Newsgroup: it.economia.borsa
Titolo: WCOM SCANDALO !!!

WorldCom Improperly Booked More Than $3 Billion in Expenses Since 2001
NEW YORK -- WorldCom Inc. (WCOM) has uncovered what appears to be one of the
largest corporate frauds in history with the discovery of more than $3 billion
in expenses that were improperly booked as capital expenditures, a financial
gimmick that boosted the firm's cash flow and profits over the past five
quarters, according to people familiar with the situation.
The discovery was found during an internal investigation. WorldCom has fired its
longtime chief financial officer, Scott Sullivan.
"The whole thing is just unbelievable," said one person familiar with the
matter.
On Monday, WorldCom's shares slipped below $1 for the first time, a situation
that could trigger a delisting by the Nasdaq Stock Market if it persists for 30
consecutive days. The decline was blamed on a negative report from Salomon Smith
Barney analyst Jack Grubman, once the company's biggest supporter on Wall
Street.
A delisting could force some of WorldCom's remaining institutional investors out
of the stock and make it harder for the company to raise money through equity
offerings in the future.
WorldCom's shares fell another eight cents, or 8.8%, to 83 cents in 4 p.m. EDT
trading Tuesday on the Nasdaq. After the possible fraud was reported late
Tuesday, the stock tumbled to 28 cents in after-hours activity, according to
Island ECN.
WorldCom, based in Clinton, Miss., has 20 million consumer customers and 80, 000
employees. The core of its business is phone and data service to large corporate
clients.

 WorldCom Improperly Booked More Than $3 Billion in Expenses Since 2001
WorldCom may restate results after possible 'massive' fraud - CNBC
LOS ANGELES (AFX) - WorldCom Inc, the debt-troubled telecommunications company,
may be forced to restate its results for the past five quarters after an
internal audit revealed possible "massive" fraud, CNBC financial television
reported, citing sources close to the company.
WorldCom may have misstated its EBITDA by some 3.6 bln usd during the period by
treating some ordinary costs as capital expenditures, according to the report.
It is unclear whether former chief executive officer Bernie Ebbers, who recently
stepped down, was aware of the situation, the report said.
WorldCom replaced its former auditor, scandal-embroiled Arthur Andersen, with
KPMG last month.
Company officials were unavailable or declined to comment on the report, CNBC
said.

 WorldCom Improperly Booked More Than $3 Billion in Expenses Since 2001
NEW YORK (CNN/Money) - WorldCom tumbled after hours Tuesday after the
telecommunications company restated financial results by as much as $3.8
billion, a move that could speed a filing for bankruptcy.
WorldCom, a former success story of the 1990s whose share once traded above $64,
tumbled 48 cents, or 57 percent, to 35 cents in after-hours trading.
The company said an internal audit showed that transfers of $3.055 billion for
2001 and $797 million for first quarter 2002 were not made in accordance with
generally accepted accounting principles.
WorldCom said restating these improper transfers would cut earnings by $6.339
billion for 2001 and $1.368 billion for first quarter 2002.
The statement followed reports of massive financial fraud.
 Citing people familiar with the situation, the Journal said the financial
gimmick boosted the firm's cash flow and profits over the past five quarters.
"This is absolutely wrong," Patrick Comack, an analyst Guzman & Co. who covers
WorldCom, told Reuters. "This is shocking, it's mind-boggling. If it's true,
it'd be hard for them to avoid bankruptcy."
A call to WorldCom (WCOM: Research, Estimates) was not immediately returned.
The development comes during a tough patch for WorldCom, which could face Nasdaq
delisting if share remain below $1.
With a market capitalization that has tumbled to $2.7 billion, WorldCom's heavy
losses Wednesday won't have the same effect on the stock market that they once
did.
But the news of alleged accounting misdeeds may only unnerve investors leery
about the accuracy of corporate profits in the aftermath of Enron's bankruptcy.
WorldCom stock began falling in late 1999 as businesses slashed spending on
telecommunications. A series of downgrades this year have raised borrowing costs
for WorldCom, which is struggling with about $32 billion in debt.