Joining the ranks of companies to commit massive accounting fraud is WorldCom, which also happened to use Arthur Andersen as its auditor. It turns out they lied about $3.8 billion in expenses, claiming them as capital expenditures when they were really operating expenditures. It seems there’s a good chance this will destroy the company. It’s really no surprise that the economy is in the crapper — do you feel safe believing the financial statements of any company these days? Unsurprisingly, WorldCom’s CEO claims to be shocked at these revelations. I’ll bet he is.