...With the help of Mr Sullivan's financial engineering Mr Ebbers raced the business - now called WorldCom - through 70 deals in four years, buying up competitors and expanding his reach. Along the way the company picked up numerous fans on Wall Street, perhaps most notably Jack Grubman, a telecoms analyst at the prestigious investment bank Salomon Smith Barney. Like many analysts of the time, Mr Grubman believed that to succeed in the new era of the internet and the world wide web companies needed to create telecoms networks that spanned the globe - a goal that could only be achieved with serious financial backing. Mr Ebbers had no trouble finding people willing to give him a hand. Usually sober bankers and investment analysts were entranced by his plain-speaking manner and as the company grew its share price defied gravity. Using its valuable shares as bargaining chips and backed up by piles of debt, Mr Ebbers snatched up businesses across the US and waded into Europe. Its acquisitions included UUNet, one of the oldest carriers of internet traffic, which is still a major provider to AOL. WorldCom also sealed what at the time was the biggest deal the US stock market had seen, snatching another US communications group, MCI, from the clutches of BT. That $40bn merger in 1998 gave WorldCom an effective stranglehold on the US internet market, forcing the sale of part of MCI to another British firm, Cable & Wireless. In the deal C&W picked up a piece of internet history...
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...Enron was formed in 1985 by two gas companies, Houston Natural Gas and Nebraska InterNorth.Enron incurred massive debt and, as the result of deregulation, no longer had exclusive rights to its pipelines. In order to survive, the company had to come up with a new and innovative business strategy to generate profits and cash flow. To try to fix this Enron came up with the idea of becoming a “gas bank” to try to fix its problems. They would buy gas from a network of suppliers and sell it to a network of consumers, contractually guaranteeing both the supply and the price, charging fees for the transactions and assuming the associated risks. This became so successful that they decided to apply this to other things instead of just gas like, coal, paper, steel, water and even weather. In 2001 CEO Kenneth Lay retired and named Jeffrey Skilling president and CEO of Enron. On October 16th 2001 They reported their first quarterly loss in over four years and went downhill until the company filed for bankruptcy on December 2 2001. Tyco labs originally started in the 19060’s working for the government. then in 1964 it went public and had three main branches; Fire protection, Electronics, and Packaging. After going public the companies focus became mostly on profits. In 1993 they branched into the Healthcare industry and eventually were the second largest producer of medical devices in the United...
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...WorldCom is one of the biggest scandals that happen in the world, especially in the United States of America. WorldCom merged with MCI in 1997 for US$37 billion to form MCI WorldCom. Later on WorldCom wanted to merge with Sprint Corporation in 1999 becoming a $129 billion merge, but before the two companies finalized the US department of Justice and the European Union stepped in and didn’t want this to happen, for this merge had the possibility of creating a monopoly. Bernard Ebbers was the CEO of WorldCom at the time, he became very wealth with WorldCom common stock. Without the merge of Sprint, WorldCom Stock started to decrease over time, and the banks were pressuring Ebbers and he had to cover margin calls on his WorldCom stock that was used to finance other business like (timber, yachting.) From 1999 through 2002 Scott Sullivan (CFO), David Myers (Controller) and Buford Yates (Director of General Accounting) were using shady accounting methods to show the company profitability and financial growth when company was losing shares. The company was capitalizing there expenses when they should have been expensing them, making the balance sheet look better than what it really is. The second issue for the company was making fake accounting entries to make them look like they generated revenues from corporate unallocated revenue accounts. WorldCom had approximately $3.8 billion in fraud of June 2002. For unethical practices WorldCom was capitalizing their products when they...
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...Organizational Leadership LDR 531 Group Number: SC09MBA10 G. Edward McCullough, M.A. March 25, 2010 Examining a Business Failure: WorldCom Why do businesses fail? Most business corporations experience company failure because of their lack of organizational leadership and unethical practices, which can consist of fraud, conspiracy, falsifying documents, and embezzlement. An example of a business failure is most recognized by the WorldCom (2002) bankruptcy scandal. Many organizational behavior (OB) theories as it relates to leadership, management, and organizational structure can give in site to explain the company’s failure. Most blame for the WorldCom scandal was placed in its founder and CEO Bernard Ebbers due to his unruly managerial functions (planning, organizing, leading and controlling) that he practiced during his time at WorldCom. WorldCom was known as a telecommunication giant, established from nothing in 1983 to become the biggest accounting scandal in United States (U.S.) history in 2002. According to Jones Jonesington (2007) says, “In 1998, the telecommunications industry began to slow down and WorldCom’s stock was declining which gave CEO Bernard Ebbers increased pressure from banks to cover margin calls on his WorldCom stock that was used to finance his other businesses endeavors (timber, yachting etc.).”(Jonesington, J., 2007) WorldCom took another big hit in 2000 when it was forced to abandon its merger with Sprint, says Jonesington. (Jonesington, J., 2007) ...
