Word: worldcom
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Much of Buffett's letter, to be released on his firm's website (berkshirehathaway. com), will expound on corporate reforms needed in the wake of scandals at the likes of Enron, Tyco and WorldCom. He will probably urge that boards hire independent directors who will ask tough questions and curb excessive executive pay. He will call on CEOs to focus more on the long term and provide investors with clear, complete and timely information...
...Buffett had become a renowned technophobe. But consider this feat: during the past three grueling bear-market years, Berkshire stock has soared nearly 40%. Those remarkable returns came during a period when hundreds of companies went bankrupt and millions of investors, including honchos like Bernie Ebbers at WorldCom, were wiped...
Balance sheet? CPA? Regional expert? Since when do such things really matter in the boardroom? Since Enron and Tyco and WorldCom. Munoz is one of a new breed of director that just might change corporate governance permanently and for the better. The corporate scandals of the past few years have inspired a flurry of strict new government and industry rules on board composition and responsibility. These rules could do much to dismantle the old-boy, do-little director network--in other words, to make directors work for their money...
...selection of three courageous women--Cynthia Cooper of WorldCom, Coleen Rowley of the FBI and Sherron Watkins of Enron--as Persons of the Year was inspiring [Dec. 30--Jan. 6]. Each exemplifies "good work"--work that is excellent in quality and socially responsible. Their stories reveal that each had a strong sense of mission as well as one or more role models who sought to do the right thing. Most important, each was willing to take an unflinching look in the mirror to see whether she was proud or ashamed of the work she was performing. Thanks to your accolade...
...corporate America, accounting scams of the kind practiced at Enron and WorldCom will continually need to be exposed and corrected before yet another phalanx of high-level operators gets the wrong idea and a thousand Enrons bloom. And the people best positioned to call them on it will be sitting in offices like the ones that Watkins and Cooper occupied. The new Sarbanes-Oxley Act, which requires CEOs and CFOs to vouch for the accuracy of their companies' books, is just one sign of what Cooper calls "a corporate-governance revolution across the country...