Word: worldcom
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Dates: during 2000-2009
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...about accounting mismanagement and a "cover-up'' to hide the problems. Marta Andreasen, 48, a professional accountant hired in January to modernize controls over the j98 billion E.U. budget, insisted she was forced to sign off on expenditures that could not be confirmed. "Unlike the issues surrounding Enron and WorldCom, where you can at least trace transactions and accounts, you cannot do so within the E.U. accounts as there is no system in place for tracing adjustments and changes to figures presented," Andreasen said at a press conference hosted by Britain's Conservative Party. "Fraud can therefore lie hidden within...
Bosses Busted Two former WorldCom executives were arrested by FBI agents last week for their alleged role in the $3.85 billion accounting fraud that led to the company's collapse...
...total of about $3.5 billion. Five of the arenas with such deals have lost or switched sponsors this year alone, and the trend shows no sign of stopping. The MCI Center, home of the Washington Wizards, may be looking for a new name soon if MCI's parent, WorldCom, declares bankruptcy or looks to cut its costs. The news isn't all bad, however. Firms such as Staples (Los Angeles) and HSBC (Buffalo, N.Y.) are doing well with their names on scoreboards. --By David Robinson
...family planning programs, claiming that the money would have been partially used to support abortions in China 77,000 child deaths could have been prevented if the U.S. paid the dues it owed to the U.N. Population Fund, according to the U.N. $107 billion is the size of WorldCom's assets stated in its bankruptcy filing, marking the biggest corporate bust in U.S. history-the amount is almost double that of bankrupt Enron's 48 bullet-proof security cars were purchased in 2000 and 2001 by Sri Lankan president Chandrika Kumaratunga costing $25 million 90 young Kabul boys were circumcised...
...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...