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...summer 2002 WorldCom, the fastest rising company in the US history with its CEO of 17 years Bernard Ebbers was busted for fraudulent financial activities (American Greed, 2008). The history of the company dates back to 1983 when Long Distance Discount Services (LDDS) was founded. The company was providing long distance calling for cheap by doing acquisitions and buying smaller phone companies (American Greed, 2008). Bernard Ebbers was company’s CEO and within 10 years he was able to make LDDS into the largest telecom company with a revenue of US 6 billion (American Greed, 2008). In 1998, Ebbers performed the biggest merger by buying out MCI. Company’s name was changed to WorldCom to reflect its size and capacity. In 1999 WorldCom’s performance was at its highest peak, with its stock at US 68 per share (American Greed, 2008). Ebber’s main strategies as CEO of WorldCom were: aggressive acquisitions; and cost control by “hammering off pennies” (American Greed, 2008). Even though Ebbers was cutting costs at WorlCom by refusing to provide free coffee to his employees, he was splurging extensively. In the late 90’s, Ebbers bought a percent of hockey team, not only he owned several yachts but he also bought yachts building company, he purchased a biggest ranch in the US, timberland, crawfish company, golf course, etc. Money for these purchases came from Ebbers’ personal loans from JPMorgan and Citi bank and totaled US 408 million. Ebbers secured the loans with WorldCom stock (American...
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...CASE PAPER: Enron, WorldCom, Tyco Enron, 2001 Enron, a Houston-based energy trading company, was the seventh largest company in the U.S before it filed for bankruptcy in 2001. It employed over 25,000 people, and paid its tops executives a sum of $1.4 billion in 2000. According to Fortune magazine, it was one of the “most admired companies” in the U.S. at the time. The reason Enron was so successful was that it kept hundreds of millions worth of debt off its books through the use of some unethical accounting practices called “shell companies”. “Shell companies” used to record fictitious revenues, that essentially record one dollar of revenue multiples times, thus creating the appearance of high income. As a result, the company’s stock value decreased from $90 to less than .70 cents a share. By continuing to use “shell companies” to hide Enron’s debt, the company demonstrated “the means-ends ethic” and “the might-equals-right ethic“. Enron went to extreme and illegal acts to hide their business practices, and seized the opportunity to grow richer as a result. WorldCom, 2002 WorldCom, a telecommunications giant, grew to be the second largest telecommunications carrier in the U.S. until it filed for bankruptcy in 2002. Tens of thousands of employees lost their jobs, as investors watched WorldCom’s stock price plummet from $60 to less than .03 cents a share. While Enron hid debt, WorldCom hid operating expenses. From 2001 through 2002, a total of $3.8 billion worth...
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...writing. In fact, the three universities that I have attended in the past have all required me to use the APA style of writing. As I recall my high school years, the APA style of writing also seemed to be a favorite amongst my high school teachers. They all required that term papers be written in APA style as well. This type of writing actually does not differ much from the ones included in the text reading. The text mentioned the APA style of writing several times. In my opinion, it appears to be the most popular style of writing, especially amongst college students. Based on the results of the quizzes, my grammar skills were actually a little better than average. I actually had expected to do better, but I guess my grammar skills are not as good as I thought they were. In any event I feel very confident when it comes to spelling, as I have always been a great speller. Even in grade school, I was a good speller. I learned at a very young age to challenge myself when it comes to spelling. Challenging my-self in that area really paid off as I became older, as I’ve never had a problem with spelling. However, I feel that I need more help with run on sentences and with thought patterns. Though I proof read my paper several times, it’s hard for me to see that I have several run on sentences until after I get my grade back. In general, I feel that my writing is just mediocre. However, I also believe that when it comes to writing, I am my own worst critic. Reason being, I am never...
