Word: worldcom
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Dates: during 2000-2009
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...handshake or the strength of a family name. When the oil boom went bust, as it did for Bush in the mid-1980s, small-business men didn't cash out their stock options and run; they took pay cuts and tried to help their employees. To Bush, Enron and WorldCom were aberrations, the fault of a few bad actors in an otherwise sound system. "We were, like, What in the world?" says Commerce Secretary Donald Evans of his conversations with Bush. "We were just kind of bewildered. It is unbelievable...
...self-directed, independent thinkers," he writes, "people who could assess a situation and work in teams." If this reads like Management Secrets of Flight 93, in a way it is; Longman is explaining these heroes using the terms by which the world measured them. (And nearly a year and WorldCom later, it is heartening to see business skills treated as noble...
...Worldcom investors are in a world of hurt. They should have listened to a dead analyst, not a live one. In fact, the WorldCom bankruptcy has a lot to teach us about analyzing companies, and now, as the markets are searching for a bottom, is a great time to put those lessons...
...world. The Salomon Smith Barney telecommunications analyst was pulling down $20 million a year, and every big investor knew Grubman was the "ax," the one man who could make or break any stock in his industry with a thumbs-up or thumbs-down. Today Grubman is in the gutter. WorldCom was one of his favorite stocks. Investors are livid, and regulators are looking into whether he violated professional ethics by touting telecom stocks for the investment-banking fees they would earn for his firm...
...does this relate to Grubman? His mistake wasn't that he guessed wrong about WorldCom's future; the company was lying about its numbers. His mistake was that he ignored the present...