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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swimsuit at the oceanfront. He was a presumptuous troublemaker‚ invariably never heeding to his astute parents. His parents strictly advised him not to go and swim unassisted but guess what... he departed anyways! Submerging further beyond the coastland than he ever accomplished before‚ he was becoming lassitudinous. Promptly comprehending that there was no one in his immediate proximity to extricate him‚ he started to overreact. Investigating why James was so inaudible in his bedroom‚ Mother didn’t
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Enron and WorldCom FIN/486 December 22‚ 2014 Enron and WorldCom In 1998‚ Waste Management executives acknowledged earnings misstatements of approximately $1.7 billion. With the help of the Arthur Anderson accounting firm‚ Waste Management shareholders lost more than $6 billion dollars (CNN‚ 2001). The Waste Management corruption ushered in a series of corporate scandals into the new millennium. Enron and WorldCom were only two of many ethical and accounting violations that prompted new legislation
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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 and
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Go Along or Go Alone: The Fight Against Conformity "I think everybody’s weird. We should all embrace our individuality and not be embarrassed or ashamed of it." When Johnny Depp said this‚ he addressed the fact that conformity is taking over society‚ and for the worse. Going with the group is making people forget that the best way to contribute society is to be their individual selves‚ not to emulate another person‚ especially in a school or classroom environment. According to "The Geeks Shall Inherit
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IAGO’S MANIPULATION Iago cites multiple and incompatible motives for wanting to destroy Othello. Earlier‚ he said he hates Othello because "the Moor" passed him over for a promotion but‚ here‚ he tells us he hates "the Moor" because he’s heard a rumor that Othello has been hooking up with Iago’s wife‚ Emilia‚ "twixt [Iago’s] sheets." It’s just not clear whether or not we‚ as an audience‚ can believe anything Iago has to say. From beginning to end Iago moves the characters of Othello as if they
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routines did he use when he wrote? What does Steinbeck do to prepare himself for the first draft? What writing elements does he use when he writes his novels? How many novels does Steinbeck’s writing career contain? How did John Steinbeck revise his work? How many different awards did Steinbeck receive? John Steinbeck used numerous writing styles to publish his books that won awards. John Steinbeck became influenced on his writings by many people. First‚ when Steinbeck turned 15 years old‚ his high
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not go into much detail about this aspect but there is one instance this theory can be applied to. This is Poole’s changing attitude in chapter The Last Night. Poole is significant as he is the one character in the novel that has seen Hyde the most as far as the reader knows. However‚ when he calls Utterson for help as his master has locked himself in his room‚ he is ambivalent about who he thinks is in the room. First he argues that it is his master wearing a mask and after alternating his views
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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‚ WorldCom Group‚ a telecommunications
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3) Roots of the scandal The roots of the fraud and the role of internal auditors As explained above‚ the fraud was implemented by the former CEO Bernard Ebbers and commited by his financial director Scott D. Sullivan. The technique used by Worldcom was pretty simple; indeed‚ he cooked the books by saving pure operating expenses such as maintenance network in capital expenditure instead of expenses in order to hide its decreasing earnings and to maintain the price of Worldcom’s stock. In summary
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