Who Is To Blame ?

Naturally no one is stepping up to take the blame. WorldCom blames auditor Arthur Andersen for not uncovering the irregularities. Andersen claims they did not know about the improper accounting. They say former CFO Scott Sullivan never told the firm about the dubious accounting.

So far, Sullivan and former CEO Bernard Ebbers have basically pleaded the fifth and remained silent. Ebbers states he has done nothing fraudulent and has nothing to hide. Sullivan told WorldCom lawyers that Ebbers did know of the money shifted into the capital expenditure accounts.

John Sidgmore, current President and CEO, blames the former management for the company's problems.

Wall Street Analyst Jack Grubman, who gave high favor to the stock, has admitted he rated the stock to high for too long. He insists he was unaware of the company's true financial shape.