To the Point

World Conned by WorldCom?

With one billion-dollar scandal after another, it-s reasonable to wonder how much of the recent boom has been real and how much has been the result of financial manipulation. After the sophisticated manipulations of Enron, Tyco, Adelphia and Dynegy, investors are now being hit with WorldCom-s $ 4 billion potential fraud. The deception, so simple that CPA-s claim any auditor should have caught it, has led even President Bush to question the validity of corporate America-s balance sheets. We hear how the crisis of confidence is affecting investors, here and overseas, and look at the possibility of a government crackdown with a financial consultant, stock analyst, director of the Securities and Exchange Commission, and corporate governance specialist. Newsmaker: Supreme Court Defends Ohio School Voucher Program The US Supreme Court has approved a so-called -voucher- program in Cleveland, Ohio which would allow public money to be spent at religious schools, as long as parents have a choice of secular schools as well. David Savage, who writes on the court for the Los Angeles Times, discusses this decision and high court-s approval of random drug testing in public schools. Reporter-s Notebook: Historical Perspective on Pledge of Allegiance Ruling Politicians have lost no time in denouncing 9th Circuit Court of Appeals- ruling that called part of the pledge recited in public schools unconstitutional. But -under God- has only been in the Pledge of Allegiance since 1954, and the Constitution mandates a neutrality between church and state. UCLA law professor Eugene Volokh examines patriotic ritual, -ceremonial deism- and the legal issues of yesterday-s ruling.