There are some new developments in the WorldCom accounting scandal. A House committee has authorized subpoenas to compel testimony by three WorldCom officials and an influential Wall Street analyst who touted the company's stock.
The four, including former Chief Executive Officer Bernard Ebbers and current CEO John Sidgmore, will be summoned to appear at a July 8th hearing by the House Financial Services Committee.
One summons is going to telecom stock analyst Jack Grubman of investment firm Salomon Smith Barney, a longtime booster of WorldCom stock who downgraded his recommendation for the company on Monday. He said the downgrade had nothing to do with WorldCom's troubles.
The government filed civil fraud charges against WorldCom Wednesday and Bush denounced the company for disguising nearly $4 billion in expenses from the investing public.