A Look Inside The WorldCom Scandal Essay - 945 Words

WorldCom was the ultimate success story among telecommunications companies. Bernard Ebbers took the reigns as CEO in 1985 and turned the company into a highly profitable one, at least on the outside. In 2002, Ebbers resigned, WorldCom admitted fraud and the company declared bankruptcy (Noe, Hollenbeck, Gerhart, Wright 2007). The company was at the heart of one of the biggest accounting frauds seen in the United States. The demise of this telecommunications monster can be accredited to many factors including their aggressive-defensive organizational culture based on power and the bullying tactics that they employed. However, this fiasco could have been prevented if WorldCom had designed a system of checks and balances that would have†¦show more content†¦The CFO Scott Sullivan forced his henchman, David Myers to see to it that accruals were released from various business units including UUNET. When Myers ordered the accrual release from UUNET’s CFO, David Schneeman, he met resistance. Myers got angry with Schneeman and ultimately found another person to complete the accrual release in order to appease Sullivan, who worked for Ebbers (Kaplan Kiron, 2007). Bullying was another tactic of this company. Workplace bullies typically target independent employees who refuse to be subservient (Weidmer, 2011). For instance, when Cynthia Cooper, an internal auditor, was made aware of a questionable transfer, she brought it up at an audit committee meeting. After the meeting, Sullivan screamed at her and told her to stay away from that account (Kaplan Kiron, 2007). Additionally, victims of workplace bullying may experience various symptoms such as weight loss and difficulty sleeping (Namie, 2003). This is exactly what happened to accounting manager Betty Vinson. Sullivan bullied Vinson into releasing accruals. Vinson was eager to maintain her status and did as requested, more than once. Vinson began to lose weight and sleep due to the bullying she experienc ed and the guilt she carried (Kaplan Kiron, 2007). Preventative measures could have been instituted to avoid the WorldCom corporate fraud. First, WorldCom should have had an external Board of Governors comprised of businessmenShow MoreRelatedThe Sarbanes Oxley ( Sox ) Act Of 20021617 Words   |  7 Pagesthis area. Brief History of SOX Enactment The Sarbanes-Oxley Act of 2002 was created by Congress in response to financial scandals. There were several incidents which contributed to the need for legislature such as SOX. For purposes of brevity, the focus here will be on two of the largest financial scandals leading up to the passage of SOX, which are of those of Enron and WorldCom. In October 2001, Enron announced it was reducing after-tax net income by approximately $500 million shareholders’ equityRead MoreThe Sarbanes Oxley Act And Enron Essay1565 Words   |  7 Pageslaw in 2002 and it was ment to ensure that publicly traded companies complied with policies that made their financial records honest and not distorted to make them look better or to make them look worse. This was supposed to cut down on the corporate fraud with accounting. This all started because some companies such as, Enron and WorldCom. Enron was reporting inaccurate trading revenues by acting as a middle man in partnerships and selling back and forth these partnerships and crediting Enron for theRead MoreSarbanes Oxley Federal Law1073 Words   |  5 Pagesattractiveness of the United States for investors. The most notable cases of accounting malpractice include such scandals as Enron Corporation, Tyco International PLC, and WorldCom (Engel, Hayes, Wang, 2007). These companies we re extremely concentrated on increasing profit in an unfair way by providing investors with falsified financial statements. As a result of these public scandals, it was a need in new more strict regulatory standards in terms of protecting investors from fraud activities ofRead MoreThe Sarbanes