The Worldcom shell that landed last week rattled already frayed investor nerves. Renaming it "Worldcon", the New York Times gave vent to the prevalence of cynicism among just about everybody. It is highly doubtful that we have seen the last of such fraud cases. According to the well-known cockroach theory, more instances of corporate misdemeanour are sure to turn up. Managers had a virtual free hand in the glory years, to implement all sorts of schemes to enrich themselves and to please the bevy of investors, who responded with great enthusiasm while the going was good. Compliant boards of directors, co-operative auditors, supportive analysts, obliging media, all did their part.
Currently, amidst the finger pointing and accusations, it appears that the media have got off quite lightly. Normally, they peddle a mixture of ideology, information and entertainment, in variable proportions, depending on the circumstances. In the environment of the late-nineties bubble period they
