June 26, 2002

WorldCom finances in upheaval; CFO fired

From CNet News:
"WorldCom fired its top financial executive Tuesday after discovering that the company had improperly accounted for almost $4 billion on its
corporate balance sheets during the past five quarters.

In a statement issued late Tuesday, the company said an internal audit revealed that expenses had been booked as capital expenditures. Taking the new
information into account, the company said it would have reported a net loss for 2001 and the first quarter of 2002."

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