After a while, Kameda came back with a smile on his face. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 infoActually, as long as he was interviewed, BusinessWeek was satisfied. Of course, it would be better if Feng Yu could be interviewed.

Although Feng Yu did not accept an exclusive interview now, Kameda Masao said that he would sell an exclusive news to "Business Week", which made "Business Week" think of Enron, who had not been bankrupt for a long time.

The shareholders of "Business Week", but there are also many wealthy people, and they know very well how much profit such a news can bring.

So they immediately made an appointment, and tomorrow their people will fly to San Francisco to give an interview to Masao Kameda. If it weren't for Masao Kameda saying that there was something going on today, they would have wanted to come today.

Knowing that the matter of Yingweida was solved, Huang Jiansen didn't stay long, and went to get busy again. The company is on the rise, and we can't be idle for a moment. If you build a big advantage in the early stages of the company's development, the future will be much easier, and the company is preparing to launch accelerated processors.

Feng Yu, Kameda Masao and Ralph were left in the office, and Ralph made three cups of tea. After following Feng Yu for a long time, he also felt that this kind of green tea with a bitter entrance but endless aftertaste was very good.

Kameda Masao is an island native and likes to drink tea very much.

After Feng Yu took a sip of tea, he nodded with satisfaction, this tea ...... Quenching your thirst!

Kameda Masao was actually a little anxious, but he could only be patient and accompany Feng Yu to drink tea.

Feng Yu put down the teacup and asked, "Kameda, WorldCom Company, do you know?" ”

"WorldCom Company? I know. The second-largest telecommunications company in the United States, after AT&T, had a peak stock price of more than $180 billion at its peak last year. But now that it's been a dot-com bubble, it seems to be only about $70 billion. Boss, the company you are talking about making fake accounts should not be WorldCom Company, right? ”

Kameda Masao felt that it was wrong as he spoke, but it shouldn't be, WorldCom is a bigger company than Enron, and it is still the world's largest network service provider. Then if no one buys it, then bankruptcy is the only way.

"That's right, it's Worldcom. The development of WorldCom is actually very interesting, if you take a closer look at WorldCom's statements, you can find that WorldCom is a company that is rapidly expanding in the Internet bubble. How the company develops is through mergers and acquisitions. As for the funds for mergers and acquisitions, they did not earn them, but through the issuance of shares and financing. In other words, WorldCom is using investors' money to expand......"

Each company acquired by WorldCom did not pay much cash, and it was controlled through equity replacement, either through the exchange of its original shares, or through the exchange of new shares, so as to obtain sufficient controlling stake. Even the vast majority of the cash they paid was raised through the issuance of new shares.

The advantage of this is that the manager's operating pressure is extremely light, and the blind expansion is carried out at low cost. This kind of behavior, in essence, is a kind of money-trapping behavior, and it is difficult to bring benefits to the development of enterprises. But if the scale of his merger and acquisition is large enough to achieve a monopoly, then he will be able to make a profit.

Under normal circumstances, the issuance of additional shares is equivalent to watering the wine, and the average investor will throw away the stock to cash out to avoid risks. However, WorldCom has always been "outperforming" in the stock market, with a large number of bankers supporting, and shareholders not only did not sell WorldStone's shares, but continued to enter the market, allowing Worldcom's stock price to further trumpet up.

As a result, WorldCom has grown from a billion-dollar company to a $180 billion-dollar company in just a few years. Feng Yu remembered that in his previous life, WorldCom's peak stock price was close to $200 billion. However, in this life, because Microsoft's stock was dumped earlier by Feng Yu, the NASDAQ did not reach the peak of the previous life, which also led to the market value of WorldCom not being as high as in the previous life.

However, the good thing is that although Worldcom's stock price has fallen, it has not fallen as fast as in previous lives.

Although the Internet bubble was more serious this time, the original words of the CEO of WorldCom strengthened the confidence of shareholders.

Our goal is not to gain market share or globalization, our goal is to become the No.1 in Wall Street stocks!

It is this sentence that makes Worldcom's stock continue to have shareholders to support the market.

But the turning point came at the end of last year.

At the end of last year, WorldCom wanted to acquire Sprint Communications Company, which is the third largest communication company in the United States, with an acquisition amount of nearly 130 billion US dollars!

This is the highest amount of acquisition in history, and if successful, WorldCom will surpass AT&T to become the world's largest communications company.

Unfortunately, the merger and acquisition case has been jointly sniped by the antitrust authorities in Europe and the United States, who believe that this will create a de facto monopoly. All companies suspected of monopoly, they want to force a split, let alone this one that wants to monopolize after the merger.

After the abortion of this merger and acquisition, the vitality of WorldCom Company was greatly damaged. As mentioned earlier, WorldCom has maintained its stock price through continuous mergers and acquisitions. If they succeed, then they become the number one in the industry, and they will naturally get extremely high profits.

But the merger failed, and the disadvantages of the previous M&A investment were reflected. If there is no merger and acquisition, it will not be able to issue new shares, and if it does not issue new shares, WorldCom will not be able to survive.

In the past, when WorldCom acquired a merger, there were high debts, which can be reflected in a set of data, and more than 50 banks that lent more than $100 million to WorldCom were more than 50 banks. And WorldCom is in contact and continues to take out loans. They discussed with some banks again, and planned to find 25 more banks to lend more than $2.5 billion.

Without a loan, they won't be able to run a business. At this time, the company's debt ratio is already seriously over-high. But those banks still have to lend to him, otherwise the previous loans will not be repaid.

At this time, in order to maintain the stock price and continue to attract investors, they have to take risks and inflate profits through accounting "tricks", so as to create a false impression that the company is still profitable.

However, the difference between WorldCom and Enron is that the amount of fake accounts of WorldCom is higher, and the amount of fraud is higher than that of Enron for many years. No way, WorldCom's market capitalization is much higher than Enron's, and it has more expenses.

After Feng Yu told Masao Kameda about this, he took over the results of Ralph's secret investigation from Ralph.

"Here, this is the proof."

Kameda Masao looked at Feng Yu in disbelief: "Boss, how did you think that WorldCom might be a financial fraud?" ”

Feng Yu pointed to the company's financial audit column: "Take a closer look, the audit company invited by WorldCom is Enron's audit company!" ”

…… (To be continued.) )