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Which is worse: WorldCom or Congress?
Bush said he was "deeply concerned" about accounting practices in corporate America and called "outrageous" the disclosure that WorldCom, which is $32 billion in debt, had hidden $3.8 billion in expenses. The president added, "We will fully investigate and hold people accountable for misleading not only shareholders but also employees." . . . WorldCom is being called the biggest case of crooked accounting in U.S. history, (hiding billion$ worth of expenses from investors). But is WorldCom really America's biggest case of accounting gimmickery and deception? I don't think so . . . How much debt does the federal government owe? It's not just $3.5 trillion. It's more like $6 trillion. Even that figure represents a level of creative accounting, deception, and lies that make the actions of Enron and WorldCom seem like child's play . . . The total federal debt burden is an unimaginable $35 trillion. That amounts to roughly $120,000 for every man, woman and child in America. It's impossible to pay that kind of debt . . . Washington will do what all governments do when it cannot make good on its debt: Congress will repudiate agreements with creditors by refusing to pay on agreed-upon terms or choose government's traditional method of repudiation -- inflating the currency . . . Enron and WorldCom engaged in fraud (and are in big trouble for it) . . . But, what happens when Congress cooks the books and deceives Americans into believing that government debt is $3.5 trillion or $6 trillion, when it's really $35 trillion? Absolutely nothing.

posted by Hal 8:23 AM