The final word on the telecom crash

IndustryClick :: If you ever wanted an encapsulated account of the rise and fall of the telecom market, you have come to the right place. Other than the recently revealed fraudulence of WorldCom and company–which after all can be found in ALL industries and businesses–the demise of telecom can basically be summarized into three main categories:
The sloppiness of industry participants including the government
The overabundance of the capital markets.
The over-forecasted demand for Internet services

Scotty beamed to jail :: A federal grand jury in New York indicted two former WorldCom Inc. executives on charges of securities fraud yesterday while three other officials at the telecommunications giant indicated that they are prepared to admit wrongdoing and cooperate with prosecutors in the fast-paced investigation. Scott D. Sullivan, who was the company’s chief financial officer, and Buford Yates Jr., who was the director of general accounting, “falsely and fraudulently” reduced the firm’s expenses in an effort to inflate earnings by $5 billion, according to the first formal criminal charges stemming from the nation’s largest-ever bankruptcy.