Word: worldcom
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Dates: during 2000-2009
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...WorldCom piled on Enron and Tyco and Adelphia, as Martha fell alongside Kenny Boy, as the airlines talked bankruptcy and the baseball union talked strike, the mood of the nation soured. For the first time since Sept. 11, many national polls show that most voters think the country is going in the wrong direction...
...WorldCom piled on Enron and Tyco and Adelphia, as Martha fell alongside Kenny Boy, as the airlines talked bankruptcy and the baseball union talked strike, the mood of the nation soured. For the first time since Sept. 11, many national polls show that most voters think the country is going in the wrong direction...
Though by far the most visible, the WorldCom duo wasn't the only prey: telecom firm Qwest, already under investigation by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ), is close to restating the past three years of earnings by more than $1 billion; apparel maker Warnaco is now in the SEC's cross hairs; and prosecutors were driving a hard bargain in plea negotiations with ImClone's ex-CEO Samuel Waksal, insisting that he accept at least seven years in prison on insider-trading charges and declining to spare his family members from prosecution...
...which has limited subpoena powers and a more complex bureaucracy to navigate. Attorney General John Ashcroft emphatically announced that Justice was raising the stakes, declaring that "corrupt corporate executives are no better than common thieves when they betray their employees and steal from their investors." He noted that the WorldCom executives could face as much as 65 years in prison, which legal experts dismissed as prosecutorial hyperbole. Yet as former federal prosecutor and Los Angeles white-collar defense lawyer Mark Beck notes, "The criminal sanction is so severe that it can motivate someone to play ball and become a government...
...There's More WorldCom, already the biggest U.S. corporate scandal in history, said an internal audit has found a further $3.3 billion of improperly reported earnings, taking the total to more than $7 billion...