WorldCom Files Bankruptcy

Discussion in 'Hunters Rights Forum' started by La. Legend, Jul 22, 2002.

  1. La. Legend

    La. Legend Elite Refuge Member

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    WorldCom announced today it would seek relief from debtors under Chapter 11 Reorganization Bankruptcy. Federal Law gives them this right inspite of the fact these SOB's out right lied about 4 billion in revenues they didn't make. The constitution can truely be a 2 edged sword at times. WorldCom, Enron, and now even Xerox has admited to making false claims about earning. Where will it all end? Don't know if it wouold stop it or not but if a few of these CEO's and upper level executives did some serious jail time I bet it would slow it down. Bob Dylan wrote these words in a song way back in the 60's, "A very great man once said that some folks would rob you with a fountain pen, didn't take long for me to find out just what he was talking about". So very very true. About the only thing that has changed is instead of a fountain pen they now use computers. It's a very shaky time for those of us who depend on investment income to be able to enjoy retirement.

    You shudda been here yesterday,
    Legend
     
  2. MSDuckmen

    MSDuckmen Moderator Moderator

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    That is so true Leg.

    I supported the Worldcom co. as most Mississippians did.

    I put almost all of what I had saved fro retirement into what I believed was a great firm. I made a bunch in the beginning and soon lost that and all I invested.

    life can deal you some raw deals but you can't let it take you down. Simply means I have to work 10 years longer than planned
     
  3. The Other David

    The Other David Elite Refuge Member

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    "Simply means I have to work 10 years longer than planned"

    Isn't that the truth?!? I'm already 10 years past! But I can't blame it all on my foolish investments.

    David
     
  4. La. Legend

    La. Legend Elite Refuge Member

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    Yeh David know what you mean. Like Reagan I have a 7 year plan. Only problem is I'm on my second or third 7 years plan already.:l

    Legend
     
  5. duckhuntingUSA

    duckhuntingUSA Elite Refuge Member

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    Heard a analyst saying that the Telacom sector hasn't hit the bottom yet. For me personally that's scary. Beat the layoffs so far but still worried.

    Like Al Pachino said in Justice for All, These guys should go straight to F***ing jail.

    These exucitives who did this stuff have hurt our country, maybe more then the ragheads. The rag head victims are not suffering there dead, and not nearly as many people have been effected as what these CEO's have done to us.
     
  6. Penns-Woods

    Penns-Woods Senior Refuge Member

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    dhUSA: I would not paint the whole telecom sector with the WorldCom brush.

    The company I work for is one of the largest contract manufactures of telecom equipment. Over the last 18 months the market has imploded. None of the telcos are buying much new equipment. They spent billions building bandwidth capacity globally, and there is now a massive glut of available bandwidth. Most of our customers (which include all the biggest telecom equipment companies) are sitting on six to eighteen months worth of unsold inventory. You cannot blame all of that on CEO malfeasance, though you could make an argument for criminal stupidity.

    Glad to hear you've survived the layoffs thus far. I've managed to hang on through a plant closing and a division closing. Nobody in this industry sleeps easy at night.:(
     

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