Word: sullivane
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Last June, Cooper told the audit committee of WorldCom's board that the company had been playing dirty with its accounting practices. She knew as she said it what would happen. Within days, the company fired its famed chief financial officer, Scott Sullivan, and told the world that it had inflated its profits by $3.8 billion--the largest accounting fraud in history. The number has since grown to $9 billion, and counting. Her colleagues have been placed in handcuffs and led past TV cameras. Shareholders have lost some $3 billion since the news broke, and soon at least...
...phrase "internal control"--shorthand for the fundamentals behind auditing--again. He said he didn't understand it, says a WorldCom employee. But that is like asking a weatherman not to use the word forecast. So Cooper huddled her small team together and planned their debut. She called Ebbers, Sullivan and a few others to a meeting in the main conference room. She was going to force them to see what an audit department could do for their bottom line...
WorldCom started as a mom-and-pop long-distance company in 1983. But in the 1990s, it matured into a powerhouse. In 1997 it shocked the industry with an unsolicited bid to take over MCI, a company more than three times its size. In 1998 CFO Magazine named Sullivan one of the country's best CFOs. At age 37 he was earning $19.3 million a year. The next year Cooper was promoted to vice president. The stock price had gone through the roof, and she and her friends at work would sometimes talk of retiring early, taking care of their...
...ourselves in a position,” said Harvard coach Frank Sullivan. “We couldn’t guard them when we needed to get over the hump...
...defeat, Harvard stands with seven wins prior to Christmas—just as many as it had a year ago—yet Sullivan feels these seven wins were harder to come by, with four coming on the road and the three defeats coming at the hands of 2002 NCAA qualifying teams...