances, going gangbusters, it lobbied the Clinton Administration again, for certain "help", which resulted in numerous and extremely profitable deals from the military. Much of these contracts were never actually completed, however, since the Bush White House implemented a review of many of the dealings of hte previous administration. Global Crossing owns much of the internet backbone in this country, and much of the backbone worldwide. It is also expected to become a wholely owned entity of the Chinese government, which will snap it up on the open market for a song. Can you imagine just how "secure" communications will be when the Chinese have control over much of the communications network this country, including the military, uses world-wide? And aren't you glad the military did NOT do business with them? We could have been contracting with the Red Chinese to provide secure services.
Worldcom is not yet dead. In fact, the bankruptcy filing of Global Crossing, and the sudden revelation of Worldcom's financial status has ignited a "price war". The cost of communications, specifically, fiber networks and internet bandwidth has suddenly taken a massive nosedive.
Most of these companies overbuilt massively, and up to as close as six months ago were still building facilities which seemed to have little to no market demand. Now, in a race for survival, these players in internet bandwidth market have turned it on it's edge.
Prices have fallen as much as 80% compared to 2 years ago, and 90% to just 4 years ago. This should show itself shortly as a spark in the retail information systems - broadband internet service, for instance, should be booming shortly in new markets, as affordable bandwidth makes many new ventures possible.
So, as you see, instead of railing against Capitalism and Greed, perhaps some people should be looking more closely at the immense blessings these things provide, weighed against the risk, instead of demanding there be no risk.
Of course, nothing will change, if people don't stop looking for a political scapegoat to use against the incumbent administration, which has had absolutely NO role to play in the fall of Enron, Global Crossing, OR WorldCom. This little side-show is diverting attention from the real fox in the henhouse...
New legislation was passed and made into law. These loopholes were, for the most part, closed. However, since some of the companies created before this change had their values and accounting structured around systems that resembled the newly unacceptable practices. Companies COULD, if they asked the SEC for waivers, retain previous methods and systems, provided they justified this, and demonstrated there was no possibility of fraud.
Enron asked the Clinton administration for these waivers, and was initially going to be rejected, based upon the fact that they were not justified. HOwever, Enron leaned on the Administration and a number of prominent Democrats, particularly in the Senate, and obtained these waivers, apparently but not proven so - at least not yet, after the Clinton White House leaned on the SEC to grant them.
Enron's financial debacle, it's impending demise, and the massive losses to investors were tied DIRECTLY to the the misleading reporting and non-transparent accounting methods used to value various assets and transactions. While using these things to do what they did is, I believe, criminal behavior and will result in prosecution, if the SEC had not granted the reporting waivers, it is unlikely that the debacle would be anywhere near the magnitude it was. At least those who's business it is to do the looking to find these problems with companies would have had a much easier time seeing.
Global Crossing is yet another player, caught in a bind. While it was to all outside appearances, going gangbusters, it lobbied the Clinton Administration again, for certain "help", which resulted in numerous and extremely profitable deals from the military. Much of these contracts were never actually completed, however, since the Bush White House implemented a review of many of the dealings of hte previous administration. Global Crossing owns much of the internet backbone in this country, and much of the backbone worldwide. It is also expected to become a wholely owned entity of the Chinese government, which will snap it up on the open market for a song. Can you imagine just how "secure" communications will be when the Chinese have control over much of the communications network this country, including the military, uses world-wide? And aren't you glad the military did NOT do business with them? We could have been contracting with the Red Chinese to provide secure services.
Worldcom is not yet dead. In fact, the bankruptcy filing of Global Crossing, and the sudden revelation of Worldcom's financial status has ignited a "price war". The cost of communications, specifically, fiber networks and internet bandwidth has suddenly taken a massive nosedive.
Most of these companies overbuilt massively, and up to as close as six months ago were still building facilities which seemed to have little to no market demand. Now, in a race for survival, these players in internet bandwidth market have turned it on it's edge.
Prices have fallen as much as 80% compared to 2 years ago, and 90% to just 4 years ago. This should show itself shortly as a spark in the retail information systems - broadband internet service, for instance, should be booming shortly in new markets, as affordable bandwidth makes many new ventures possible.
So, as you see, instead of railing against Capitalism and Greed, perhaps some people should be looking more closely at the immense blessings these things provide, weighed against the risk, instead of demanding there be no risk.
