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a_crisis_in_corporate_governance.pdf | |
File Size: | 91 kb |
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A Crisis in Corporate Governance The WorldCom Experience: The article was about the failure of corporate governance at WorldCom such as improper corporate behavior resulted from the failure of Board of Directors to recognize, and to deal effectively with, abuses reflecting a “culture of greed” within the corporation’s top management. The document suggested a number of lessons in how to avoid WorldCom's repetition.
SECURITIES AND EXCHANGE COMMISSION vs. WORLDCOM, INC.: This article was the submission of the Securities and Exchange Commission addressing the issues identified in court on May 19, 2013 order concerning the proposed settlement of the SEC' s monetary claims against WorldCom
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compensation_and_governance_at_worldcom.pdf | |
File Size: | 200 kb |
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Compensation and Governance at WorldCom: This article used WorldCom 2002 Proxy Statement to demonstrate how WorldCom’s executive compensation program is administered by the compensation and stock option committee of the board of directors, or the Committee. For example, CEO Bernie Ebbers accumulated an enormous amount of stock – roughly a billion dollars by the end of the decade. WorldCom also entered into certain loan and guaranty arrangements involving Mr. Ebbers, principally relating to certain obligations to financial institutions secured by Mr. Ebbers’ stock in WorldCom.
learning_from_worldcom.pdf | |
File Size: | 235 kb |
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Learning from WorldCom Implications for Fraud Detection through Continuous Assurance: This article examine the key methods of fraud executed by WorldCom’s management in order to design a continuous assurance model that would have provided the analytic monitoring necessary for early detection of the fraudulent transactions.
looking_back_on_worldcom.pdf | |
File Size: | 206 kb |
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Looking Back on WorldCom: Addressing Underwriters’ Due Diligence in Shelf Registration Offerings and the Need for Reform: in the wake of WorldCom, the article stated that the SEC must adopt a safe harbor rule that allows underwriters to undertake shelf registration offerings with the confidence that they conducted a reasonable investigation and satisfied the due diligence requirement. The SEC must outline clear guidelines to prevent underwriters from passing the risk onto their clients and investors.
restoring_trust.pdf | |
File Size: | 472 kb |
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Restoring Trust: This document contained 78 individual recommendations in connection with the enforcement proceeding brought against WorldCom. Inc. These covered the selection of directors, qualification, conflicts and independence standards for board members, the functioning of the board and its committees, establishment of the position of non-executive chairman, specific limits on compensation practices, equity compensation programs, accounting and disclosure issues, ethics and legal compliance programs and other areas.
the_failure_of_good_intentions.pdf | |
File Size: | 524 kb |
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The Failure of Good Intentions: The WorldCom Fraud and the Collapse of American Telecommunications After Deregulation: WorldCom’s false Internet traffic reports and accounting fraud encouraged overinvestment in long-distance capacity and Internet backbone capacity. Because Internet traffic data are proprietary and WorldCom dominated Internet backbone services, and because WorldCom was subject to regulatory oversight, it was reasonable for rival carriers to believe WorldCom’s misrepresentation of Internet traffic growth. WorldCom’s accounting fraud may have destroyed billions of dollars of shareholder value in other telecommunications firms. In addition, WorldCom’s misconduct may have been intended to harm competition by inducing exit (or forfeiture of market share) by the efficient rivals.
report_of_investigation.pdf | |
File Size: | 1362 kb |
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Report of Investigation by the Special Investigative Committee of the Board of Directors of WorldCom Inc.: Report of Investigation was submitted by The Special Investigative Committee (“Committee”) of the Board of Directors of WorldCom, Inc. The report stated that The fraud was the consequence of the way WorldCom’s Chief Executive Officer, Bernard J. Ebbers, ran the Company. Though much of this Report details the implementation of the fraud by others, he was the source of the culture, as well as much of the pressure, that gave birth to this fraud. That the fraud continued as long as it did was due to a lack of courage to blow the whistle on the part of others in WorldCom’s financial and accounting departments; inadequate audits by Arthur Andersen; and a financial system whose controls were sorely deficient. The setting in which it occurred was marked by a serious corporate governance failure.
responses_by_the_federal.pdf | |
File Size: | 366 kb |
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Responses by the Federal Communications Commission to WorldCom’s Accounting Fraud: This Article analyzed WorldCom’s disclosure of accounting fraud as a shock to the FCC in four parts: (1) How did the FCC respond in the days and weeks after the disclosure?; (2) What regulations did the FCC apply or not apply to WorldCom during the accounting fraud?; (3) After several years, how did the FCC change or not change its regulations related to WorldCom’s disclosure?; and (4) What explains the FCC’s response to WorldCom’s disclosure?
behind_closed_doors_at_worldcom__2001._-_behind_closed_doors.pdf | |
File Size: | 4177 kb |
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Behind the closed doors at Worldcom: 2001 The article focused on the financial accounting issues at WorldCom and briefly touch on some of the safeguards available in preventing accounting fraud such as internal controls, internal audit, external audit, and the Audit Committee.
worldcom’s_bankruptcy_crisis.pdf | |
File Size: | 378 kb |
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WorldCom’s Bankruptcy Crisis:
contagion_effects_of_the_world’s_largest_bankruptcy_worldcom.pdf | |
File Size: | 156 kb |
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Contagion effects of the world’s largest bankruptcy: the case of WorldCom
judges_opinion_and_order.pdf | |
File Size: | 740 kb |
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2005-09-21judgappsettandersen.pdf | |
File Size: | 375 kb |
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This is the judge approving the settlement and dismissing the lawsuit against the auditors of WorldCom- Arthur Anderson
2005-09-21judgappsettsullivan.pdf | |
File Size: | 342 kb |
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This is the Judge approving the final settlement and dismissing the lawsuit against the Chief Financial Officer Scott Sullivan of WorldCom