You know the accounting meme has hit the wall when folk singers start to make songs about WorldCom. Any else got some good links to give people a chuckle about the economy? (Forgive me if I offend, this is my first post)
posted by phyrewerx on Aug 24, 2002 - 12 comments

As Jack G. Grubman explains in his letter of resignation (pdf), he is a victim. He made $20 million a year shilling WorldCom and other plunging telecom stocks, he now has Salomon Smith Barney’s $32 million severance package in his back pocket; but, feel sorry for him. The NY Times calls his letter "a whinefest worthy of a 6-year old."
posted by found missing on Aug 18, 2002 - 20 comments

WorldCom examiner job goes to dinosaur Dick Thornburgh.
posted by engelr on Aug 12, 2002 - 1 comment

Worldcom staffers to enjoy all expenses paid cruise. Isn't that nice! You've just contributed to the biggest bankruptcy in U.S. history! What are you going to do now? Eat filet mignon and caviar!
posted by mark13 on Aug 3, 2002 - 12 comments

WorldCom goes boom. (NY Times link.) Another big firm with accounting, ahem, "issues" declares bankruptcy. If you're comparing these disasters by size, this one completely blows Enron and Global Crossing out of the water.
posted by mrbula on Jul 21, 2002 - 14 comments

How many more accounting scandals to go? A recent show "Bigger than Enron" on Frontline leads me to wonder, "How MUCH bigger than Enron?" Responses from viewers on that website include a number of accountants for big firms that insist that these practices are everyday business in accounting and that we have a lot more of this coming. Are we actually in the middle of the biggest market crash since 1929? What do you think? Just how bad could it get?
posted by muppetboy on Jun 25, 2002 - 35 comments

Worldcom had lent $430 million to Bernard Ebbers, its CEO - apparently to meet margin calls on its stock. (The amount was $366 million as per BusinessWeek). Bernie Ebbers resigned on April 30th. "About the best that can be said of the arrangement is that it keeps a big block of WorldCom stock out of the market, leaving it safely parked in the CEO's portfolio. Price to WorldCom: almost 20 percent of its balance sheet cash as of year-end 2001." I wonder, what could the board have been thinking?!
posted by justlooking on May 3, 2002 - 2 comments