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Market Watch (Stock Market / WorldCom Bankruptcy / Bush / Investor Confidence) #706476

CBS Evening News for Monday, Jul 22, 2002
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(Studio: John Roberts) Stock Market Report.

(Studio: Anthony Mason) The bankruptcy of WorldCom featured; details given of the impact on the stock market; outstanding bank loans to WorldCom cited. [WorldCom CEO John SIDGMORE†- says we fought hard to avoid this.] [State Street Research Anne TRUESDALE†- says WorldCom needs all the cash flow they can get.] [UBS PaineWebber Arthur CASHIN†- comments on the bad loans.] [Credit Suisse First Boston Patrick BOYLE†- comments on investor confidence.]

(Studio: John Roberts) President Bush’s reaction to the economy featured. [In Argonne, Illinois, BUSH – says Congress will get a bill to put some meaningful reforms in place.] Bush’s defense of Treasury Secretary Paul O’Neill, who has been blamed for the market downturn, noted.

(New York: Jim Axelrod) The crisis of confidence in business featured. [Business owner Ovidiu COLEA† - says he doesn’t think the economy is improving.] [Investor Lynn CHAMBERS†- explains why she is moving her money.] [Car salesman Joe LOPANE†- says buyer confidence is completely down.]

Reporter(s):
Axelrod, Jim;
Mason, Anthony;
Roberts, John
Duration:
00:05:30

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