As Tim Blair observes, stock markets have barely moved in the wake of the great Worldcom fraud.
On the other hand,
(a) Most US indexes are already lower than they have been for years
(b) Telecom stocks took a pounding (Worldcom was suspended after falling to 20 cents)
Two possible takes on this
(1) These problems are isolated to the telecom sector (and a few others like energy trading, conglomerates, dotcoms etc). Apart from that the economy is looking good.
(2) This isn’t news. Everyone knows corporate accounts aren’t worth the bits it takes to display them on screen.