Letting Billions Be Bygones

from the it's-all-in-the-past... dept

You have to love how MCI tries to clean up the massive losses the company (as WorldCom) actually had during the boom years when they were reporting massive profits. Clearly, the statements about this having no impact on the companies current financial position are true. However, it’s interesting to watch how easy it is to simply wipe away billions of dollars that were, in effect, made up. Sure, it looks like some people will go to jail, and there are various fines to be paid – but an awful lot of people made investment and other decisions based on these completely fraudulent financial statements. It makes it seem sort of anti-climatic to now report $74 billion in unreported losses, and then just claim that it was a thing of the past.

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