June 27, 2002
Well, WorldCom is living through its own Enron-hell. They apparently mis-labeled four billion dollars of expenses/debt -- a company is allowed to spread out the cost of, say, office equipment to make its bottomline look better -- that it had to count right away. Instead of profits over the last five quarters, they're now looking at 15 months in the red.
And are they ever getting smacked for it. Trading in WorldCom was halted on the NASDAQ exchange when its shares lost more than 70% of their value; the price is now frozen at 23¢ per share. They've also fired a couple of their executives. Fun.
