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Assignments 1 - Assignment Example

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Among them were Enron, Global crossing, WorldCom among others. The WorldCom case is considered to be the biggest fraud case in the History of America with over $ 11 billion accounting fraud. When…
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Download file to see previous pages The US government intervened in the case and tried to solve the issues at hand.
The purpose of this report is to critically analyze the decisions and goals set by the then CEO of the company Mr. Bernie Ebbers. A number of factors contributed to this fraud and this include corporate culture, leadership, and communication style among others. The report use literature reviews form financial analysts, business journals and investigation reports to understand how the above factors contributed to the massive financial fraud as well as the failure of the company. The report will show how the CEOs ambitions and need to satisfy the Wall Street expectations led to fraud as well as failure of the internet communication slow growth after massive investment.
WorldCom was established in 1983 under the name Long Distance Discount Service by two businessmen Murray Waldron and William Rector. Two years later, a new investor Bernard Ebbers became the CEO of the company. At that time, the company was based in Jackson Mississippi. In 1989, the company acquired Advantage companies Inc and consequently became traded publicly as a corporation. A couple of other acquisitions were done by the company in the following decade including Resurgens Communications group Inc, Metromedia Communications Corp in 1993. In 1995, after the acquisition of Williams Telecommunications, the company changed its name to WorldCom Inc. Perhaps the biggest acquisition yet was MCI Communications Corps, Brooks Fiber Properties Inc. and CompuServe Corp in 1998. The next big merger with Sprint was blocked in 2000 by both the European and US regulators. This was the beginning of catastrophes to the company.
The company was actively involved in telecommunication services which included internet, emails, voice calls among others. Before the fraud case in 2002, the company had made investments to expand its internet capabilities as there was high expectation on ...Download file to see next pagesRead More
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