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Tuesday, September 20, 2005

Never Mind!

Federal prosecutors announced earlier this month that they will not prosecute WorldCom (the corporation itself) for the massive accounting fraud that occurred at the company.  The Corporate Crime Reporter has this interesting article observing that in light of Verizon's upcoming shareholder vote on a proposed merger with MCI (the new name for WorldCom), Verizon's William Barr, executive vice president and general counsel, probably has changed his mind about the "death to WorldCom" approach he forcefully advocated in this March 2003 letter.  In that letter sent to the SEC, DOJ and FCC, Barr expressed his opinion that WorldCom was a criminal enterprise and that leniency toward WorldCom "cannot be squared with any rational concept of justice."

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