Latest Corporate Revelation

[infos]

Just in time for the stock market on Monday
http://www.usatoday.com/money/compan...earnings_x.htm

Qwest to Restate Earnings


Only a billion (I guess that's better than 4, right?)

http://www.foxnews.com/story/0,2933,58947,00.html

[brandon184]

I thought that it was announced Qwest was doomed a long time ago?

- Brandon

[vass0922]

well now its official
They were doomed long ago, and now the taxpayers are goign to get it too because they didn't feel like telling the truth
Who's next

[caddmannq]

From Notes from the Field
by Robert X. Cringley

...an accounting scandal similar to those grabbing headlines and plaguing WorldCom and Enron took place at Pinkerton Computer Consultants. The "funny" thing is that when the company sold out to venture capitalists and the principals got more than $8 million each, the venture capitalists paid 50 cents on the dollar for each share of stock in the employees' ESOP. Neither the principals nor the corporate officers lost any money on the ESOP purchase: They cashed in their shares before the venture capitalists paid 50 cents on the dollar. Top officers got rich; employees got screwed.

[Warthog]

Speaking of the market.......Dow went up 400+ points today.

[infos]

http://www.nandotimes.com/nation/sto...-3933527c.html
<<Bankrupt telecommunications firm WorldCom Inc. said Thursday it uncovered $3.3 billion more in bogus accounting, bringing the total amount of misstated earnings to some 7.1 billion.

WorldCom also warned it may find more accounting problems as it continues an internal investigation. >>