Word: stockings
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...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 speaker," says Bryant. Ebbers also was desperate to keep WorldCom's share price afloat as telecom prices were collapsing, to the point that he presided over $11 billion in phony book entries...
...instance, served only 22 months for securities fraud. Now CEOs must recognize the risks of an "I didn't know" defense and face the prospect of monumental consequences to go along with their monumental pay packages. That Ebbers lost hundreds of millions himself in the WorldCom collapse--buying more stock even as the company imploded--did nothing to insulate him from the wrath of the jury...
...folks fleeced by Ebbers & Co., the penalties brought a measure of satisfaction. WorldCom's 2002 bankruptcy wiped out stock worth $180 billion at its peak. Employees like Bryant who had much of their retirement savings in company stock saw their investments wiped out. Bryant's stake dwindled from $39,000 to $4,000. (It's scant solace that WorldCom emerged from bankruptcy under the less tainted name of MCI, now a takeover target likely to fetch upwards of $8 billion from Qwest or Verizon.) WorldCom bond investors had a second reason to cheer when J.P. Morgan Chase agreed last week...
...everyone these days seems to be groping for a way to get rich off India. Foreign institutional investors poured $8.5 billion into Indian equities in 2004 and $2.6 billion so far this year, up from $750 million in 2002. Awash in cash from overseas, the Sensex?India's main stock index?has doubled in two years, hitting an all-time high in March. As Udwadia puts it, "astute foreign investors" now realize that India's rise is "a unique opportunity." He's right, of course. On a recent visit to Bombay, I quickly found myself as intoxicated as everyone around...
...provider. Huang's fund injected $40 million into the business and helped its young, Chinese-educated chairman hone the company's international image by hiring a proper financial comptroller and relieving family members of top-level jobs to avoid nepotism charges. After going public last May, Shanda saw its stock price more than double in just six months; one of Shanda's co-founders, Chen Tianqiao, is one of China's richest...