WorldCom Finds $3.8 Billion Error, Fires CFO [Reuters lead headline]
Yes, but I want to know what the severence package looks like.
WorldCom, which is already under investigation by the Securities and Exchange Commission, said it would restate its financial results for 2001 and the first quarter of 2002 to show net losses.It also plans to cut 17,000 jobs, or more than 20 percent of its work force, starting on Friday, in a bid to save $900 million a year. It also will pare its capital spending budget to $2.1 billion.
Seventeen thousand workers are now going to be put out onto the street because the stockholders had to be fed, at all costs to the people.