[CANSLIM] WCOM restatement

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 00:52:50 -0400

Next Article (by Subject): RE: [CANSLIM] WCOM restatement "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
Previous Article (by Subject): [CANSLIM] Updated charts of Acc/Dis ratings from IBD now posted. "Fred Richards"
Next in Thread: RE: [CANSLIM] WCOM restatement "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
Articles sorted by: [Date] [Author] [Subject]

once again, Andersen strikes again, this time by signing off on Worldcom
hiding over $3 billion in expenses as capital expenditures, and thus
inflating cash flow. Restatement expected to take away last five quarters of
profits and turn them into losses.

Who gave this sanction to a deviation from GAAP (Generally Accepted
Accounting Principles)?? Andersen, of course. It's clear that Enron was only
the tip of the iceberg, as if Waste Management, Sunbeam, and a host of other
companies were not sufficient warning of major problems in corporate policy
and infrastructure. Sad to see a great name like Andersen prostituted to
selling its certification services for any price, but also clear that it
must disappear from corporate America. And until every major company audited
by Andersen undergoes a special review by the SEC on accounting practices, I
doubt anyone will believe that we have finally seen it all.

Tom Worley
stkguru@bellsouth.net
AIM: TexWorley



- -
- -To subscribe/unsubscribe, email "majordomo@xmission.com"
- -In the email body, write "subscribe canslim" or
- -"unsubscribe canslim".  Do not use quotes in your email.

Go to Jeff Salisbury LWGate Home Page.