Of course, nothing will change, if people don't stop looking for a political scapegoat to use against the incumbent administration, which has had absolutely NO role to play in the fall of Enron, Global Crossing, OR WorldCom. This little side-show is diverting attention from the real fox in the henhouse...
EXCELLENT post above!
*I* especially like the closing paragraph:
"Of course, nothing will change, if people don't stop looking for a political scapegoat to use against the incumbent administration, which has had absolutely NO role to play in the fall of Enron, Global Crossing, OR WorldCom. This little side-show is diverting attention from the real fox in the henhouse... "
'tis a pity tho, that the "Bush Bashers" will studiously continue their mindless and poorly researched and thought-out attacks, rather than admit where the ROOT problems now surfacing REALLY originated...
*I* especially like the closing paragraph:
"Of course, nothing will change, if people don't stop looking for a political scapegoat to use against the incumbent administration, which has had absolutely NO role to play in the fall of Enron, Global Crossing, OR WorldCom. This little side-show is diverting attention from the real fox in the henhouse... "
'tis a pity tho, that the "Bush Bashers" will studiously continue their mindless and poorly researched and thought-out attacks, rather than admit where the ROOT problems now surfacing REALLY originated...
Oh Please.
Oh Please, tell the former employees of Enron, and World com who lost their jobs and their life savings of the immense blessing bestowed upon them. Of course if they wait another ten or maybe twenty years they may have their money back? ... ...
I am not bashing the present administration, but I am not bashing the past for this either. Just get kind of tired of everything from teenage pregnancy to 9/11 being blamed on the Democrats. If I was ever leaning toward becoming a Republican, all the whinning and digging of the Republican party have turned me against it. The one statement of "Obtained these waivers, but apparantly not proven so" says it all. This is just another bunch of propaganda! From of course the right side of the street. I hear it from both sides, but somehow the right is louder than the left.
Oh Please, tell the former employees of Enron, and World com who lost their jobs and their life savings of the immense blessing bestowed upon them. Of course if they wait another ten or maybe twenty years they may have their money back? ... ...
I am not bashing the present administration, but I am not bashing the past for this either. Just get kind of tired of everything from teenage pregnancy to 9/11 being blamed on the Democrats. If I was ever leaning toward becoming a Republican, all the whinning and digging of the Republican party have turned me against it. The one statement of "Obtained these waivers, but apparantly not proven so" says it all. This is just another bunch of propaganda! From of course the right side of the street. I hear it from both sides, but somehow the right is louder than the left.
Re: Oh Please.
Hmmmm... accepting non-diversification in your retirement?
There's a word that goes with it, and it rhymes with "woolish". As badly as I feel for those who got ripped off (and they most assuredly did), I'm wondering if we're really supposed to make policy based upon saving them from themselves. We might just demand that retirement plans be fully under the control of the individuals, and that no employer can mandate anything in regard to it's investment. For that matter, let me do the same with my SS money, instead of depending on the promises of Congress to steal my retirement from someone else when my time arrives.
This is NOT propaganda. No KNOWN tapes exist with Ken Lay promising Bill Clinton money for the wavers. Or, anyone else. But the facts are out there. Enron DID push for the waivers, and they WERE granted, and they WERE undeserved. Is that because the SEC suddenly changed it's mind, after flatly denying the request, or was it because higher-ups suddenly sent down the word to "make a better decision"?
Enron then DID use those waivers to pull off the heist of the century... Now, tell me, does that sound purely coincidental? I assure you, it absolutely was NOT.
Unlike certain Bush-Bashers around here, who endlessly repeat certain tired and meaningless nonsense about taxes, the GOP being industry shills, and so on and so forth, I'm telling you RIGHT UP FRONT it'll probably never be proven, in such a way that people go to jail. But that doesn't mean it didn't happen. ON hte contrary, it did. I find it amazing that you take my attempt to be as absolutely precise about the nature of what happened and what can be proven as "evidence" that I'm lying to everyone. I am highly offended.
Nowhere here did I suggest another useless investigation into the most covered-up administration in US history. I said, we need to pay attention to the real problem... and that being the way we regulate such things as reporting and accounting. And, further, we should be digging WAY deep into the SEC to root out what appears to be a lot of political influence.
