Creative accounting

In admitting to what can only be called highly creative accounting, WorldCom revealed this week that it had “misreported” spending of $4 billion (£2.65 billion), thus disguising heavy loss-making. WorldCom’s road to corporate oblivion is now paved with $30 million worth of debt.

Enron was never going to be a one-off and the subsequent plunge of the dollar says everything: WorldCom is one amongst many and it is only a matter of time before another giant of corporate America collapses.

Of course, the Weekly Worker does not have WorldCom’s problems, since every pound and euro we receive is spent on our immediate production costs. We do not have the luxury of accumulated revenue which we can claim as ‘profit’. Unfortunately, this week’s post has been rather thin. Comrades RT (£15), MY (£10) and CT (£5) did their best. But only £30 this week means that on £305 we are well short of our £450 monthly target. Come on, comrades - you can do better.

Robbie Rix

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Weekly Worker 438 is available in pdf format as zipped (1.80MB) or unzipped (2.24MB) files

Number 438

Thursday June 27 2002

The Weekly Worker is available from bookshops across the United Kingdom or can be delivered direct to your door by completing our online subscription form.

RMT dumps Prescott and Cook: Challenge the new Labour left
After decades of automatically voting Labour, most of the left with auto-anti-Labourism. The RMT decision has pointed to a more sophisticated and fruitful way forward. Peter Manson explains

Letters
War on Iraq; Vote 'yes'

The politics of wishful thinking
Around 1,500 marched in support on asylum-seekers last Saturday. Mark Lusted was there

SA activists conference

• Getting the politics right
  Marcus Strom calls on SA activists to take their responsibilities seriously
• Building rank and file organisation
  Alan Stevens calls for an open and democratic culture
• Draft statement for the Socialist Alliance trade union activists conference
  Produced by the SA trade union committee

Union democracy: Fighting the PCSU coup
Mark Fischer reports on the recent rally in central London

Anyone but England?
The World Cup final, in case you didn’t know, is being fought out between Brazil and Germany on Sunday June 30. As the competition reaches its climax, Mark Fischer spoke to John Reid, member of the Socialist Party in England and Wales and author of Reclaim the game: 10 seasons of Premiership swindle

Euros and reformulations
An aggregate of CPGB members was held in London on June 23. Mary Godwin reports on the debates

Creeping up
John Galt charts progress on the CPGB's Summer Offence 2002

Scottish Socialist Party

• No euro, please - we're Scottish
  The SSP has thrown it weight behind the 'no' campaign. Ronnie Mejka reports
• SSP rules, okay?
  Comrades in Scotland discussed changes to the SSP's constitution
• Red stars and Mexican starfish
  The SSP has been debating an image makeover. Carol Newson reports

Updating what we fight for
Redrafting the Weekly Worker’s ‘What we fight for’ column is long overdue, argues Jack Conrad. As the reader can see, at last it has been done

Bush's message to Palestine ... Capitulate or die
Ian Donovan assesses the latest twists and turns in the struggle in Israel-Palestine