If you are rich, contribute enough politically and trot forward the bogeyman that your company is vital to national interest, then you can easily overcome the odds of committing a $10 billion fraud. Well that is if you are Massively Corrupt Institution, oops I meant MCI, then the courts will come to your rescue.
bq. The judge overseeing MCI Inc.’s Chapter 11 bankruptcy case approved the company’s reorganization plan Friday, over strong objections from rivals who argued the telecommunications giant engaged in illegal conduct. U.S. Bankruptcy Judge Arthur J. Gonzalez had planned to accept or reject the company’s plan by noon Eastern time, but delayed his ruling. The reason for the delay was not immediately clear. [Wall Street Journal]
As part of the reorg, MCI would be able to pay most creditors 36 cents on the dollar and allow MCI to shed $35 billion in debt. My full analysis on this, over the weekend. But first thought – this is the beginning of the second leg of telecom meltdown.