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| SEC Targets 'Swap' Deals by Telecom Firms by Jeremy at 7:01 am EDT, Aug 20, 2002 | |||
The SEC has ruled invalid an accounting rationale used by some telecommunications companies to justify deals in which they appeared to trade access to one another's wires. The new ruling means any companies that relied on the rationale to boost their revenue may be forced to restate their financial results. Look for restatements to arrive soon, but expect the market to ignore them. (There's no sense in letting a few unwanted facts spoil the rally! Right?) | |||
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