Word: frauds
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...chief financial officer, Scott Sullivan, to "hit the numbers." According to Ebbers' trial lawyer, Reid Weingarten, there was no smoking gun, no hard evidence to implicate the former chief of WorldCom--a college dropout, Sunday-school teacher and small-town basketball coach--as the orchestrator of the largest accounting fraud in U.S. history. "You thought you could trust him," says Alex Bryant, an ex--WorldCom sales manager in Springfield, Mo. Soon after WorldCom bought MCI, Bryant recalls, Ebbers addressed a group of employees and urged them to hang on to their company stock. "He was a great motivator, a great...
...investment. Change will not come overnight. At the annual shareholders meeting of oil company SK Corp. in Seoul on March 11, some shareholders, led by Sovereign Asset Management, failed to oust chairman Chey Tae Won from the board, even though he was convicted in 2003 of accounting and securities fraud. Sovereign CEO James Fitter called the decision "a missed opportunity for shareholders to place the most competent and ethical leadership" at SK. That opportunity is likely to come again...
...election (or in his words, “nonelection”) rested on the results of the Florida vote, but the validity of that state’s election was questioned, partly due to the alleged disenfranchisement of African-Americans. Miller is less unsure of the alleged fraud, describing it as “widely documented” and drawing a connection between the current underhanded tactics of party politics and the events in The Birth of a Nation...
...tide of reform. No one is sure exactly what moved the autocratic Mubarak to permit multiparty presidential elections instead of the rubber-stamp referendums that have given him four six-year terms in office. But after the government arrested liberal party head Ayman Nour last month on charges of fraud, the international reaction was unmistakable: U.S. Secretary of State Condoleezza Rice canceled a planned visit to Cairo. If her message was clear, so was the advantage to Mubarak of opening up Egypt's system just enough to ease international and domestic pressure...
...know what I don't know. To this day, I don't know technology, and I don't know finance or accounting." BERNIE EBBERS, former WorldCom ceo, testifying that he had no knowledge of illegal accounting practices at his company in his trial for fraud...