Word: worldcom
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Dates: during 2000-2009
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When TIME called Cynthia Cooper in 2002 for an on-the-record interview - her first since she had uncovered massive fraud in the WorldCom accounting books, which would eventually add up to $9 billion and the imprisonment of five executives, including CEO Bernie Ebbers - she was not excited to hear from...
...WorldCom employee, Cooper had never intended to go public (a member of Congress had released her internal audit memos to the press), and the drama she was watching from the inside was the downfall of a hometown company she loved...
...remarks as part of a two-day conference, hosted by the Mossavar-Rahmani Center, on recent developments in corporate governance. The conference, titled “New Directions in Regulatory Policy,” aimed to examine the regulatory impact of recent corporate scandals, including the Enron and WorldCom debacles. John G. Ruggie, director of the Mossavar-Rahmani Center, said the conference has been a great success, raising more questions than it has answered. “My head is spinning,” he said. The Mossavar-Rahmani Center carries its name as a result of a $15 million...
...peaking in 1998, the number of such suits declined through last year. Bloomberg and Schumer have helpfully pointed out that settlements in shareholder suits have "skyrocketed" from $150 million in 1980 to $9.6 billion in 2005, which sounds impressive, except that most of the $9.6 billion came from the WorldCom settlement of $6.1 billion and nine other settlements of $100 million or more each...
...remit: working with firms to pinpoint potential risks long before things go wrong, rather than simply prescribing rules. While the U.K. watchdog listens, suggest industry representatives, U.S. regulators prefer to bark. The U.S. Sarbanes-Oxley Act, a 2002 response to the accounting scandals that toppled Enron and WorldCom, was intended to stiffen standards of corporate governance in public firms. In reality, the cumbersome auditing requirements - not to mention the cost and time involved in complying - have put many firms off listing on U.S. stock exchanges...