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WorldCom admits to fraud

WASHINGTON JUNE 26. The telecom giant, WorldCom Inc., has revealed that its officials improperly accounted for $ 3.8 billion in expenses, a disclosure that threw share prices around the globe into tailspin today.

Further undermining the trust of investors in corporate America, the company said it had mis-stated accounting figures in the amount of $ 3.8 billion and would take a charge against earnings that would wipe out all its reported profits since the beginning of last year.

— PTI

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