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...computer and communications equipment (owned by MIS) magnetic media (owned by Manager) power supplies and plant, such as air-conditioning units (owned by MIS) Software assets (owned by MIS) • • • • application software system software development tools utilities Information assets (owned by Manager or MIS) ‘Information’ means information held by the Company on its own behalf and that entrusted to it by others. The following are examples of the media which may contain or comprise information assets. • • • • • • • • • • databases and data files system documentation user manuals training material operational or support procedures continuity plans and fallback arrangements back-up media on-line magnetic media off-line magnetic media paper Services • • computing and communications services (owned by MIS) heating, lighting and power (owned by Manager or Building Services Manager) 1 17/01/03 First•Base Technologies Town Hall Chambers High Street Shoreham-by-Sea West Sussex BN43 5DD UK Tel: +44 (01273 454 525 Fax: +44 (0)1273 454 526 info@firstbase.co.uk Guidance on Information Classification Categories for classifying document security Category 1 : Routine (non-confidential) documents Description: All documents of a routine nature. Effects of disclosure: No measurable damage to the company or a department. Examples: Normal memos, routine reports, circulars. Estimated occurrence of this classification: More than 80% of all documents would be within this class...
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...TO: FROM: SUBJECT: DATE: CC: [CLICK HERE AND TYPE NAME] SAMUEL NEWMAN-BREMANG [CLICK HERE AND TYPE SUBJECT] OCTOBER 22, 2013 [CLICK HERE AND TYPE NAME] C R E A T I N G W A T E R M A R KS I N M I C R O S O F T W O R D [Note: Some steps may vary in Word 97. For additional help, search for “watermark” in the product help or on the Microsoft support site at http://support.microsoft.com.] A watermark is any text or graphic image (such as the “Draft” in the background of this document) that is printed to overlap existing text in a document. A logo printed lightly behind a letter or the word "Confidential" printed lightly on a contract are other examples of watermarks. The rotated “Draft” watermark on this page was created using the Word Art feature. You can insert pictures (such as a logo) from a file or using Clip Art. All three features can be found by clicking on Picture in the Insert menu. To view a watermark as it will appear on the printed page, click Print Layout on the View menu or click Print Preview on the File menu. The watermark will print on every page of this document, just like headers and footers. To edit the watermark or insert a new one, you need to click Header and Footer on the View menu. TO FORMAT A WORDART WATERMARK (LIKE THIS “DRAFT” EXAMPLE): Use the WordArt… command on the Format menu to choose your desired settings for your watermark. There are multiple tabs in that dialog. Use the “Colors and Lines” tab to set the color and transparency. (This “draft”...
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...How to Write a Good Academic Paper? That is a question which most students ask and most of them are new to academic writing. Academic writing if taken as a whole, then it would help you figure its significance and what is more important is, it would help you understand the purpose of it. Any good academic writer’s quality is his/her mind is loaded with creative set of ideas that help him navigate through the whole topic of academic paper. Ideas lead you to somewhere and only a few good students are gifted by nature and if you are not then you can also build up a good rhythm of academic writing. Secondly, you should also have a good sense of your audience; you should know what element of your academic writing would entice them and also create some space for your write-up for reading in their schedule. You then research for resources and data that would be of great use to enlighten your readers. Knowing what you audience wants, should be in your priority because readers enjoy what they seek in your writing. Usually what they look out for is something that could either bring them a smile or get them to think over the subject. Having creative ideas doesn’t guarantee a good and well-researched academic writing. You need to able to figure out ways of putting your research in a proper format so that readers don’t feel deviated from the focal point of your write-up. You should use your sources with proper attentiveness else it would completely ruin your efforts from top to bottom....
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...Hey Jessica, I’m glad your interested in attending the University of Phoenix let me tell you about some of the great resources that are available. First of all they have all kinds of hands on workshops that you can sign up for. They have ones for writing, math, computer skills, exam prep and plenty more. Some other resources are the Center for writing excellence and the Center for mathematics, there are grammar tutorials and plagiarism tutorials and a plagiarism checker as well to help make sure your papers have the proper grammar and the plagiarism checker reviews your paper and tells you how much similarities there is with your paper and other papers so you don’t accidentally plagiarize your paper. Riverpoint writer is a tool to help make sure you are citing your papers properly. In the center for mathematics center they have running start which gives you a review of math concepts to help you brush up on your skills, build math confidence gives you tips to deal with math anxiety it also has study tips, test tips, worksheets and videos. They also have live online math coaching which is only available two weeks before your math class starts through the end of your class. Hope reading about all these resources makes you want to come to the University even more. gotta go talk later. Hello Everyone, I want to review some of the great resources available here at the University of Phoenix. First off I want to go over the workshops that are available to you. There are all...
