Enron, WorldCom, Global Crossing whose next?
 

i am affraid that this is becomming a trend,,,

is the market a total illusion?

i use to work for worldcom and had 401k
luckily i only lost like $500 when it dropped,,,

i feel sorry for the people that lost millions on the 401k plan,,,

so should i cash in all my stocks?

Most likely the next Anderson Auditors.

Those fucks should do HARD time.

covad too

isn't cogent having problems?

funny how companies with a virtual monopoly (not any joe can say "i want to create a national internet backbone" or some shit) can have such a weak grip on their own businesses..

Who ever buys these backbones will incur the Debt

all i know is worldcom had pretty much owned a majority of internet backbone,,, just heard on the news that they are get pulled from the nasdaq,, this could seriously affect our current prices

The ISPs were all trading bandwidth (peering, transit, fiber, frequencies, etc) and posting it on their books as sales. I would expect KMPG/Qwest, MFN/AboveNet, Exodus/Cable & Wireless, Akamai, Digex, Equinix, NTT, Sprint, oh and of course AT&T to also have accounting problems.

This whole subject makes me sick. I worked at MCI before WorldCom came in and bought the company. MCI although they too had their share of problems, was a good company to work for.

The thing that pisses me off the most is that even though I don't work there anymore, our 401k's are shit, I have seen good people get let go from the company while the bad ones keep their jobs and nothing ever happens to the companies. Bernie Ebbers should have been asked to step down years ago and go back to coaching girls high-school basketball. Then he takes the 5th in the hearing.

It makes me sick to see the executives of these companies drive them into the ground while they live off their golden parachutes. The CEO of Global Crossing is building a 100million dollar house while the company is going under.

There are more companies like this. I had the unfortunate pleasure of also working for Broadwing communications. This is another company that you will see either get bought out , or go under. The management chain I was under was the worst in telcom history (guess where they came from, hmmm Global Crossing?). These people cared nothing about their employees and cared even less about their customers. Sure there are good and bad at every organization, but what happened to "the customer is always right".

What happened to old time business ethics and CEO's like Sam Walton, who could run a business and still cared about the people.

As far as UU NET and the Internet backbone, don't worry about that. This will be picked up even if the government takes it over (worst case scenario). However, the one thing I do see is that all these companies are losing money and are having financial problems. Who is going to buy all these telcoms? If a couple people do buy these telcoms, we are headed right back to a huge monopoly in that industry. I think what you are most likely to see is the companies who show they cooked their books will suffer greatly while others (even if they did fudge their numbers) will sit back quietly ask for money from the government to help bail out these other companies and pick them up for pennies on the dollar.

If any of you big time webmasters out there have some extra cash I hear WorldCom will take a nickel per share :) You might be the next CEO of WorldCom ... hahaha

BTW: If you have any spare cash lying around I suggest you buy some LVL3 stock. I bet they will be looking at picking up some of these sinking telcoms.

playa: I am one that had over 40,000 shares of WorldCom stock. Most were options, and the rest were purchased. I was a Sr. Manager with the organization for a while and received most of the options. Those options were worth about 1.2 million dollars and I saw them drop to $9 (per share) before I left, which was well below strike price. Even with splits and everything else, my options were worth shit, and these were supposed to be an incentive for people to stay on board. My WorldCom 401k is now worth only about $500 (no options), good thing I made other investments or I would be really screwed.

-AJ

Digex is primarily owned by WorldCom, so I am sure they are having problems too.

Don't forget about Broadwing & XO. XO filed for bankruptcy and I would not doubt if Broadwing is too far behind for a restructure.

-AJ

damn,, you are lucky,,, some people's life savings just goes under,, these execs need start doing some jail time and stop hiding behind their corporation

I hope so, the fuckers told me 'they didn't want to get involved with a porn site' when I asked them to do my taxes a couple of years back. Deserves the bastards right.

Merck will be next...:winkwink:

damn,, i gotta rearrange my portfolio,,,

Hopefully Martha Stewart will go under too... :)

-AJ

I'll bet on GE

Im putting all my money into digitalrooster.com

I hope that the motherfucker that responds to the name of Bill Gates, as well as Micro$oft, are next!

Nothing would give me more pleasure than to see this son of a bitch GO DOWN!!!

:ak47:

"Who's Next?"........................Quest Communications

you think so? don't they own US West also?

ebay is wats next

Yes Qwest/USWest are the same. "Qwest Being Investigated by U.S. Attorney's Office"
http://story.news.yahoo.com/news?tmp...oms_qwest_dc_5

An article on how Bill Gates/Warren Buffet may takeover telecom/internet.
http://story.news.yahoo.com/news?tmp...atoday/4259868

this is very scarey,,,, whats next? Bill gates owns the world

Companies Microsoft Has Invested In:
http://www.vcnet.com/bms/departments.../catalog.shtml

Also Gates is a Major investor in Corbis, Teledesic, and Icos.

Paul Allen Investments:
http://www.paulallen.com/business/su...me=investments

Warren Buffet Investments:
http://www.berkshirehathaway.com/subs/sublinks.html

All lists are partial but they show the tremendous extent of the relationships.

welcome to "corporate america" :)

it's a crazy country sometimes

or maybe she will go DOWN!! :1orglaugh

yoink!

hoo.

-Rev.

Qwest is next. under investigation for accounting practices

Retail end
Kmart, Museum Co , Home Depot

Qwest got hit for $26B! Ouch! And we thought the $6B from Worldcom was bad!

http://biz.yahoo.com/rb/020710/telecoms_qwest_3.html

yeah, qwest is definitely next. been saying that for weeks. but who listens to a steak? ;)

26 billion damn!!!

the whole Telco market is fucking up,,,,