Worldcom executives Congressional hearing — Transcript

Full transcript

1. 0:05do you swear that the testimony you're
2. 0:08about to give is the truth the whole
3. 0:09truth and nothing but the truth you're
4. 0:13sworn in each of you is now under oath
5. 0:17and you may now give up to a five minute
6. 0:19summary of any written statement that
7. 0:21you may have beginning with mr. Evers
8. 0:26although I would like more than you know
9. 0:28to answer the questions that you and
10. 0:32your colleagues have about Worldcom I've
11. 0:34been instructed by my counsel not to
12. 0:36testify based on my Fifth Amendment
13. 0:38constitutional rights when all of the
14. 0:42activities that will come are fully
15. 0:43aired and when I get the opportunity and
16. 0:46I'm very much looking forward to it to
17. 0:49explain my actions in a setting that
18. 0:51will not compromise my ability to defend
19. 0:54myself in the legal proceedings arising
20. 0:57out of the recent events I believe that
21. 0:59no one will conclude that I engage in
22. 1:02any criminal or fraudulent conduct
23. 1:05during my tenure at worldcom I have no
24. 1:14prepared statement based upon the advice
25. 1:17of counsel I respectfully will not
26. 1:21answer questions based upon my Fifth
27. 1:23Amendment right to the United States
28. 1:25Constitution I asked that the record be
29. 1:29entered for my counsels written letter
30. 1:32this morning let me state clearly and
31. 1:42without any qualification that prior to
32. 1:44June 21st 2002 when Andersen was first
33. 1:47contacted about this matter neither I
34. 1:50nor any of to my knowledge or any of my
35. 1:53team members had any inkling that these
36. 1:56transfers had been made in fact in
37. 1:59connection with our quarterly reviews
38. 2:00and our year-end audit the Andersen
39. 2:02audit team specifically asked WorldCom
40. 2:04senior financial management well
41. 2:06different companies dealt with a change
42. 2:08market reality in a variety of ways
43. 2:10none has yet shown the audacity to
44. 2:12commit
45. 2:13fraud on a scale that has been alleged
46. 2:15here at the same time I'm also aware
47. 2:17that the concurrent investigations by
48. 2:20the SEC and the Department of Justice
49. 2:22will continue there is an urgent need
50. 2:26for strong and reasoned legislation to
51. 2:31restore the market confidence that has
52. 2:33been squandered by greed incompetence
53. 2:36fraud and weak regulation Thank You mr.
54. 2:45chairman the issue of the year is moral
55. 2:47hurt