House of Paine

FRAUD A FALLGUY

  U CAN SEE THE FALLGUY ROLE
            BEST
 IF U LOOK 
STRAIGHT PAST 
     THE PETTY RENTIER CROWD'S
                     DELIGHTFUL RIP A DIP 
 TO 
 WAGERYS' OBLIQUE ANGLE 

  THE JOB HARVESTER 
              CALLED TECHNICAL PROGRESS 

=================================


 " Bernard J. Ebbers, 
the former chief executive of WorldCom, 
was found guilty yesterday 
in federal court
 of orchestrating 
a record $11 billion fraud 


----- "ACCOUNTING IS MARKETING:
              ITS PRODUCT 
THE PROFITABILITY AND CREDIT
OF THE FIRM" -------------


that fraud 
 came to symbolize 
the telecommunications bubble
 of the 1990's 
and the excesses 
that were uncovered 
in its aftermath.

------- what about the optic fiber boys ? --------------- 

" Mr. Ebbers and WorldCom, 
through the acquisition 
of dozens of phone companies
 helped to create 
the rush for telecommunications stocks 
in the 1990's"

------ you got cause and effect reversed here ------------

 
"later 
They were at the center 
of a swirl of scandals 
that cast doubt 
on corporate accounting methods"

------ please ---------

 "the role of Wall Street analysts"

------------  non sense ---------------

" and investment bankers
 who sold stocks and bonds 
to investors"

-----  doubts about what ? --------------

WorldCom's phantom growth 
caused once-mighty 
telecommunications companies 
like AT&T 
to cut prices and slash costs
 in the crippling race 
to keep up


----see the alibi forming
it wasn't
  spontaneous
 competition 
endemic to free market systems
it was cheating 
that done all this -----------
 
" a race from which 
they never fully recovered "
 
------------ this mahes it seem
         as if 
   say abe lincoln types 
    had been at the helms
     these underlying production
                          outfits 
        would be steamin along as before --------


 "MCI,
 which WorldCom acquired
 with its lofty stock in 1998
 was forced to let 
thousands of workers go
 and may soon be acquired." 


------ final misdirection
 "real service provider   jobs "
would not have vanished
but for the fraud
    non sense 
the real shake out was comin one way or other
thses sports just mayde it maybe quicker
and surely a lot more colorful
a morality play has been fashioned
 out of the incidentals 
        of a blind  rogue system 

notice 
if you will

how 
the airline compaction  story 
takes another  moral  avenue
union labor costs
greedy joblingers 
to misdirect

from the 
  inevitable
   human predations
of our vaunted
  market system 
 "an  eyeless  cyclops "

need more sectoral results?


find em yourselves

investigate 
and report back
to the house 
in 50 words or less  ------------