As Risk went to press, WorldCom revealed that it had improperly accounted for $3.8 billion, one of the largest accounting frauds in history. News of this latest disaster for one of the world’s largest telecommunications companies sent those with WorldCom exposure scrambling for cover. None was to be found: WorldCom stopped trading in the credit derivatives market months before.
This latest episode raises the question: when will investors’ confidence in corporate reporting be eroded to the po
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