Word: worldcom
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Dates: during 2000-2009
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...that damage may be lasting. A new TIME/CNN poll finds that fewer than one-third of Americans expect the economy to improve in the next year. It is not just that we have confronted in WorldCom the worst case of fraud in U.S. corporate history; today the bluest of chips, from Merck to General Electric, are being challenged about their bookkeeping. The perception of deception is so widespread, the stakes so high and the costs so great that investors are choosing to forfeit a game they now think is rigged. The markets skidded last week straight past their 9/11 lows...
...sink in. a market crash doesn't always come in a day. It can sneak up, slow and surreal, and you can think you survived it only to find it has barely begun. Now each week brings a new shudder and crack--first Enron and Arthur Anderson, then WorldCom, Adelphia, Xerox and the trials of Martha Stewart. Most Americans--72% in the TIME/CNN POLL--fear that they see not a few isolated cases but a pattern of deception by a large number of companies. In one survey, more than half of corporate chief financial officers said they had been pressured...
Bush, who has criticized corporate wrongdoing by companies such as WorldCom and Enron, has recently had to answer questions about his own actions while serving on Harken’s board of directors...
...have been eviscerated by an advertising recession, high debt loads and, in AOL Time Warner's case (down 55% this year), slowing Internet subscriber growth. AOL Time Warner shares have also been hit by investor aversion to companies with complex accounting stories, in the wake of bookkeeping scandals at WorldCom, Qwest and Adelphia Communications...
...making. Stocks kept climbing because executives kept finding creative new ways to hide the truth and fake a profit, to pretend they were investing money rather than just spending it. The revelations make for some dark magic now. When $2 billion disappears from Xerox's revenues, $4 billion from WorldCom's, it makes people feel poorer even if they personally lost nothing. The markets now look as if they could manage their third straight year of losses, for the first time since World War II, even though the economy grew at 6% in the first quarter. If people stop investing...