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WorldCom scrutiny goes federal

Government agencies jump into the fray of the telecom company's $3.8 billion accounting scandal, as it weighs its options and Bush talks tough on corporate fraud.

U.S. government agencies jump into the fray to review the telecom company's federal contracts in light of its $3.8 billion accounting scandal. Meanwhile, WorldCom is weighing its options for an imminent financial restructuring, and President Bush is talking tough on corporate fraud.

WorldCom contracts under U.S. scrutiny
The accounting scandal prompts U.S. government agencies to review the telecommunications company's billions of dollars in federal contracts.
July 10, 2003 
WorldCom: The clock is ticking
The telecom company says it expects to decide within three weeks whether to pursue bankruptcy or some other financial restructuring.
July 9, 2002 
WorldCom says CFO balked at audit
The company's former chief financial officer asked its internal auditor to delay an accounting review just two weeks before its financial scandal became public, WorldCom says.
July 9, 2002 
Bush talks tough on corporate fraud
The president proposes doubling the maximum jail term for mail and wire fraud to 10 years as part of a crackdown tied to recent accounting scandals.
July 9, 2002 
Ex-WorldCom execs clam up
Lawmakers probing the company's accounting debacle call for prison time for those responsible, while former executives refuse to testify to a congressional committee.
July 8, 2002 

previous coverage
Juniper caught in WorldCom firestorm?
The telecom equipment maker, which counts WorldCom as a major customer, may feel an impact from the accounting scandal for several quarters to come.
June 27, 2002 
Techs duck and cover after WorldCom
It may be the fiasco du jour, but it's just one more dent in corporate confidence in the grand scheme of things. Techs will be closely scrutinized for a wide range of reasons.
June 26, 2002 
WorldCom finances in upheaval; CFO fired
CFO Scott Sullivan is fired after an internal audit finds improper accounting of almost $4 billion in expenses. WorldCom plans to restate earnings.