The previous leaders of the American corporation OF THE MCI (been WorldCom) placed world record on the transformation of losses into the profit. Second largest operator of the long-distance communication OF THE USA pririsoval in its accounting $74,4 of billion nonexistent profit in order to hide losses in $64,5 billion from the shareholders and the partners.
The most important bankrupt in the history OF THE USA now officially can be considered as the most important corporate swindler. On Friday OF THE MCI were directed into the commission for securities and exchanges total materials on business WorldCom, including the audded financial reports for the years 2000 - 2002 profit to the payment of taxes in 2000 and 2001 it was reduced on $74,4 billion.
On the wave of telecommunication boom in 1999 action WorldCom cost $74, and market capitalization reached $185 billion. But already in the following year, as fresh data OF THE MCI testify, company incurred loss in $48,9 billion (in the account it was indicated profit in $4,6 billion). But this falsification did not rescue WorldCom, and in 2001 company again drew profit in $2,1 billion instead of the real loss in $15,6 billion.
WorldCom, in particular, fanned profits, artificially understating the expenses (volume of such machinations it composed $4,8 billion). For example, the current expenses, which must be immediately read from the incomes, were considered as the capital the consumption, which can be copied for many years. But disturbances in the calculation with the absorptions composed $5,8 billion. In order not to spoil its financial indices, WorldCom in 2000 - 2001 it did not begin to overestimate the active memberships purchased previously, although already then it was obvious that they strongly fell in price because of the collapse in the sector of technologies and tele-communications. Now THE MCI declared about the writing off of active memberships on $59,8 billion.
The facts of the distortion of accounting of corporation were revealed during June 2002, and already during July company declared about bankruptcy. At that moment it had available active memberships on $107 billion, and its losses in 2002 composed $9,2 billion. Today the actions OF THE MCI deal only on the non-stock jobbing market on $0,12.
After promulgating the complete information about the disturbances allowed in the account, THE MCI hopes to leave bankruptcy toward the end of April. The chairman of the council of directors and director general Maykl Of kapellas hoped to make this earlier, but the revision of financial results proved to be too difficult a task. The bookkeeping books WorldCom were actually rewritten anew with the participation of the auditorial company KPMG. "it is confident, that no one earlier carried out never so scale a revision of financial account", recognizes Robert blekli, the financial director OF THE MCI. According to him, it is more than 500 to auditors and for bookkeepers it was necessary to rewrite almost 3 million bookkeeping records in account WorldCom. Same this work managed company in $250 million.
Actually, other cases of corporate swindle in THE USA grow dim in comparison with scales WorldCom. Thus, Enron overstated profit more than on $1 billion and hid debts on $8 billion. The volume of the disturbances revealed in 2003 in company HealthSouth (one of the largest operators of hospitals in THE USA) composed $4,6 billion, Xerox in 2002 acknowledged in the additions on $6,4 billion, and Qwest Communications it overstated its incomes in 2000 - 2001 on $2,5 billion.
Two weeks ago to the former director general WorldCom for Bernardo ebbers was produced charge in the swindle with securities, the plot and the assignment of false information to controls. Ebbers rejected these charges, but the former financial director of corporation Scott Sullivan, to whom the imprisonment with period up to 165 years threatened, it recognized itself as the guilty and promised to collaborate with the consequence. But THE MCI in order to regulate charges in the swindle, even during May 2003 agreed to pay to investors $750 of million. (they are used materials WSJ.)
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