Oxley Act ( Fraud )1075 Words   |  5 Pages Fraudulent activities and embezzlement are more prevalent in organizations than most people think. Because of the multitude of previous scandals, the Sarbanes-Oxley Act has required all publicly traded U.S. companies to have internal auditing and internal controls to check for fraudulent activity and embezzlement. While the Sarbanes-Oxley Act only applies to public businesses, the requirements of it should be applied to all types of businesses, even universities. In the Case of the City UniversityRead MoreWhat Is Statistic Ethical Practice?975 Words   |  4 Pagesconcerning expenses are provided and erroneous information concerning liabilities are reported. Manipulation of the financial market and inside trading can create an unethical environment. The topic that come to mind that demonstrates this type of behavior is the Enron/Andersen and WorldCom scandal. These company paints a vivid picture of what unethical statist look like. Enron was once the 5th largest company in world fortune 500. From 1999 to 2000 Enron stocks drastically increased from 56% toRead MoreGe ´S Ib: the Evo Project1400 Words   |  6 Pagesknew what to do and they did it really good. But fulfilling the expectations of his predecessor wasn’t the main problem for Immelt, he entered the company in a really complicated year, with 9/11 just few days after his mention and Enron and WorldCom scandals few months later and the recession this events caused, he had a big challenge in front of him, to generate growth in a company that big and to ignore the external situation in order to focus on your strategy to succeed. A big question oughtRead MoreWorldcom And Its Impact On Corporate World Essay4477 Words   |  18 PagesINTRODUCTION: WorldCom was U.S based Telecommunications Company. It was second greatest long partition phone association in U.S., which had been working together since 19th century. It was built up in 1968. It was the benchmark long partition telecom and web access. Today, it is perhaps best known for a bookkeeping embarrassment that stimulated the association shred for insolvency security in 2002. WorldCom overseers effectively exaggerated the association s bookkeeping numbers, enlargement theRead MoreAccounting Fraud And The Financial Fraud1761 Words   |  8 PagesIntroduction WorldCom CEO Bernard Ebbers, former partner said â€Å"He didn’t know anything about the long distance or telephone business, but he knew how to read numbers, he was a number cruncher.†(â€Å"Inside†) This should have been a warning sign to those investing in the company that Ebbers wasn’t the best choice to run the 2nd biggest telecom company in America. WorldCom was just one of many accounting frauds that took place in the early 2000’s. But unfortunately that trend of dishonest accounting didn’tRead MoreManagement Theories And Ethical Theories2085 Words   |  9 Pagesaccounting practices. Cooper battles with the Board on exposing the company and letting everyone know what is going. Bernie Ebbers is the CEO of the company; he has built up the company to be the super-giant it has become. David Myers is the controller of WorldCom that allowed these practices to go on and would be the nail on the coffin to help Cynthia Cooper close her case o n the accounting procedures that were used and how everything happened. Many other people had a role in exposing and operating this scamRead MoreThe Sarbanes Oxley Act Of 20022394 Words   |  10 Pagesbusinesses still functioning today.â€Æ' Introduction Most people remember the Enron scandal that surfaced in 2001 and took down the goliath company within months. The corruption and greed that surfaced in the months after Enron went into bankruptcy was astounding and has been studied over and over again as to how exactly it was allowed to happen. Enron, combined with the bankruptcy of other giants such as Tyco and WorldCom, all due to corporate corruption and greed lead to the creation of the Sarbanes-Oxley

