Link via Drudge.
Now it’s WorldCom in the crosshairs.
WorldCom has uncovered what people close to the company describe as a massive fraud, inflating a common measure of its earnings by more than $3.8 billion over the last five quarters. The company late Tuesday confirmed its intention to restate its earnings and said it had notified the Securities and Exchange Commission.
Kids, it’s official: The ride is gonna be rough, and it might not even be one for the brave. If you’re day-trading and working on movement, you might do OK — if you’re much, much smarter and luckier than the average bear.
If you’re invested for the long term, you really have no choice but to stay in.
Everyone else is going to take some pretty serious losses, methinks.
That’s how the markets works. That’s how people learn. That’s how bad methods get fixed. That’s how things get better. Eventually. In the meantime, there’s going to be a lot of clamoring by a lot of stupid people for Washington to do a lot of very stupid things.
Take a deep breath. Don’t panic. Don’t listen to the stupid people.