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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Behind Closed Doors at WorldCom: 2001 1. Two General Accounting employees—Dan Renfroe and Angela Walter—made journal entries in the amount of $150 million and $171 million‚ respectively‚ without detailed support. It was noted that this was not out of the ordinary at WorldCom. In your opinion‚ was this a proper accounting practice? Explain. Though this may not be out of the ordinary for WorldCom‚ this is not a correct accounting practice. The way the entries were made does not comply with the proper
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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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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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WorldCom: Organizational Culture and Unethical Safeguards Organizational culture is one of four influences whether an ethical or unethical behavior will be made. WorldCom’s demise‚ deliberately overstating their income by $7 billion between 1999 and 2002; and their once valued stock of $180 million becoming nearly worthless‚ can attribute a significant amount of their failure on their “dis”organizational culture. Corporations worldwide who do not think this type of fraud can happen at the hands
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Thomas Cook Word count - 3866 Turnitin – 5% Executive Summary This report gives information on the holiday industries background as well as the background history of Thomas Cook. In addition to this it identifies the key trends in the industry over the past few years‚ giving examples of destinations people were expected to visit and well as other trends such as the introduction and increase in the use of the internet. It then analyses the Marketing Strategy of Thomas Cook giving
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Monologue of Dot ‘Mum’ Cook (Sky is dark outside on the morning of ANZAC Day. Mum in the kitchen making a cup of tea and baking a cake before Alf wakes up for the dawn service. Bowls and other cooking utensils used for baking cakes are scattered around the kitchen in front of her along with a mug of tea and a kettle.) Hughie‚ he’s my son too you know‚ but Alf… Alf can go on being the proud father who is always right‚ but I see it. I see Hughie and how he is now. He’s got different views to us nowadays
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History of the Thomas Cook Group 4 Structure of the organization 5 Management positions 5 Organization & Environment 6 Mission and vision 6 Influences of Stakeholders and environmental factors 6 Products and services offered by Thomas Cook Group 7 Conclusion 7 References List: 8 Introduction In this report seven topics about Thomas Cook Group PLC. Will be discussed as displayed in the following: Organization and management: * Legal form of the Thomas Cook Group * Important
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the funny and rugged face of comedy. He is Dane Cook. Sort of the anti-Mitch Hedberg. For others‚ he is a posterboy for an altogether different type of comedy: the plagiarizer‚ the man without a punchline. Personally‚ I have long held that Dane Cook is a performer and not a stand up comedian‚ in the way that Bob Villa was a TV show host and not a licensed contractor. For the better part of a decade‚ you couldn’t be handed a transcript of a Dane Cook set‚ read it‚ and think it was funny. There just
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Conflict in Ethical Decision Making at WorldCom Kerry Seeley Business Ethics MT4200 National American University September 25‚ 2007 Craig Chaplin Abstract This paper explains how WorldCom began and where it’s at now. It didn’t take long for WorldCom to become the second largest long distance phone company. WorldCom provided a legal framework for people working in communication projects on an individual basis‚ mainly in Central America‚ but they also developed projects together with partners
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