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Last updated at: (Beijing Time) Thursday, June 27, 2002

Bush Vows to Fully Look Into WorldCom Scandal

U.S. President George W. Bush vowed on Wednesday that the government will fully investigate the misaccounting scandal of WorldCom Inc, a U.S. telecommunicaiton giant.


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U.S. President George W. Bush vowed on Wednesday that the government will fully investigate the misaccounting scandal of WorldCom Inc, a U.S. telecommunicaiton giant.

Bush made the statement at a photo opportunity with British Prime Minister Tony Blair on the opening day of a summit of Group of Eight (G-8) countries, which was held in Kananasikis, about 100 kilometers west of Calgary.

"I am deeply concerned about some of the accounting practices that take place in America. There are revelations that WorldCom has misaccounted 3.4 billion dollars. It's outrageous," Bush said.

"We will fully investigate and hold people accountable for misleading not only shareholders but also employees as well."

"We've had too many cases of people abusing their responsibilities and people just need to know that the SEC (Securities and Exchange Commission) is on it, our government is on it, and Arthur Andersen has been prosecuted. We will pursue, within our laws, those who are irresponsible," he added.

The WorldCom scandal is the second business scandal that involves Andersen, which was the accounting firm for Enron, the giant energy company that has collapsed, and WorldCom that is now in trouble.

On Tuesday, WorldCom said that more than 3 billion U.S. dollars of expenses in 2001 and 797 million U.S. dollars in the first quarter of 2002 were wrongly listed on company books as capital expenses, thus not reflected in its earnings results.


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