WASHINGTON -- America's series of corporate scandals have demonstrated the power of the market to discipline errant businesses. Market forces can also rehabilitate firms, unless Uncle Sam decides to shoot the economy's wounded.
Enron's financial improprieties broke in late 2001, destroying the energy company and its auditor, Arthur Andersen. Next, scandal overwhelmed WorldCom, a leading telecommunications firm. The company is in bankruptcy attempting to reorganize.
Will the company survive? The market has yet to render a verdict.
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