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Business / WorldCom Scandal / Investor Confidence #704000

NBC Evening News for Wednesday, Jun 26, 2002
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(Studio: Tom Brokaw) Stock Market Report.

(New York: Anne Thompson) The filing of a fraud action against WorldCom after disclosure that the company had made a 3.8 billion accounting "error" examined. [Investor Sam OWENS - says WorldCom's assets were "smoke and mirrors."] [President BUSH - says there will be an investigation and people will be held accountable.] [University of Chicago business school professor Roman WEIL - says the MCI accounting errors involved basic accounting.] Statement from accounting firm Arthur Andersen quoted. [Blaylock & Partners telecom analyst Rick BLACK - says WorldCom will have problems with banks and customers.] [Mississippi College Interim President Lloyd ROBERTS - says former WorldCom CEO Bernie Ebbers is "still a friend to the community."]

(Studio: Tom Brokaw) Other CEOs and former CEOs facing charges related to business-related wrongdoing named.

(Washington: Lisa Myers) The loss of investor confidence due to the collapses of Enron, Global Crossing and other companies due to accounting errors, fraud, and other corporate wrongdoing reported. [Investor Richard MOLINARI - says corporate heads guilty of crime should go to jail; says the government must crack down on corporate problems.] [Salomon Smith Barney analyst Jack GRUBMAN - says he is as shocked about WorldCom's problems as everyone else.] [Senator Thomas DASCHLE - says SEC chairman Harvey Pitt is "not doing the job."]

Reporter(s):
Brokaw, Tom;
Myers, Lisa;
Thompson, Anne
Duration:
00:06:50

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