about but rather the management of the company‚ and the tactics and behaviors that would ultimately lead to the downfall and closure of the company. One of the most famous was Enron‚ but another well known failure was that of WorldCom. WorldCom was a big player in the telecommunications industry‚ being the largest telecom carrier of Internet traffic. In 2002‚ WorldCom joined the ranks of failed companies mostly because of the tactics that management and its accountants used to show that the company
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Management Planning Paper Vernita M. Blacksher Introduction: We will be evaluating the planning function of the upper level management of the Company formerly called WorldCom. We will look at some of the actions taken by upper level management‚ their decision making and what actions were taken to achieve short-term goals. We will be analyzing the influence legal issues‚ corporate social responsibility‚ and ethics had on WorldCom’s management planning
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Enron and WorldCom FIN/486 December 22‚ 2014 Enron and WorldCom In 1998‚ Waste Management executives acknowledged earnings misstatements of approximately $1.7 billion. With the help of the Arthur Anderson accounting firm‚ Waste Management shareholders lost more than $6 billion dollars (CNN‚ 2001). The Waste Management corruption ushered in a series of corporate scandals into the new millennium. Enron and WorldCom were only two of many ethical and accounting violations that prompted new legislation
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Graeter’s current management team bought the business from their parents‚ who did not have a formal succession plan in place to indicate who would do what. Do you think the current team should have such a plan specifying who is to step into the business‚ when‚ and with what responsibilities? Why or why not? The current management team should have a plan that specifies who is to step into the business‚ especially in responsibilities such as ownership‚ management and leadership among others. This is
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by cash like most business operates. 3. Did Enron’s directors understand how profits were being made in this segment? Why or Why not? * No‚ I don’t think they knew what was going on with Enron’s business because I believe he kept what he was doing to himself so no one would find out how he was operating the business. 5. Ken Lay was the chair of the board and the CEO for much of the time. How did this probably contribute to the lack of proper governance? * The fact that
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practices that led to the collapse of Worldcom. Other objectives of this paper will be to demonstrate how these activities were able to go undetected. Also‚ what motives drove the individuals involved to commit these acts. And finally the ethical accounting issues involved. Worldcom got its start as a small discount long distance provider in Mississippi. Founded by Bernard Ebbers and a number of others the idea for Worldcom was simple‚ buy long distance services from larger companies and then sell
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*Geologic time* Aleks Ch. # 8 Date: 24/07/2013 Introduction The age of Earth is as vast in time as the universe is vast in space. It is not easy to really get a "feel" for 4‚600 million years! One way to try to get a "feel" for how big it is‚ is to break the number down into smaller pieces that perhaps we can understand. Plants and animals have changed many times‚ from amoebas to dinosaurs to people. The age of Earth is so long compared to all periods of time that we humans
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For almost two years‚ we have been in search of what we believed were time capsules‚ hidden away between the years of 1400‚ when the Renaissance period started‚ and 1750 which marks the end of the Baroque period. We are pleased to announce that our nearly twenty-four year search has ended in the discovery of two such capsules. Each of these capsules contains information‚ vital to the understanding of past cultures and their origins‚ and necessary to the development of culture today. In what
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Precambrian time‚period of time that reaches out from around 4.6 billion years back to the start of the Cambrian Period‚ 541 million years prior. The Precambrian speaks to more than 80 percent of the aggregate geologic record. All life-structures were for quite some time expected to have begun in the Cambrian‚ and consequently all prior rocks were gathered together into the Precambrian. Albeit numerous fluctuated types of life developed and were safeguarded widely as fossil stays in Cambrian sedimentary
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brim with terror and uncertainty of what tomorrow may bring knocking on their front door. Sickness or even death‚ perhaps? England is hidden in the cloak of sickness known as the Black Death and no matter how hard people try to escape from its folds‚ no one is safe from this plague. In a panic‚ healthy people have done all they can to avoid this sickness. The doctors refuse to see patients; the priests refuse to administer last rites. Shopkeepers have closed their stores‚ and many people have fled the
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