Double-booking is the key problem

To prevent another WorldCom, the US government needs to do something about the practice of keeping one set of accounts for the Revenue and one set for the SEC and investors

Everyone is outraged. President Bush is outraged, Congress is outraged, investors are outraged, the non-investing public is outraged, CEOs are outraged (the ones who aren't the source of everyone else's outrage). Even Jack Grubman, Salomon Smith Barney's star telecom analyst and WorldCom booster until the bitter end, is outraged that the company lied to him. They all smell blood. Heads will roll. Perhaps a public lynching is in order for all those executives who got rich at the expense of their shareholders and employees. The rush to judgment is one thing; the rush to over-legislate ...