SEC Informative - Don't we the investors have the right to know
WASHINGTON, DISTRICT OF COLUMBIA -- The FCC Audit of 1998 (Vapor Scandal) discovered some $10 Billion dollars of unauditable commercial properties of the Bell Companies now Verizon Wireless. The carrier is required by 147C.F.R. Part 32 to maintain a detailed inventory and other records of its telecommunications plant in service so that the equipment may be readily spot-checked for proof of physical existence
It was also reported by Forbes Magazine that only a quarter of the audit had been completed. FCC then turned over to each state commissioner the report for the states to follow up on that audit. Only one state follows up on the audit that was New York State.
My wife has stock in a 401k retirement saving program. Her concern is if the report that was published by Forbes Magazine is true. How would this affect the future 401K plans?
Once the general public becomes aware that they are paying phone rates and extra taxes. Allowed by FCC based on the cost replacement of commercial property inventory that Bell Company now (Verizon Wireless) canít even account for.
After what happen to the 401k plans after Enron Corporation and the Martha Stewart scandal, investors have the right to worry.
My other concern is if the SEC Commission knew that there was a possible problem with the audits of the Bell Commercial Property records, involving some $153 Billion dollars of commercial property that has yet to be accounted for.
Why hasnít SEC taken any action to protect the investors from the possible fallout?
Both The New Network Institution and Forbes Magazine have stated that The FCC and SEC Commission knew of the problem. Yet, little or nothing has been done. The reports can be found at www.forbes.com , www.newnetwork.org and www.teletruth.com.