Hints and tips:
...The lesson for today’s investors is more than WorldCom’s fraud, however....
...In 1997, it outbid BT Group to buy MCI for $37bn, which was billed as the largest corporate merger in history....
...His former employer Nasdaq was a WorldCom client, and the relationship migrated to MCI, which took over Worldcom's business....
...The WorldCom bid alone added $8 billion to mci’s value in a single day. ….But Lipin’s never-to-be-equaled run was part of a much larger wave, a transformation in business news itself....
...It narrowly avoided bankruptcy, as others including Global Crossing and MCI WorldCom imploded, and positioned itself to deliver on its original promise to provide the pipes for burgeoning data demand....
...Two big M&A transactions were torpedoed under Bill Clinton: the $12bn takeover of military supplier Northrop Grumman by its larger rival Lockheed Martin, and MCI WorldCom’s $125bn bid for Sprint, the mobile...
...WorldCom was worth $180bn before wiping out shareholders in bankruptcy, but it was making up numbers rather than destroying real wealth with operational mistakes....
...Mr Ben-Artzi has brought his legal action under the Sarbanes Oxley law, which was passed after the scandals at Enron and WorldCom to provide anti-retaliation protection for employees bringing allegations...
...In recent high-profile white-collar crime trials the defendants who did testify, including Bernard Ebbers, the former head of WorldCom, were convicted....
...City grandee, Mr Griffith-Jones has worked at KPMG since 1975 and played a key role in steering the firm through the regulatory changes that were imposed in the early 2000s after the collapse of Enron and WorldCom...
...firm has been involved in some of the biggest corporate restructuring cases globally, including the Chapter 11 filings of General Motors, Lyondell Chemical, General Growth Properties, Kmart, Enron and WorldCom...
...That concern was highlighted by Egan-Jones, which sports quite a pedigree, having sounded the alarm on Enron and WorldCom....
...In 2002 he joined AT&T just after the WorldCom scandal erupted, sending the US telecommunications industry into a tailspin....
...In the early 2000s, for example, the US sent the former chief executives of WorldCom, Enron, Tyco and Adelphia to prison and secured billions of dollars in penalties from banks, mutual fund companies and...
...The energy company’s bankruptcy was followed in quick succession by revelations of fraud at Tyco, Adelphia Communications, WorldCom and HealthSouth and a dozen Wall Street banks were hit with allegations...
...Goldman’s shares fell late on Monday after Reuters reported that Mr Blankfein had hired Reid Weingarten, a Washington-based partner of Steptoe & Johnson, whose past clients have included WorldCom’s former...
...The prosecutors said he represented “the worst” of insider trading and deserved a sentence akin to those convicted of other frauds, such as the 25-year term Bernie Ebbers, the former WorldCom chief executive...
...The picture, upon closer inspection, is a digital mosaic made up of tiny, rectangular company logos, each one representing a corporate scandal of the past decade: Enron, WorldCom, Tyco, and Rite Aid, among...
...In his 2007 book The Age of Turbulence, after examining the Enron and WorldCom scandals, Alan Greenspan wrote that “given the shareholder-management divide, the autocratic-CEO paradigm appears to be the...
...Nine years ago, when he was chief executive of Sprint, Bill Esrey told me how he and his team had strained to match WorldCom’s impressive quarter-on-quarter profit growth....
...Under the Sarbanes-Oxley Act – passed in 2002 after the Enron and WorldCom scandals – corporate officers have to disclose, among other things, “all significant deficiencies in the design or the operation...
...Past US corporate scandals have prompted governance reforms such as those relating to auditing standards after Enron and WorldCom....
...The 2002 rules, brought in after accounting scandals at Enron and WorldCom, mandated an onerous compliance burden....
...by Step Guide to Doing What’s Right and Protecting Yourself By Stephen Kohn Lyons Press, $18.95 “Whistleblowing” entered the vernacular 10 years ago, when Sherron Watkins at Enron and Cynthia Cooper at WorldCom...
...The collapse of WorldCom and Enron, among America’s most valuable companies at their height, must play a part. Investor behaviour also has a role....
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