capitalization of operating expenses • management promoted culture fixed on the numbers • board of directors’ failure to scrutinize billion-dollar acquisitions • excessive loans to executives in order protect stock prices Financial Overview of WorldCom (in Billions) Financial Highlights 1994 1999 2001 2004 Revenues $2.2 $37.1 $35.2 $20.7 Total Assets $3.4 $91.1 $103.9 $17.1 Employees $7.5 $97.6 $87.8 $40.4 Market Cap. $3.3 $150.5 $42.8 $6.4 Debt $0.8 $13.1 $30.0 $5.9 Total Capitalization
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interpretation of his art piece “Closed” by looking at his choice of elements in the composition and what they evoke. Thus‚ Wong studied architect and ceramics in college. After college he started working as a portrait sketcher in the streets and called himself the human instamatic. Later on‚ he started performing in a gay theatre troupe. Also‚ he collected asian antiques through his travels in Asia. After some time‚ he decided to become a painter. The composition “Closed” was made with acrylic on canvas
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Assignment # 3 WorldCom Accounting Fraud By Mark A. Cowan Strayer University ACC 499- Accounting Capstone May 15‚ 2011 The purpose of this paper is to discuss the aspects of the WorldCom accounting scandal and the effects that this scandal had on the accounting world as we know it. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud‚ how the CEO’s desire to be the #1 stock on Wall Street contributed to the fraud‚ pressures on accountants to book
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Copyright Financial Times Information Limited Jul 9‚ 2002 Ron Beaumont‚ chief operating officer of WorldCom‚ is one of several senior executives who should have been aware of discrepancies in the telecommunications company’s books before the near-$4bn fraud was revealed last month‚ according to people close to the company. The fraud that was allegedly engineered by Scott Sullivan‚ the chief financial officer who was fired the day the scandal was announced‚ led to a massive overstatement of WorldCom’s
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WorldCom was one of the leading telecommunication companies prior to its application for bankruptcy protection on July 21st‚ 2002. The firm’s decision to file for bankruptcy was a shocker move considering the amount of revenues and asset base the company had. It is believed that the firm was highly involved in fraudulent bookkeeping between the year 1999 and 2000 where they had managed to overstate its taxable income by at least $7 billion. It was also revealed that the company had committed itself
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Close reading responds Life Of Pi The book Life of Pi by Yann Martel is about the story of Pi Patel a 16-year-old boy who survives at sea with a tiger for 227 days. Pi begins his journey when the boat he is one sinks and he gets on a lifeboat. The lifeboat contains a hyena zebra‚ an orangutan‚ and Richard Parker the tiger. Throughout the book Pi struggles to stay alive and keep fighting. The theme of loneliness and trying to stay alive plays a big part in this story. Especially in the quote
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Behind the Suit Have you ever been wondering what your life is about? And what it is for? Well‚ practically I don’t know. I don’t even know who I am‚ where I am‚ why I am here. All the people lied to me. All! Including my parents; I remember their lies but I blurry remember their face. Is my mom beautiful? What is going on? The truth is: I didn’t ever know. When I was 7 years old‚ I realized I am extremely different; I live in my grandmother’s house not in my parents’ house‚ not anymore. She is the
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1. After seven years of ever-lurking silence Ann does something she soon regrets. At the end of the story Ann says‚ “If you knew him though- John would try” (p. 7). So did Ann really know John? I think Ann did know John and she knew that he would come home like he always did. But I think she let herself believe what Steven continued to say which was no one would risk coming home in such a bad storm. Ann always had feelings for Steven‚ but they were all for the wrong reasons. So I think her act with
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During the late 1960’s bands sang of love and peace while drugs were passed out at every moment. But for The Doors it was different‚ because they could get a person high by just listening to songs of mystery and intenseness. The nights belonged to the gods of revelry and rebirth‚ and the songs invoked their potent passions‚ the Oedipal nightmare of "The End‚" the breathless gallop of "Not to Touch the Earth‚" the doom of "Hyacinth House‚" the ecstasy of "Light My Fire‚" the dark uneasy undertones
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WORLDCOM‚ INC: CORPORATE BOND ISSUANCE Introduction This case raises many interesting questions concerning the record setting issuance of corporate debt by WorldCom‚ Inc. (“WorldCom”). Both the surprisingly voluminous structure of the proposed issuance and the foreboding macro-economic climate in which it was slated spark concerns over the risk and cost of the move. One of the first questions that must be addressed is whether WorldCom’s timing was appropriate. Next‚ the company’s choice of
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