AVOIDING INVESTMENTS IN FRAUDULENT COMPANIES: THE WORLDCOM FRAUD Introduction The purpose of this report is to investigate and discuss the accounting fraud that occurred at WorldCom in order to recommend improved strategies to Berkshire Hathaway’s management for avoiding investments in companies with fraudulent financials. Accounting fraud is a crime committed by high level employees at an organization to manipulate the organization’s financial statements and intentionally disguise company
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Beginning of a Whistleblower Bernie Ebbers‚ Scott Sullivan‚ and other members of top management intentionally led Mississippi’s pride and joy‚ WorldCom‚ on a 5-quarter charade filled with smoke‚ mirrors‚ and much intimidation. They did it hotly pursuing success‚ monetary gain‚ and the praise of their fellow statesmen. They did it by abusing work relationships and intimidating employees with promises and threats. Ultimately‚ they ended up “losing their footing” which caused them and‚ in turn‚ others
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11/28/10 Business 210 Investment Fraud Charles Ponzi will forever infamously known as the con man of the 1920’s. Ponzi dealt with numerous amounts of investors who all trusted him to make them a profit on their investments. Unfortunately‚ Charles Ponzi was a crook from the start. He bought a total of $30 dollars in IPRC’s and stole about $30 million of his investor’s money. His brilliant idea that landed him in jail was to not buy IRPC’s at all‚ but to give people
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Devin Maiello Professor Govantes IDS 252 2/26/13 Readings in the Philosophy of Technology Ch. 12-16 The main point that stood out to me in Jonas’ “Technology and Responsibility” is that Earth’s resources are limited‚ and for once we are starting to realize this. He says that there is a‚ “critical vulnerability of nature to man’s technological intervention—unsuspected before it began to show itself in damage already done” (177). This knowledge has forever changed the rules of ethics.
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The Position of Poverty In the world we live in today there are only two kinds of poverty as identified by John Kenneth Galbrith in “The Position of Poverty.” Galbrith made a distinction and labeled the distinction as “case poverty” and “insular poverty.” According to Galbrith case poverty is defined as‚ restricted to an individual and his or her family and often seems to be the caused by alcoholism‚ ignorance‚ mental deficiency‚ discrimination‚ or specific disabilities. Insular poverty
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Joe Lorkovic Bus 100 The Great Ponzi‚ Bernie Madoff. Bernie Madoff is known as The Great Ponzi. Bernie Madoff is a former American businessman‚ stockbroker‚ investment advisor‚ and financier. On December 11‚ 2008 he was arrested and charged with securities fraud. One of the reasons why Madoff’s scheme did so well is the fact you had to be invited to invest with him. It gave it that exclusivity that makes people want to get in on it. Basically he was paying new
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Financial Fraud- Qwest Communications Introduction In the late 90’s‚ early 2000’s‚ Qwest Communications International Inc. (Qwest) was a rapidly growing telecommunications company that provided global internet and telephone services. At their pinnacle‚ Qwest was one of their industry’s top leaders‚ reporting revenues of $16.7 billion in 2001 (Anonymous‚ 2013). Through continued expansion and acquisitions of other large telecommunications companies‚ it seemed things were only headed in a positive
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Case 1.12: Madoff Securities Questions: 1. Research recent developments involving this case. Summarize these developments in a bullet format. 2. Suppose that a large investment firm had approximately 10 percent of its total assets invested in funds managed by Madoff securities. What audit procedures should the investment firm’s independent auditors has applied to those assets? 3. Describe the nature and purpose of a “peer review.” Would peer reviews of Friehling & Horowitz have likely
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DIVINE WORD MISSION SEMINARY _______________________ The Later Heidegger: Technology _______________________ Summary _______________________ Submitted to: F. Pablito M. Tagura‚ SVD Professor in Philosophy of Technology _______________________ Submitted by: Sem. Edgardo T. Del Rosario Jr. Fourth Year-SVD _______________________ August 8‚ 2013 DIVINE WORD MISSION SEMINARY “The Question of Technology” Summary The Third Chapter of Later Heidegger is concern about
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7/22/13 WorldCom Search » Ethics Home Page About the Center Focus Areas Bioethics Business Ethics Campus Ethics Character Education Government Ethics Internet Ethics More... Publications Ethics Articles Ethics Cases Ethical Decision Making Videos Ethics Blogs Podcasts E-letter/Subscribe Contact Us Site Index WorldCom1 By Dennis Moberg (Santa Clara University) and Edward Romar (University of MassachusettsBoston) An update for this case is available. 2002 saw an unprecedented number of
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