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Essay / Research Paper Abstract
This 10 page report discusses telecom giant WorldCom’s revelation that it had “overstated” its earnings by more than $3.8 billion. As more and more facts come to light regarding the various corporate accounting disasters that have cost thousands of Americans their jobs, retirement funds, and even their faith in American business, WorldCom has proven itself to be as particularly fascinating -- especially when one considers that the end result is the largest bankruptcy in the history of American corporations. This report looks at WorldCom’s problems specifically and other examples of corporate malfeasance in the U.S. Bibliography lists 7 sources.
Page Count:
10 pages (~225 words per page)
File: D0_BWworcom.rtf
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Unformatted sample text from the term paper:
business, WorldCom has proven itself to be as particularly fascinating -- especially when one considers that the end result is the largest bankruptcy in the history of American corporations. In
fact, the media stories related to what this means to individual workers at WorldComs operations center in Clinton, Mississippi, especially those who had been with the company for a long-time
or those who planned on staying with the company for many more years, have been particularly poignant. Many, if not most are likely to have been hardworking and innovative people.
The company did not become as large as it was or reach the position as the second-largest long-distance carrier without such employees. They now feel completely betrayed . . .
as well they should. The companys website claims that: "WorldCom focuses on the cutting edge of technology, but also enjoys the stability and strength afforded a Fortune 50 company
known for its track record of success" (Internet source). Of course, they are not going to proclaim themselves as being known for their accounting "track record" or the fact that
"stability and strength" may very well be in question at the other 49 of the Fortune 50 companies. One of the most disturbing facts is that the WorldCom documents that
were released in July to the special Financial Services Committee of the U.S. House of Representatives show that there was a widespread knowledge of the companys financial irregularities. If there
was such "widespread knowledge," it calls to question what people who possessed that knowledge were thinking to not take action. The answer must be that they were afraid that what
finally happened to the organization would happen. In the end, they were still the losers. The Basics Kadlec (2002) explains that according to an announcement by WorldComs (current) CEO, John
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