A Review of Bernie Ebbers and His Leadership Bernie Ebbers had an amazing rise to power followed by a catastrophic fall. Early in his rise many saw him as a great leader. TIME magazine described Bernie during that time as “It was Ebbers who gave LDDS its mojo --and a mission to democratize U.S. long-distance service. ” (Padgett & Jackson‚ 2002). His charism and aggressive business made him a leader that many wanted to follow. Eventually he was seen very differently‚ during his trial one writer
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power bases did Bernie Ebbers and Scott Sullivan rely on to get away with accounting fraud? The power bases are legitimate power‚ reward power‚ coercive power‚ expert power‚ referent power. Case Study Bernie Ebbers built WorldCom Inc into one of the largest telecommunication firms. Yet he and CFO Scott Sullivan have become better known for creating a massive corporate accouting fraud that led to the largest bankruptcy in US history. Two investigative reports and subsequent court cases concluded that
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Bernie Ebbers should have gone to jail. I disagree with the 25 year length of his sentence but he is at least partially to blame for the WorldCom fiasco. I think the government used the length of the sentence to prove a point and the only prior sentence comparable to this was John J. Rigas from Adelphia Communications earlier in the year . I think the CFO Scott Sullivan got a light sentence and consciously knew what he was doing and could have put a stop to it. He should have been the good advisor
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Bernie Madoff Case Study Tanya Seyfried GFN61090033-ACFA12 January 19‚ 2013 Bernie Madoff was a successful gentleman whose financial career spanned almost 50 years. Some of his achievements include serving as the chairman of the board of the NASDAQ stock exchange; a member of the Board of Directors on the Security Industry Association; and a former National Treasurer of the American Jewish Congress. (Hirt‚ Block‚ Danielsen 2011) His greatest achievement was
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The Truth behind Bernie Twenty miles from the Louisiana Border in Carthage‚ Texas on August 12‚ 1997 the body of the wealthiest widow of the town Marjorie Nugent was found stuffed into her own deepfreeze by her companion Bernie Tiede. In terms of Nugent’s personality and opinions of her held by the townspeople of Carthage‚ Hollandsworth writes that “According to most locals‚ she acted as if she was too good for Carthage‚” therefore leaving the town feeling bad for Tiede. After Nugent’s husband
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The issue of whether HSBC had an adequately incredible and essential effect in revealing Bernie Madoff is very controversial. However‚ after very careful consideration‚ I believe that HSBC’s role had a sufficiently great and important impact in uncovering Bernie Madoff. To begin‚ Bernard Madoff is significantly pessimistic about whatever is left of Wall Street‚ bringing up that the expansive banks dealt with his money‚ as well as promoted his assets. HSBC says it didn’t realize that extortion was
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The Bernie Madoff scheme is riddled with ethical dilemmas throughout. While Madoff was highly successful and established businessperson tracing back to 1960 when he began trading in counter stocks which were not listed on the New York Stock Exchange (BOOK). It slowly transformed to a grey area as Madoff’s largest clients began request and expecting greater returns. It appears that this was the first ethical dilemma that Madoff was faced with that began the downward spiral that result in the fraud
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Initially‚ my personal values distracted from my ability to sympathize with Bernard Ebbers conviction. His defense team argued that the trial judge wrongly instructed the jury that it could convict Mr. Ebbers on the basis that he engaged in “conscious avoidance” of the fraud at WorldCom. It is evident that Ebbers took a blind eye to any consideration to analyze the good stuff from the bad stuff in this situation. He failed to calculate the considerations of utility and as a result he is paying the
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Bernie Madoff Fraud Case Bernie Madoff Fraud Case Introduction One of the largest fraud cases of all times is that of the “Bernard Madoff Case.” According to Armstrong (2008)‚ “for a number of years Madoff managed to lure billions of dollars away from huge charities‚ as well as wealthy individuals in both the United States and Europe by getting them to invest in his hedge fund. This he did by offering extraordinary returns to investors‚ until his scheme eventually reached a staggering $50
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Bernard L. Madoff Investment Securities LLC operates as a securities broker/dealer in the United States and internationally. It provides executions for broker-dealers‚ banks‚ and financial institutions. The company was founded in 1960 and is headquartered in New York‚ New York. As of December 15‚ 2008‚ Bernard L. Madoff Investment Securities LLC is in liquidation. Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960 Bernard Madoff was born on April 29‚ 1938‚ in
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