capitalization of operating expenses • management promoted culture fixed on the numbers • board of directors’ failure to scrutinize billion-dollar acquisitions • excessive loans to executives in order protect stock prices Financial Overview of WorldCom (in Billions) Financial Highlights 1994 1999 2001 2004 Revenues $2.2 $37.1 $35.2 $20.7 Total Assets $3.4 $91.1 $103.9 $17.1 Employees $7.5 $97.6 $87.8 $40.4 Market Cap. $3.3 $150.5 $42.8 $6.4 Debt $0.8 $13.1 $30.0 $5.9 Total Capitalization
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1. The primary approach of detecting fraud is anonymous tips and complaints. An organization like business entity should guide employees to provide useful information and to provide various ways and methods for individuals to contribute such kind of information. On the other hand‚ when the organization received the information provided‚ it should have an effective and efficient way to collect and process these complaints‚ dissatisfaction and information. 2. One of the important thing in fraud
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English Module one - Introduction to Barometer Rising (Sunday) 1 Assignment for submission in this module (see #4 below) Textbook activities and Assignment: 1. Read the following in Barometer Rising by Hugh MacLennan: Sunday 2. Make notes for these pages‚ which you feel will help you later in this course. 3. Complete the following for your own records: a) Summarize the events found in the Introduction and those that occur on Sunday in the novel. It is important to keep a running summary
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WORLDCOM‚ INC: CORPORATE BOND ISSUANCE Introduction This case raises many interesting questions concerning the record setting issuance of corporate debt by WorldCom‚ Inc. (“WorldCom”). Both the surprisingly voluminous structure of the proposed issuance and the foreboding macro-economic climate in which it was slated spark concerns over the risk and cost of the move. One of the first questions that must be addressed is whether WorldCom’s timing was appropriate. Next‚ the company’s choice of
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Copyright Financial Times Information Limited Jul 9‚ 2002 Ron Beaumont‚ chief operating officer of WorldCom‚ is one of several senior executives who should have been aware of discrepancies in the telecommunications company’s books before the near-$4bn fraud was revealed last month‚ according to people close to the company. The fraud that was allegedly engineered by Scott Sullivan‚ the chief financial officer who was fired the day the scandal was announced‚ led to a massive overstatement of WorldCom’s
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Experiment 18 Chemistry 101 Redox Titration: Determination of the Percentage of Iron in a Sample INTRODUCTION The concentrations of redox-active species can be determined by redox titrations. In a redox titration‚ a measured sample of the unknown is titrated against a standard solution of a substance that will oxidize or reduce the unknown. In the present experiment you will take a sample containing iron‚ add acid to dissolve it [thereby converting all the iron to iron(II)]‚ then
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From my task analysis I have found that I have to design and make either an IPod docking station‚ phone charging stand‚ low voltage light or a radio and the chosen product must be styled in eras from the last 100 years. I also found the different design styles in the last 100 years which is Art Deco‚ Art Nouveau‚ Bauhaus or Arts and Crafts. .From my investigation on the questionnaire result I have found that I will design and make an IPod docking station in the style of art deco made of multi products
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WorldCom was one of the leading telecommunication companies prior to its application for bankruptcy protection on July 21st‚ 2002. The firm’s decision to file for bankruptcy was a shocker move considering the amount of revenues and asset base the company had. It is believed that the firm was highly involved in fraudulent bookkeeping between the year 1999 and 2000 where they had managed to overstate its taxable income by at least $7 billion. It was also revealed that the company had committed itself
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The many different works of Edgar Allan Poe all aim to do one thing. Strike fear into the heart of the reader. Simple‚ yet effective‚ he expresses fear through these many different themes and motifs. In many of Poe’s works he describes the evil drive in men to kill and commit sin. He likes to focus on the downward spiral of the human race instead of romanticising them. The guilt of the narrator is a major theme in ‘‘The Tell-Tale Heart.’’ The major symbol is the beating heart. Poe chooses a heartbeat
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Pakistan and its Chronic Unemployment Pakistan is a nation that has been plagued by many problems throughout it’s more than 6 decades of existence. But one problem that has plagued it persistently is that of unemployment. It has an unemployment rate of 15.4% and ranks on 152/199 on the world employment table. Having one of the world’s largest populations also means that this 15.4% is a very large number in its own right. Now we know some basic problems as to why there is so much unemployment in
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