How to Hide $3.8 Billion in Expenses
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When WorldCom Inc. (WCOM ) revealed on June 25 that it had uncovered a $3.8 billion accounting fraud, everyone from the smallest investors to President George W. Bush reacted with shock and outrage. How was this possible? How could such an established company have hidden such huge expenses from the investing public? Here's a look at what WorldCom did and how the company did it.
What exactly did WorldCom do?