Bernie Liu‚ an architect by profession‚ is an entrepreneur at heart with a dream and a vision. In 1986‚ right after the People Power Revolution‚ Bernie together with close friends from college and supported by his family who were then garments manufacturers‚ conceptualized‚ produced and marketed an initial product line of one-sized T-shirts with catchy prints–all targeted at the youth market. And so Penshoppe was born! Today‚ the merchandise mix of Penshoppe‚ the anchor brand of Golden ABC
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WorldCom’s true performance. These entries were made after the close of the quarter and lacked any business justification or supporting documentation. Sullivan explained to Ebbers that to meet Wall Street expectations the Company would have to engage in accounting practices for which there was no legitimate justification‚ and Ebbers replied to Sullivan‚ in words or in substance‚ “We have to hit our numbers.” Scott Sullivan’s position of Chief Financial Officer at WorldCom‚ in conjunction with weak
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ethical behavior is on the rise although it will take a long time to recover from the scandals that rocked the world beginning with Waste Management in 1998 and following with Enron‚ WorldCom‚ Tyco‚ HealthSouth‚ Freddie Mac‚ AIG‚ Lehman Brothers‚ Bernie Madoff and Saytam in 2009. For 10 years unethical behavior and choices almost brought our country to its knees and even now many people are losing their homes and their jobs because the economy has still not fully recovered. In 1983 in a small coffee
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9-104-071 REV: SEPTEMBER 14‚ 2007 ROBERT S. KAPLAN DAVID KIRON Accounting Fraud at WorldCom WorldCom could not have failed as a result of the actions of a limited number of individuals. Rather‚ there was a broad breakdown of the system of internal controls‚ corporate governance and individual responsibility‚ all of which worked together to create a culture in which few persons took responsibility until it was too late. — Richard Thornburgh‚ former U.S. attorney general1 On July 21‚ 2002
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Accounting Fraud at WorldCom 1) What are the pressures that lead executives and managers to “cook the books?” After the rapid evolution of the telecommunication industry in the 1990s‚ WorldCom shifted its strategy to focus on building revenues and acquiring capacity sufficient to handle expected growth. Their biggest goal was to be the No. 1 stock on Wall Street rather than capturing the market share. As a result‚ their Expense-to-Revenue (E/R) Ratio was their measurement for their main objective
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As the uprising of this silent problem in America that touches from the east to west coast. More than 14 percent of the U.S. people live in poverty in many ways. Many people struggle to maintain a well financial status to support themselves or love ones. Poverty effects the United States massively on its economic structure‚ as it gets worst the more it is hidden in the face of media and politics. Poverty is being stripped from getting food‚ clothes‚ and shelter due to not having much money for these
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than being a standard “end of the relationship” rock ballad. The next piece in our performance‚ “Your Song‚” was first recorded in 1970 but did not hit the U.S. music charts until 1971. According to John’s longtime musical partner and lyricist Bernie Taupin‚ the lyrics were not about a specific girlfriend‚ but written because
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WorldCom’s stock was declining. CEO Bernard Ebbers came under increasing pressure from banks to cover margin calls on his WorldCom stock that was used to finance his other businesses endeavors. The company’s profitability took another hit when it was forced to abandon its proposed merger with Sprint in late 2000. During 2001‚ Ebbers persuaded WorldCom’s board of directors to provide him corporate loans and guarantees totaling more than $400 million. Ebbers wanted to cover the margin calls‚ but this
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"Bernie" is an outrageous dark comedy that you must see to believe. Based on a true story‚ “Bernie” tells the tale of a small town’s beloved mortician who almost gets away with murder. The film takes place in Carthage‚ Texas‚ where Bernie Tiede is hired on as a funeral director at the local funeral home. Bernie is popular with all the locals‚ especially the recently widowed. After the passing of her husband‚ millionaire Marjorie Nugent takes to Bernie’s kindness. An odd friendship blossoms and the
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felt very fortunate to have such a position at WorldCom. Aside from Betty Vinson‚ the two other main players in the case are Bernard Ebbers‚ CEO‚ and Scott Sullivan‚ CFO. Ebbers lacked technological expertise or experience and‚ admittedly‚ stated his only real qualification was “being the meanest SOB they could find” (Kaplan and Kiron‚ 2007). However‚ Ebbers was the right man for the job during the companies’ infancy‚ since his aggressive M&A strategy took less than a year to make WorldCom
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