“According to news reports, WorldCom appears to be on track to emerge from bankruptcy in far better shape than its more responsible competitors because of the significant amount of debt that it stands to shed in bankruptcy court,” wrote Hatch, R-Utah.
It looks as if MCI…uh…WorldCom…er…MCI’s US$ 1.5bn fine for committing tax fraud may be reduced to US$ 500mn. This amounts to a slap on the wrist to a company of this size. And, as Senator Hatch points out, may help to create a rash of companies in similar predicaments trying to get the same deal.
Even though my friends consider me just *slightly* right of center, this concerns me. I thought for sure the gov’t learned its lesson. I’m glad to see our representatives stepping up to stop this. Even more so that its a *gasp* Republican. [ InformationWeek ]