The latest in the corporate corruption!
Whoops, here’s ANOTHER two billion they overlooked.
WorldCom Inc. may further revise its financial statements by about $2 billion, adding to the $7 billion in accounting errors it’s already disclosed, the Wall Street Journal said, citing people close to the situation.
From Fortune magazine
Merrill Lynch Wednesday fired two senior executives, including Vice Chairman Thomas W. Davis, for their refusal to testify in Enron-related investigations, though the company also said it was “not aware of any evidence that its employees acted improperly in their dealings with Enron.”
No evidence? How about the fact that one of the top five executives at the company is willing to walk away rather than tell what he knows?
… Kozlowski abused various programs at Tyco for at least five years until the board asked him to resign on June 3 when it learned he was being investigated by the Manhattan district attorney’s office for evading sales tax on extravagant artwork he purchased. In one case, Kozlowski arranged to have the company forgive nearly $96 million in relocation loans and to pay for related taxes for 51 Tyco executives and employees. Kozlowski alone received nearly $33 million out of that deal.