Early investor Bernard Ebbers was named CEO the following year. Through acquisitions and mergers, LDDS grew quickly over the next 15 years. The company changed its name to WorldCom, achieved a worldwide presence, acquired telecommunications giant MCI, and eventually expanded beyond long distance service to offer the whole range of telecommunications services. WorldCom became the second-largest long-distance telephone company in America, and the firm seemed poised to become one of the largest telecommunications
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business environment. New subsidiaries or other entities may be formed for purposes such as extending operations into foreign countries, seeking to protect existing assets from risks associated with entry into new product lines, separating activities that fall under regulatory controls, and reducing taxes by separating certain types of operations. Q1-2 The split-off and spin-off result in the same reduction of reported assets and liabilities. Only the stockholders’
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ETHICS IN ACCOUNTING: THE WORLDCOM INC. SCANDAL Conf.univ.dr. Lucian Cernuşca “Aurel Vlaicu” University, Arad, str. Piaţa Sporturilor, nr. 10, bl. 25, apt. 7, 310167 Arad, Phone: 0730468534, luciancernusca@gmail.com What is ethics? What does ethics have to do with accounting? How does a scandal affect the business environment and the society? This article will explain just those questions by analyzing a “famous” fraud scandal: WorldCom Inc. The article discusses the chronology of events
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Chapter1 2. a. How does foreign competition limit the prices that domestic company and the wages and benefits that workers can demand? Answer: More foreign companies in the country means more options customers could choose. If the domestic companies increased their prices of produce, the local customers will find another similar products instead. Foreign competition also acts to limit the wages and benefits that workers can demand, because build a company overseas, company have
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WHY THE SARBANES-OXLEY ACT CAME ABOUT OR HOW TO COOK THE BOOKS The Sarbanes-Oxley Act of 2002 (Sarbox, or SOX) was enacted on July 30, 2002, to protect the general public and shareholders from accounting errors, unethical behavior, and corporate scandal. There are 11 titles that include the requirements for reporting, retention period for records storage, management of electronic records, and standards for external auditors. The act is supervised by the Public Company Accounting Oversight
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Case Study Final Dr. Vint Cerf: Father of the Internet Rebekah N. Diaz ISSC363 Dr. Tannoury December 28th, 2013 Diaz 2 Technology refers to, the making, usage, modification, and size of machines, tools, methods applied by an order when dealing with problems. It also applies to methods applied when improving an already existing solution and when performing a duty or achieving a goal. The superficial IT evolution can be said to be preceded by hand and print revolutions. All the things
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from the performance bond, online news sites are to remove prohibited content within 24 hours when notified by MDA. SNews'r'us has recorded 60,000 Singaporean visits each month and has been reporting solely Singaporean news since 2007. Our site falls within the MDA’s new ruling and as such will require an individual licence and put up a $50,000 performance bond. To continue reporting Singaporean news, we need to understand: (1) the motivation for this change and (2) the changes in the new licensing
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annual growth of 8-9 percent with an approximate worth of $ 4.5 billion. With more new drug launches, new drug applications, phase II clinical trials taking place this year the growth can be expected to be 13-14 percent in the future. Considering the rise in the pharmaceutical sector and to bring about uniformity in the marketing of these drugs, a Code has been introduced by the Department of Pharmaceuticals (DoP), Government of India. This code named as Uniform Code of Pharmaceutical Marketing Practices
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Examiners’ commentaries 2013 Examiners’ commentaries 2013 EC1002 Introduction to economics Important note This commentary reflects the examination and assessment arrangements for this course in the academic year 2012–13. In 2014 the examination will be conducted in two parts. The rubric for Part I will read as follows: This is Part I of the examination which consists of Multiple Choice Questions. You have 90 minutes and you should attempt to answer ALL the questions. Each question has four
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Running head: WORLDCOM FAILURE RESHAPING BUSINESS WorldCom’s Chief Executive Officer’s Failure of Responsibilities Reshaping the Business Environment WorldCom’s Chief Executive Officer’s Failure of Responsibilities Reshaping Business Environment Bernie Ebbers’ leadership as Chief Executive Officer for WorldCom created the largest telecommunication bankruptcies and the largest bankruptcy in the corporate world. His unethical decisions to allow false financial reports to continue
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