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Learn about the 2002 accounting fraud at WorldCom, the second-largest long-distance telephone company in the USA. Discover how senior executives inflated earnings, how the fraud was uncovered by internal auditors, and how WorldCom went bankrupt.
WorldCom was a telecom company that collapsed after revealing billions of dollars in accounting fraud. Learn how the company rose and fell, who was involved, and what lessons can be learned from...
Learn how WorldCom, a telecom giant, engaged in accounting fraud and faced bankruptcy, SEC charges, and whistleblower lawsuits. Discover how Cynthia Cooper, a WorldCom auditor, exposed the scheme and became a corporate governance reformer.
On June 25, 2002, WorldCom disclosed to the U.S. Securities and Exchange Commission (SEC) and the public that for 2001 and the first quarter of 2002, it had determined that certain transfers amounting to $3.852 billion from “line cost” expenses to asset accounts were not made in accordance with generally accepted accounting principles (GAAP).
The WorldCom scandal underscored the critical role of effective corporate governance in preventing corporate malfeasance. It raised questions about the adequacy of checks and balances within the company’s leadership.
In a new documentary, CNBC examines how Bernie Ebbers built WorldCom into a telecom giant that had competitors scrambling but ultimately recorded the nation’s biggest accounting fraud.
The SEC charged WorldCom with overstating its income by $3.8 billion by capitalizing rather than expensing its costs. The complaint seeks injunction, penalties, document preservation, and corporate monitor for the global communications provider.
WorldCom, plagued by the rapid erosion of its profits and an accounting scandal that created billions in illusory earnings, last night submitted the largest bankruptcy filing in United States...
Now, with WorldCom in tatters, he stands accused of masterminding a record $11 billion accounting fraud that toppled the company he created and left investors, former employees and others to...
Learn how WorldCom, a telecommunications company, engaged in fraudulent accounting practices to inflate its revenue and earnings, leading to its bankruptcy in 2002. Explore the factors that contributed to the scandal, the consequences for the company and its stakeholders, and the ethical implications for business.