Sea Can Hydroponics Project - 719 Words

The University of Manitoba Efficient and Renewable Technology Hub (UMEARTH) is applying for $200 to be used to cover costs for our Sea Can Hydroponics project. UMEARTH was recognized as a technical society in 2015. Our goal is to bridge the gap between engineering students and the sustainable technology industry. Our past initiatives have included a speaker series, a wine and cheese event, and several projects carried out in conjunction with the Physical Plant. UMEARTH understands that there is a growing need for fresh food in northern communities in Canada. In developing and producing a hydroponic farming system within a shipping container, we are aiding access to certain limited foods. With the system being in a sea can,†¦show more content†¦It provides them an opportunity to implement what they have learned in class towards hands-on involvement and research. Within the project, there are teams dedicated to completing our design’s electrical, mechanical, structural and grow system aspects. Students are given an opportunity to work together simultaneously through the effort of promoting and fundraising for the student group. Involved students have commitment into completing this project, with a group of over a dozen people regularly attending a weekly meeting. We discuss all elements related to the project including, but not limited to, research, implementing designs, trials, budgets and fundraising. This project is expected to take two years to complete, so there is opportunity for more than one year of engineering students to be able to take part in the design-build of this project. We have three generous mentors assisting us on this project. Danny Mann, P.Eng. is a team advisor and is the Department Head of Biosystems Engineering on campus. Derek Neufeld is another of our advisors. He is a graduate of the University of Manitoba and works in the renewable energy sector. Derek is able to provide relevant information from a business aspect as he runs his own company called Dragon Engineering. Lastly, Reza Fazel-Darbandi is a graduated engineer specializing in hydroponics, having his ownShow MoreRelatedThe World Of The New Country977 Words   |  4 Pageslow in the sea. These were designed to break the large waves coming towards the sea. Oceania: The Atlantis Project Appropriately named Oceania, this new country is expected to be built off the coast of Panama, 50 miles due east. Oceania will utilize ocean pontoon floating technology, similar to that used by the Saigon Floating Hotel, off the coast of Saigon, Vietnam, which was designed by Sten Sjostrand. This country will be devoted to the value of freedom, and will first exist as a sea city in theRead MoreA Study of Climate Change Adaptation Practices and Their Implementations1670 Words   |  7 Pagesoccurrences, they need to be repeated periodically for maximum effect in adapting to climate change. The UNFCCC declared that planned adaptation can be achieved through a series of iterative steps and illustrated a diagram for the same- Table 2: An iterative flowchart for deciding on the process of adaptation (UNFCCC, 2006) Based on the flowchart above we can narrow down and classify adaptation techniques on the basis of area of impact such as: †¢ Agriculture †¢ Coastal zones †¢ Water resources †¢ PublicRead MoreAn Introduction to Hydrophonics and Controlled Environment Agriculture40110 Words   |  161 PagesIntroduction to Hydroponics and Controlled Environment Agriculture by Patricia A. Rorabaugh, Ph.D. University of Arizona Controlled Environment Agriculture Center 1951 E. Roger Road Tucson, AZ 85719 Revised December, 2012 TABLE OF CONTENTS CHAPTER 1: Controlled Environment Agriculture and Hydroponics: Past, Present and Future The Plant How to grow greenhouse crops Plant Protection: Insects and Diseases Basic Principals of Hydroponics Transplant Production Pollination, Fertilization and BeeRead MoreInvestigatory Project3204 Words   |  13 Pages031. The effect of nicotine, air, yeast on mold growth   [Exp] 041. Factors affecting the strength of hair [Exp] 042. Factors affecting the growth of bacteria [Exp] 043. Factors affecting the growth of molds or yeast [Exp] 051. Experiment with Hydroponics  (Use seedlings started from seed with three types of soil and different rates of fertilizer) [Exp] 071. The effectiveness of Antiseptics and soaps on household bacteria   [Exp] 091. Comparing types of artificial light on plant growth [Exp]   101Read MoreJames Finlays Attachment8695 Words   |  35 Pagesland, which was acquired from British East Disabled Co-operative, which had made unsuccessful attempt to grow flax commercially. Kericho some 300 kilometers west of Nairobi, is ideally situated for growing tea, Its situated in the equator 2167m above sea level and enjoys favorable rainfall pattern influenced by proximity to lake Victoria . The soil is reach with very high organic content. The company land is a contiguous unit extending some 10972 ha in Kericho and Bureti Districts. AHP is a multinationalRead MoreWe Must Obey Our Elders17194 Words   |  69 PagesFirstborn among many Spiritual Brothers,† in Order to make it Perfectly Clear and Easy to Understand, except that 99% of the People would not Understand what it Means by Spiritually. Indeed, the Holy Bible is often very Unclear; but the Ideas and Doctrines can be Understood by Means of some Study, including this Subject about Obeying our Elders. Therefore, let us Look to the Bible for some Good Examples. Cain Murdered Abel for Gain, Envy, Jealousy, Greed, Lust, or who knows what, since the Bible does notRead MoreAn Evaluation of an on-Farm Food Safety Program for Ontario Greenhouse Vegetable Producers; a Global Blueprint for Fruit and Vegetable Producers51659 Words   |  207 Pagesidentified included: perceived costs of participation, the priority of food safety management; and, management/employee relationships. Effective implementation was size-neutral and value was obtained through market ac cess. Produce industry stakeholders can apply the results of this research and create a template to be used in similar extension activities. Acknowledgements For the past four years of my life, food safety conversations followed me wherever I go. I ve discussed it at the dinner table

Dimensions of Diversity Free Essays

There is much lip service given these days to the concept of diversity in the workforce. The reason that it is â€Å"lip service† is that many people only have a vague understanding of what a diverse workforce actually is and why diversity is highly important within the business world. There are a number of reasons why a diverse workforce is an effective workforce. We will write a custom essay sample on Dimensions of Diversity or any similar topic only for you Order Now On a baseline level, a workforce that incorporates various dimensions of diversity will never be a stagnant work force. That is, when the people who make up the work force come from a multitude of backgrounds, there will be a variety of different perspectives offered on various business decisions. For example, if there is a question regarding how to market a specific product to a specific group of people, would it not be wise to have individuals from that specific group of people part of the decision making process regarding the actual marketing plan? It is surprising that there will be a number of companies that will actually exclude the targeted group from the planning stages. This is terrible management and will only lead to a number of missteps and oversights that could have easily been corrected had a more diverse workforce been employed. Also, incorporating dimensions of diversity in the workforce is the moral thing to do. To have a workforce that is exclusionary is no different than a cancerous growth at the epicenter of the company. Lack of diversity will eat away at a company until it can not function and, in the modern era, a workforce that is not diverse does not belong in the modern era at all. How to cite Dimensions of Diversity, Papers