Word: worldcom
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
Tell that "safe and secure" part to the folks at Enron, who lost $1 billion in their 401(k)s. Or WorldCom employees, who also lost $1 billion. Or Kmart employees, who lost at least $100 million. Welcome to the 21st century version of Studebaker...
...investors are wondering how so many gatekeepers, including auditors at the accounting firm Grant Thornton and officials at the Securities and Exchange Commission (SEC), missed the company's alleged book cooking so soon after the scandals of Enron, Worldcom and others. "Everybody had a chance to look them over," says Bill Harris, a forensic accountant at the business-services firm CBIZ. "Four hundred thirty million dollars is an awful big number to hide." Those who have dealt with Refco say there was reason to be careful. In 1999 the Commodity Futures Trading Commission levied $7 million in fines against Refco...
...injuries that Kozlowski and Swartz inflicted were purely financial, and nowhere near the magnitude as the frauds at WorldCom and Enron?companies that collapsed and wiped out shareholders and many employees? 401(k) accounts. "Tyco is not Enron," Thomas Curran, a former New York City prosecutor who is now a defense lawyer, told the Associated Press. "Tyco is a real company with a real business plan that still employs thousands of people. ... There are no retirees eating cat food because of Dennis Kozlowski...
...former Tyco executives entered the courtroom Monday with one-time WorldCom Chairman Bernard Ebbers already having been sentenced to 25 years in prison for the $11 billion accounting fraud that toppled his company (which has emerged from bankruptcy as MCI) and Adelphia Communications founder John Rigas having been sentenced to 15 years in prison for looting and fraud at his company. His son and former finance chief, Timothy Rigas, got 20 years...
SENTENCED. SCOTT SULLIVAN, 43, former chief financial officer who admitted to engineering Worldcom's $11 billion accounting fraud; to five years in prison; in New York City. Sullivan, who had been facing a jail term five times as long, received leniency in return for his pivotal testimony against the telecom's former CEO, Bernie Ebbers, who was sentenced last month to 25 years in prison...