Word: worldcom
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Dates: during 2000-2009
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...stock). I would shun any company that pays a manager more than $100 million a year in cash and stock. Make sure that none of the top managers used to work for the firm's "independent" auditor--and that the firm isn't lending millions to its bosses, as WorldCom did. (Check the "Related Parties" section of the financial reports...
...DEBTORS Companies that binge on borrowed money, like WorldCom and Adelphia, end up with no margin for error. Robert Olstein, manager of the Olstein Financial Alert Fund, avoids firms whose debt is greater than half of total capital or more than five times their free cash flow. (Get these ratios at morningstar.com Enter the company name under "Quicktake Reports"; scroll to "Financials...
...editorial page has suggested that he lacks credibility as the nation's top securities cop. Financial scandals are mounting so rapidly on his watch that Pitt's boldest acts--his recent proposal to create an independent oversight board for the accounting industry, the fraud charges he has brought against WorldCom--seem to come a few beats late. "He is not doing the job, in my opinion," Senate majority leader Tom Daschle declared as the WorldCom news broke...
...WorldCom's misdeeds are so big and brazen--and investor confidence is so fragile--that politicians can no longer afford to treat the accumulating scandals as anomalies in an otherwise healthy system. "The tipping point has been reached," says lobbyist Kenneth Duberstein, who served as chief of staff for Ronald Reagan. When the Senate Banking Committee passed new accounting regulations on June 18, few thought the bill would get the 60 votes it needed to overcome an almost certain filibuster. But after the WorldCom scandal broke, Daschle announced that the bill would be the first order of business when...
...When the WorldCom scandal broke, Martha Stewart must have smiled. Here, surely, was deliverance--a fresh spectacle that would shift the fickle spotlight of the tabloids and TV shows away from insider-trading allegations against the Diva of Domesticity and onto some other supposed villain...