Word: worldcom
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Dates: during 2000-2009
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...expense of retail investors is no longer defensible. Weill, says a longtime friend, has become "horrified and embarrassed" by the mud-spattered image of Citi, which stands accused of unethical and illegal behavior on multiple fronts. Among the alleged transgressions: doling out shares of hot IPO shares to WorldCom executives in a bribe-like manner to win banking business, devising complex financing to help Enron conceal debt and having stock analysts hype the shares of companies that were investment-banking clients. While Salomon Smith Barney was making the VIPs rich, another Citi subsidiary was charging consumers high fees and above...
Judges awarded the Economics prize to all the corporations, such as Enron and WorldCom, that “adapted the mathematical concept of imaginary numbers for use in the business world...
Some corporate executives can't be relied on to look after the interests of workers or shareholders, as the scandals, from Enron to Tyco to WorldCom, have made clear. But you can trust the top dogs to look after their own pocketbooks. So when groups of execs spend their cash on shares of the companies they run, it's a reliable sign that they expect good things down the road--and it may be time for you to tag along...
...sports car's German maker has been considering whether to list its shares on the New York Stock Exchange. But when Porsche chief executive Wendelin Wiedeking saw the tough new Sarbanes-Oxley Act that President Bush signed into law this summer on the heels of the Enron and WorldCom scandals, he had a fit. The new law, which seeks to safeguard against fraudulent accounting, requires CEOs and CFOs to vouch for the accuracy of their company's books under oath. That "makes no sense," Wiedeking said last month. A company spokesman explains that hundreds of employees are involved in finalizing...
Bush, who has recently criticized corporate wrongdoing by companies such as WorldCom and Enron, has had to answer questions about his own actions while serving on Harken’s board of directors...