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Trash firm's books queried
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October 22, 1999: 8:16 a.m. ET
Waste Management internal review will result 3Q charge, reportedly $1B
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NEW YORK (CNNfn) - Waste Management, Inc., the nation's largest trash hauler, said Friday the findings of an internal review will result in a "material unfavorable" charge of reportedly $1 billion for the third quarter and full year.
The news is yet another blow to the Houston-based company, which has been plagued by operational problems and allegations of insider trading by top officials.
The company said its new leadership team "was deploying people and resources to address a number of issues, including information systems, billing and collection of receivables, and financial controls."
Waste Management and USA Waste Services Inc. merged in July 1998.
Waste Management said the review hasn't been completed and no final determination has been made, but the Wall Street Journal said the charge could be as much as $1 billion.
"We are taking swift and decisive action to warrant a higher level of confidence in this company," Chairman Ralph V. Whitworth said. "We are committed to establishing a firm foundation upon which a new CEO can build shareholder value."
The company said it will provide the results of the review Nov. 9 along with its scheduled release of third-quarter results.
Shares of Waste Management (WMI) closed down Thursday 1/2 to 16-13/16. 
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Waste Management, Inc.
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