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...Joe Polce English 015 Mrs. Wickman How To Roll Your Own Cigarette Is anyone in your life a cigarette smoker? Do you often notice that they are always complaining about their ever-rising price? According to the U.S Census Bureau, out of the 6.7 billion people in the world, 2 billion are smokers of cigarettes or some other form of tobacco. Almost 75% of these 2 billion spend between $1000 - $1500 yearly on their favorite packs and cartons that they just cannot resist. We know its a habit, right? Its also an expensive habit. I am going to show you a quick and easy way to not only cut the cost of cigarettes in half, but also save you hundred of dollars. A select few smokers of the modern world have been fortunate enough to find the solution to the climbing prices of cigarettes. This solution is actually very simple. Why don’t we, instead of spending the $6 plus on an already produced pack of Marlboro Lights, make and produce our own pack of very similar cigarettes? Herein lies the solution; roll your own cigarettes. Most people shy away from such an idea claiming that they would never know where to start, or have no idea where they would buy the equipment, but on contrary the first steps to this new lifestyle are very easy, and the tools needed are readily available. The benefits of rolling your own cigarettes are numerous. First off, its inexpensive. GS Hammack, a man who writes for a website called AssociatedContact.com, said that “smokers that are looking for...
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...go fuck urself Paper is a thin material mainly used for writing upon, printing upon, drawing or for packaging. It is produced by pressing together moist fibers, typically cellulose pulp derived from wood, rags or grasses, and drying them into flexible sheets. Paper is a versatile material with many uses. Whilst the most common is for writing and printing upon, it is also widely used as a packaging material, in many cleaning products, in a number of industrial and construction processes, and even as a food ingredient – particularly in Asian cultures. Contents [hide] 1 History 2 Papermaking 2.1 Chemical pulping 2.2 Mechanical pulping 2.3 Deinked pulp 2.4 Additives 2.5 Producing paper 2.6 Finishing 3 Applications 4 Types, thickness and weight 5 Paper stability 6 The future of paper 7 See also 8 References and notes 9 External links History Main article: History of paper Further information: Science and technology of the Han Dynasty and List of Chinese inventions Hemp wrapping paper, China, circa 100 BCE.The oldest known archeological fragments of paper date to 2nd century BC China. Papermaking is considered one of the Four Great Inventions of Ancient China, and the pulp papermaking process is ascribed to Cai Lun, a 2nd century AD Han court eunuch.[1] With paper an effective substitute for silk in many applications, China could export silk in greater quantity, contributing to a Golden Age. Paper spread from China through the Islamic...
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...Terrica Thomas Mr. David Makhanlall Eng 090 12-11-11 My journey as a writer is when I do my papers I have to make sure that I have the correct grammar and no misspelled words. Because when write you want to make sure that your papers flows and that you stay on topic. Because you as a writer wants the people to understand what they are reading. Because your paper have to have so meaning to it and it have to have some clarity to. When I revise my papers it make me look at the things I done wrong. Like when I have misspelled words I can correct them and when I have sentences that don’t make sense and I take the out. When I write I make the mistake of writing a lot of write on sentences. I have to make sure that I don’t do that anymore. I have to make sure that I don’t forget the punctuations because I have the habit of not putting them where they belong and stuff. When I was writing my paper on my mother I think that I did a good job but I think that I could have writing about her goals in life. What she has done with her life right now and what she wants to do right now. I could have talk a little more about what she has done for me when I was growing up. What she had to do to raise three girls on her own. The pattern of errors that I need to work on is run on sentences. Because when I write I can write a sentence that can go on and on forever without a period. A sentence fragment when I write I tend to write a sentence that don’t make any sense...
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...reading and writing various forms of academic discourse • To further an awareness of oneself and others through the exposure to, study of, and experiences with the written word Course Breakdown INTRODUCTION Introduction and Diagnostic Exam Grammar Review Elements of Style by Strunk and White RESEARCH Definition of Research Research Topic Problematique and Thesis Statement CRITICAL THINKING Understanding and Evaluating Data Introduction to Reaction Papers BASIC ELEMENTS OF WRITING Audience, Point of View, Levels of Language, Voice, Style Structure of the Essay Proofreading and Editing PRE-WRITING Ideas and Data-Gathering Sources and Kinds of Sources Introduction to Report Writing Organizing Ideas Introduction to Concept Papers TECHNIQUES IN WRITING Kinds of statements Making Assertions Art of Persuasion Documentation and Plagiarism Introduction to Position Papers Requirements: Report 15% Reaction Paper 15% Concept Paper 15% Position Paper 15% Research Paper 20% Research Journal (Blog) 10% Class Participation 10% House Rules: 1. English Only Policy will be observed inside the classroom during class time 2. 6 absences = a grade of 5...
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