, SecurityFocus 2004-09-15
The final act in the saga of Adrian Lamo's hacking adventures ended with a contrite message from the once brash cyber outlaw, and a grim denunciation from his prosecutor, who blamed the hacker for inspiring other computer intruders.
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"In June 2002, an internal audit discovered that US$3.8 billion had been 'miscounted.' The US Securities and Exchange Commission launched an investigation into these matters on June 26, 2002.
On July 21 2002, WorldCom filed for Chapter 11 bankruptcy protection in the largest such filing in United States history. Its CEO and founder, Bernard Ebbers, came under fire for his failure to prevent the bankruptcy.
In August 2002, an additional $3.3 billion in improper accounting since 1999 was announced. By the end of 2003, it was estimated that the company's assets had been inflated by around $12 billion.
In May, 2003, the company was given a no-bid contract by the United States Department of Defense to build a cellular telephone network in Iraq. The deal has been criticized by competitors and others who cite the company's lack of experience in the area. [1] (http://seattlepi.nwsource.com/business/123016_worldcomiraq22.html)
The company emerged from Chapter 11 bankruptcy in 2004 with a new name, MCI, and about $5.7 billion in debt and $6 billion in cash. About half of the cash was intended to pay various claims and settlements. Previous bondholders ended up being paid 35.7 cents on the dollar, in bonds and stock in the new MCI company. The previous stockholders' stock was valueless.
Under the bankruptcy reorganization agreement, the company paid $750 million to the SEC in cash and stock in the new MCI, which was intended to be paid to wronged investors." http://en.wikipedia.org/wiki/WorldCom
With such fine examplers of corporate and govermental morality and integrity to guide them...why should should the young or would-be hacker even think twice about about creating as much mayhem as possible? Some, might even think it a public service...Think about it.
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