Arthur Andersen is cooked. But who else is out there? What about all the firms that used Arthur Andersen and are utterly guiltless? Do they deserve that stain?
Our methods of "guarding the henhouse" need fixing, to be sure. But this is not a fault of "capitalism" as you so profoundly incorrectly state. Capitalism is absolutely essential to liberty, and to any prosperity we wish to enjoy. Corporations are goverment created entities, and come with the baggage of government created flaws and failings. Let the faults lie where they belong, already.
Hmmmm... accepting non-diversification in your retirement?
There's a word that goes with it, and it rhymes with "woolish". As badly as I feel for those who got ripped off (and they most assuredly did), I'm wondering if we're really supposed to make policy based upon saving them from themselves. We might just demand that retirement plans be fully under the control of the individuals, and that no employer can mandate anything in regard to it's investment. For that matter, let me do the same with my SS money, instead of depending on the promises of Congress to steal my retirement from someone else when my time arrives.
This is NOT propaganda. No KNOWN tapes exist with Ken Lay promising Bill Clinton money for the wavers. Or, anyone else. But the facts are out there. Enron DID push for the waivers, and they WERE granted, and they WERE undeserved. Is that because the SEC suddenly changed it's mind, after flatly denying the request, or was it because higher-ups suddenly sent down the word to "make a better decision"?
Enron then DID use those waivers to pull off the heist of the century... Now, tell me, does that sound purely coincidental? I assure you, it absolutely was NOT.
Unlike certain Bush-Bashers around here, who endlessly repeat certain tired and meaningless nonsense about taxes, the GOP being industry shills, and so on and so forth, I'm telling you RIGHT UP FRONT it'll probably never be proven, in such a way that people go to jail. But that doesn't mean it didn't happen. ON hte contrary, it did. I find it amazing that you take my attempt to be as absolutely precise about the nature of what happened and what can be proven as "evidence" that I'm lying to everyone. I am highly offended.
Nowhere here did I suggest another useless investigation into the most covered-up administration in US history. I said, we need to pay attention to the real problem... and that being the way we regulate such things as reporting and accounting. And, further, we should be digging WAY deep into the SEC to root out what appears to be a lot of political influence.
Arthur Andersen is cooked. But who else is out there? What about all the firms that used Arthur Andersen and are utterly guiltless? Do they deserve that stain?
Our methods of "guarding the henhouse" need fixing, to be sure. But this is not a fault of "capitalism" as you so profoundly incorrectly state. Capitalism is absolutely essential to liberty, and to any prosperity we wish to enjoy. Corporations are goverment created entities, and come with the baggage of government created flaws and failings. Let the faults lie where they belong, already.
"I'm with Sly, they're all the same, the spelling is just different. "
I can't argue with that!
How foolish WE must look to career politicians - it's as tho we in this society are so involved in arguing about WHICH government mugger is doing it best, that we willingly and eagerly overlook the FACT that WE are being robbed and abused!
Problem is, our system is so deeply entrenched, so thoroughly manipulated by forces WAY outside the control of ordinary citizens and voters, that there really isn't any serious probability of significant change that will filter down to ordinary folks. I personally feel and fear, that our country is much like a long dead tree that is dried up and infested with termites - there's no doubt it's gonna fall - it's simply a matter of when, and in what direction...
I can't argue with that!
How foolish WE must look to career politicians - it's as tho we in this society are so involved in arguing about WHICH government mugger is doing it best, that we willingly and eagerly overlook the FACT that WE are being robbed and abused!
Problem is, our system is so deeply entrenched, so thoroughly manipulated by forces WAY outside the control of ordinary citizens and voters, that there really isn't any serious probability of significant change that will filter down to ordinary folks. I personally feel and fear, that our country is much like a long dead tree that is dried up and infested with termites - there's no doubt it's gonna fall - it's simply a matter of when, and in what direction...
Issue 128 – Digital Version
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Issue 128 – Digital Version
Digital Magazines
FREE!
TDR Test Drive - Digital Edition
Renew
Subscribe
Gift Subscriptions
Back Issues
Subscription Status
Address Change Form
Buyer's Guides
Ram Diagnostic Trouble Codes
The Perfect Collection
The Perfect Collection Vol. II
TSB Updates
Dodge/Cummins Historical Overview
Cameron Collection
What Makes Us Tick?
Product Showcase
Advertising
