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WorldCom Accounting Problems

By: AP
By: AP

Bankrupt telecommunications giant WorldCom now says it has uncovered more than $3 billion in additional bogus accounting.

The $3.3 billion is on top of the $3.85 billion fraud WorldCom revealed in June.

The company says the newest discovery was made as it reviewed
its books for 1999 and 2000, with most of the bogus tally coming in
2000.

As a result, WorldCom says it will restate its finances for all of 2000. The company, which filed for the largest corporate bankruptcy in U.S. history, has already said it would restate its finances for all of 2001 and the first quarter of 2002.


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