Monday, July 01, 2002

Tsk, Tsk. Christopher Byron observes in the NY Post that what Worldcom is getting pilloried for, AOL did in the 90's by capitalizing the money they spent recruiting new customers. When the complaints got to be too much, AOL moved the expenses to the part of the balance sheet where they belonged, took a big charge, and the stock kept shooting upwards. And they were all treated like geniuses.