Financier and philanthropist George Soros weighs in on the recent spate of corporate malfeasance and the dangers of “market fundamentalism.”
Tag: Worldcom
I’ll trade you my Ebbers rookie card for a Waksal…
Corporate Scandal Trading Cards…collect them all!
Fortunate Son.
In the wake of WorldCom, industry experts doubt FCC Chairman Michael Powell’s ability and desire to put the brakes on the telecom meltdown.
Rescue attempts.
While Fed Chairman Alan Greenspan tries to assuage the market (something Dubya is seemingly incapable of), the Senate and House pass measures to stifle corporate malfeasance (and the stock market free-fall), thanks to a Republican “deathbed conversion.”
Running for Cover.
“In the long run, there’s no capitalism without conscience. There is no wealth without character.” I dunno, Mr. President…you seemed to do pretty well for yourself. In his much-anticipated speech yesterday, Dubya tried to put the brakes on the Wall Street sell-off and quell the growing questions surrounding his own stock shadiness (timeline here.) Needless to say, it didn’t seem to work.
Sinking deeper.
As Worldcom execs take the fifth and both Congress and the Dubya administration prep for damage control (for the latter, in a Wall Street speech tomorrow,) White House strategists look desperately for a way to avoid being hoisted by their own petard. Says Dubya of his Vice-President, who’s in deep with the Halliburton scandal: “There are good actors and there are bad actors; he’s one of the good guys.” May work for terrorists, George…doesn’t work so well for executive profiteers.
Corporate Finance Reform.
Meanwhile, John McCain weighs in on the corporate scandals and calls for the resignation of SEC Chairman (Dubya flunky) Robert Pitt. (Via the swankily redesigned Medley.)
Achilles’ Heel.
While the Dems pressure Bush to do more about corporate malfeasance, Salon aptly notes that Dubya’s in deep.
End of the Worldcom.
Joining Enron and Martha Stewart in infamy, Worldcom cooks the books for $3.8 billion. It’s not like either the telecom industry or the economy at large need another hit right now, and this one’s going to be a doozy. Good news for the Dems, at least, but I wonder what this’ll mean for UUNet. Update: Bush vows a probe into the situation. Hey, let’s not forget about Enron there, bud.