New York Times: NYT HomePage

NYT: The Latest Corporate Scandal Is Stunning, Vast and Simple.

“Coming in the wake of a seemingly endless series of corporate scandals — from Enron to Tyco, Adelphia to Dynegy — WorldCom might seem just one more carcass on the pile — and one that had already been picked at for months because of questions about its accounting. But experts on accounting say this case is extraordinary because of the amount of money involved and because of the relative simplicity of the accounting maneuvers used to disguise the truth.

‘The magnitude of this is just mind-boggling,’ said John Fahy, a certified public accountant and former prosecutor. ‘Auditors cannot miss something like this. It is just inexcusable.'”