Ananya Chandra * Niteesh Chinta * Shraddha Rane * Swathi Punreddy The Rise and fall of WorldCom This case study WorldCom is a telecommunications company which was led by CEO‚ Bernard Ebbers‚ and CFO‚ Scott Sullivan. In 1999‚ WorldCom was not meeting Wall Street’s revenue and earnings expectations‚ and it appeared that the coming year would produce more bad news. The CFO argued for setting realistic targets. However‚ the CEO insisted
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Moreno Analyzing Ethical Behavior The Ethical Failure of the corporate G I A N T S In the course of this report‚ it will show the comparison of the ethical aspect of two well-known corporate giants‚ Enron and Bernie Madoff. The first subject Bernard Lawrence "Bernie" Madoff‚ Broker‚ Investment guru‚ Financier. Once herald as a financial king‚ he in his reign overnight turned white collar criminal‚ which led to a quick and easy demise. Second‚ Enron Corporation‚ known for energy and commodities
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short term financial gain and did not even think about the cost it would take to maintain the MCI structure. Ultimately the combination of high costs with MCI‚ and the financial methods used had a great deal to do with its failure. The behavior of Bernard Ebbers‚ the Chief Financial Officer Scott Sullivan‚ and Controller David Meyers‚ showed that the management did not have a great deal of interest in how the company
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M1. Case Study Assignment: Fraud at WorldCom 1. Who were the major characters in WorldCom? There are a couple of major characters that played their roles in the downfall of WorldCom. Mr. Bernard J. (Bernie) Ebbers‚ one of the founders of the original small long-distance carrier‚ was asked to take charge of the company during its early struggles. It was under his tenure that WorldCom began its expanding pursuits and aggressive acquisitions. Although Mr. Ebbers was he head of the company‚ their CFO
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Bernie Madoff’s $50 Billion Ponzi Scheme Who is Bernie Madoff The Madoff investment scandal is the Ponzi scheme that former NASDAQ chairman Bernard Madoff confessed to in 2008. On March 12‚ 2009‚ Madoff pled guilty to 11 federal crimes and admitted to operating what has been called the largest investor fraud ever committed by an individual. On June 29‚ 2009‚ he was sentenced to 150 years in prison with restitution of $170 billion. According to the original federal charges‚ Madoff said that his
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Adaobi Ikejiofor March 21‚ 2012 Dewey Bozella Injustice Injustice was a big theme in this documentary. Dewey Bozella was sentenced to serve twenty years to life in prison for allegedly murdering a ninety-two year old woman named Emma Crapser. After twenty-six years though‚ it was revealed that Bozella was not the criminal. However‚ when Bozella was first put on trial‚ he was put in front of an all-white jury. Keep in mind that this was all in 1983‚ nearly 20 years after desegregation
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Emerging issues in Accounting Below is the list of some of the emerging issues we have seen recently. These emerging issues have raised many questions on the functioning of accounting around the globe. Continuing demand for skilled professionals Globalization and International Financial Reporting Standards (IFRS) The accountant and Corporate scandals. The call for Auditor rotation. Need for Global Code of ethics Technology advances We will discuss one of the emerging issues in details. We will
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Tay-Sachs Disease Tay-Sachs disease is a rare inherited autosomal recessive disorder first discovered in 1881. It is a disease that is found in many populations‚ but commonly affects the populations of the Ashkenazi Jews. The disorder is caused when there is an absence of enzyme called beta hexosaminase A that is found on chromosome 15. The most common mutation occurs in mostly 80 percent of Tay-Sachs patients is the four base pair addition (TATC) on exon 11 and a G to C inversion
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9-104-071 REV: SEPTEMBER 14‚ 2007 ROBERT S. KAPLAN DAVID KIRON Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather‚ there was a broad breakdown of the system of internal controls‚ corporate governance and individual responsibility‚ all of which worked together to create a culture in which few persons took responsibility until it was too late. — Richard Thornburgh‚ former U.S. attorney general1 On July 21‚ 2002
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“Roy‚ will you be the best there ever was in the game?” “That’s right.” (p.33) In The Natural‚ by Bernard Malamud‚ Roy Hobbs intends to be the best baseball player there ever was‚ breaking all of the records and enjoying the fame that came with it. He started playing for the Knights under the management of Pop Fisher as a rookie at the age of 34. His career started slowly but eventually he became the most liked and most watched player in all of baseball leading his team from last place in the standings
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