North American Network Operators Group|
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RE: How low can Worldcom stock go?
This is at least the second purge of that many bodies, maybe third...they just let 20k go a month or so ago..
These business practices will continue, as long as the benefits of doing things this way outweigh the punishment for doing them. Ask Bill Gates...for example.
I'd venture a guess: In all these disclosures we've seen lately, Wcom, Global Crossing, Adelphia, Enron, ad nausium...NO ONE will go to jail...the taxpayer/stockholders will ultimately swallow it all.
Haven't we gone down this road before? Remember Junk bonds and Milikin (sp)? Savings and loan scandal? Greed is good..right... who paid the bills for those debacles? You and I.
IF you got a job, be thankful.. this isn't over yet.
The only stocks I'd buy right now, are in shredder manufacturers....
Prediction: Bankruptcy filing to lose the restated 5 quarters, followed by emergence and prosperity. <sarcasm> After all, isn't the saving of fraudulent transactions made by suffering telecoms the whole "prupose" of today's bankruptcy courts? </sarcasm> Operationally, I believe the biggest impact will be indirect: losing 17K+ bodies will not make WC an easy giant to work with :-(