Word: worldcom
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Dates: during 2000-2009
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...chip European companies that make up the Dow Jones Stoxx 50 index have declined 24%. That bonfire of capital has been fueled only in part by the revelations of corporate sleaze on the other side of the Atlantic. "Even if Europe hasn't had a scandal like Enron or WorldCom," says Sorbonne economist Christian de Boissieu, "the situation confronting our telecom operators, who are all deep in debt, means that we're facing similar problems." To the well-known troubles of France Telecom and Deutsche Telekom, add the pains at tech giant Alcatel. Or the fiasco at media and utilities...
...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...
Since fall this year, discoveries of misleading accounting and fraud by such prominent corporations as Enron, Xerox and WorldCom have profoundly shaken investors’ confidence, causing stock prices to plummet...
...detailed how the state’s public pension fund has been harmed by investments in companies recently accused of wrongdoing, saying that Massachusetts lost $24 million on deflated Enron stock, and $25.1 from WorldCom bonds...