Case study 10.1 - THE RISE AND FALL OF WORLCOM Bernie Ebbers built WorldCom‚ Inc. (now part of Verizon‚ Inc.) into one of the world’s largest telecommunications firms. Yet he and chief financial officer (CFO) Scott Sullivan have become better known for creating a massive corporate accounting fraud that lead to the largest bankruptcy in U.S. history. Two investigate reports and subsequent court cases conclude that WorldCom executives were responsible for billions in fraudulent or unsupported accounting
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modern invention have speed up peoples lives amazingly.motor cars cover s 100 miles in just few time.all this saves time but at a price.mobile phones also have their dangers‚ according to scientists too much use of mobile phones may transmit harmful radiation into our brains. Our behavior‚ also felt the impact of modern technology. people seem to be in a rush‚ and increasingly impatient. The obsession in saving time results in many people trying to imitate computers in an effort to handle tasks
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Does Modern Technology Restrict or enhance people’s rights and freedom? Nowadays the new technology is growing extremely fast and the influence that has changed people´s lifestyles. People cannot imagine their life without technological advances such as cell phones‚ computers‚ internet‚ video games‚ televisions‚ cars‚ and so many. Few decades’ back people did lived without all this technology but now they cannot. Although with the creation of technologies that are able to overcome the obstacles
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WorldCom: Can you hear the Lawsuits Now 1. Why do suppose Bernie Ebbers was treated more like the leader of a cult than a CEO? Explain. Bernie Ebbers was considered a cult leader for various reasons the total number of people affected by his behavior and direction of individual who just simply did as he requested which is what cult leaders do. He was known as a leader with charismatic is why a lot of his unethical actions were not challenged. Bernie Ebbers was ordered to pay back $6.13 billion
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The Bernie Madoff Ponzi scheme was life altering for numerous individuals who trusted in Madoff with their life savings and hard-earned wealth. Although the original scandal made headline news over eight years ago lawsuits and other remnants still remain. In 2013‚ one of largest organizations that people believe contributed the J.P. Morgan (JPM) agreed to settlement with a onetime payment of $billion dollars (J.P. Morgan Chase Will Have To Pay A Fine‚ 2013). Although many believe that JPM was the
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Review Essay No one would listen By Joseph Kiobbo‚ Newman University No one would Listen: A True Financial Thriller. Harry Markopolos‚ ed. New Jersey: John Wiley and Sons‚ Inc. 2010. Pp. 345. $17.35 (hard cover) This book brought out the failures of the Securities and Exchange Commission (SEC) in one of the biggest Ponzi schemes in America’s history‚ as orchestrated by Bernie Madoff. Harry Markopolos caught up with Madoff’s Ponzi scheme earlier on in his career and saw all the red
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The financial world was rocked by accounting scandals in the late 1990s and early 2000s. Companies such as Enron‚ Global Crossing and Tyco International collapsed under the weight of fraud and destroyed investor confidence in corporate accounting. But the biggest collapse was that of WorldCom. In 1983 Bernie Ebbers and several other people invested in a newly formed company in Clinton‚ Mississippi called Long Distance Discount Services‚ Inc. (LDDS). LDDS was a provider of long distance telephone
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The article that I was read is called‚ The wild schemes people will use to commit tax fraud‚ written by Matt Pearce. The article talks about schemes that people use to get out of paying their taxes and crimes commit with tax fraud. The main purpose of this article is to show that tax fraud is a massive problem in the United States and there are consequence to face for committing the crimes.The article starts off by introducing Michael D. Brandner‚ an Alaskan plastic surgeon with a wife‚ who filed
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Bernie Madoff was a successful businessman‚ who built his business with an investment of five thousand dollars and ran his business using Ponzi schemes. His Ponzi schemes are what made him acquire so many investors and make billions. As crooked and illegal as Bernie Madoff’s actions might’ve been he found a way to still strike as an iconic and incredibly successful business man. Bernie Madoff made it seem like if you didn’t have a connection to him then your name was unheard of. The only way you
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In the case of WorldCom‚ a national company that began in 1983 and would provide long-distance telephone services‚ it is hard to determine where the problem begins. The case‚ as explained in the book‚ has never really found the core of the problem. We are told that financial reports were falsely created and improper accounting practices were found‚ but who is to blame? The textbook tells us that several of the former top financial executives pleaded guilty to securities fraud‚ however they defended
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