It has been a while they have been falling. The first one to go was Enron and it made it big. Following were a series of restatement of earnings by a large number of corporates. To add to that were misusing and redirection of funds by the administration of companies - money from Adelphia communications was eaten by the owning family and forcing it towards bankruptcy. Worldcom is dying, with loads of debt and no money in hand. Xerox has admitted to its major wrongdoings in accounting. Then there were bad acccounting practices from a good number of companies including Microsoft(understated earnings in the past), Tyco and a lot more that were actually brushed away by media and investors who were desperate for some good news from the corporations. Nasdaq is down to 1300 levels which is less than a third of year 2000 levels.... Enron debacle was probably the biggest, and for good they took their accountants(Anderson) along when they were going down. Wonder how long this is likely to continue... Who is the next one in line? How about Vivendi Universal?
