Worldcom Enron Fraud Bankruptcy free essay sample

WorldCom Fraud Bankruptcy (21/07/2001); Assets: $107 billion Long Distance Discount Services, Inc. (LDDS) began in Hattiesburg, Mississippi. in 1983. The company name was changed to LDDS WorldCom in 1995, and later just WorldCom. The company’s growth under WorldCom was fueled primarily through acquisitions during the 1990s and reached its apex with the acquisition of MCI in 1998. WorldCom’s financial scandals and bankruptcy led that company to change its name in 2003 to MCI. The MCI name disappeared in January 2006 after the company was bought by Verizon. WorldCom’s bankruptcy filing in 2002 (21st July 2002) was the largest such filing in U. S. history. The WorldCom scandal is regarded as one of the worst corporate crimes in history, and several former executives involved in the fraud faced criminal charges for their involvement. Evidence shows that the accounting fraud was discovered as early as June 2001, when several former employees gave statements alleging instances of hiding bad debt, understating costs, and backdating contracts. We will write a custom essay sample on Worldcom Enron Fraud Bankruptcy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In 2002, a small team of internal auditors at WorldCom worked together, often at night and in secret, to investigate and unearth $3. billion in fraud and the U. S. Securities and Exchange Commission (SEC) launched an investigation into these matters on June 26, 2002. By the end of 2003, it was estimated that the companys total assets had been inflated by around $11 billion. As a result, the SEC filed a civil fraud lawsuit against WorldCom and federal charges were filed against several executives. The fraud was accomplished primarily in two ways: 1. Underreporting ‘line costs’ (interconnection expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than properly expensing them. . Inflating revenues with bogus accounting entries from corporate unallocated revenue accounts. Some of the high-ranking WorldCom executives and other employees who are implicated in the accounting fraud. Most notably, company founder and former CEO Bernard Ebbers was sentenced to 25 years in prison, and former CFO Scott Sullivan received a five-year jail sentence, which would have been longer had he not pleaded guilty and testified against Ebbers. WorldCom, crushed by its $41 billion debt load, made its filing in the Southern District of New York. With $107 billion in assets. Under the bankruptcy reorganization agreement, the company paid $750 million to the SEC in cash and stock in the new MCI, which was intended to be paid to wronged investors. Enron Fraud Bankruptcy (12/02/2001); Assets: $65. 5 billion The Enron Corporation (former NYSE ticker symbol ENE) was one of the largest energy company based in Houston, Texas that sold electricity and natural gas. They were also involved in the distribution of energy and risk management and financial services to many people worldwide. Enron employed approximately 22,000 and was one of the world’s leading electricity, natural gas, pulp and paper, and communications companies, with claimed revenues of nearly $101 billion in 2000. This company gained wealth due to its initiative marketing and endorsement of power and communications services and risk management offshoots. Fortune named Enron â€Å"America’s Most Innovative Company† for six consecutive years. The company became very successful and seemed indestructible. Everything seemed rosy until they filed for bankruptcy in 2001. At the end of 2001 it was revealed that its reported financial condition was sustained substantially by institutionalized, systematic, and creatively planned accounting fraud, known as the â€Å"Enron scandal†. With all this success and rapid expansion the company had to borrow money. This was in a bid to cover up their excess debts. The debts would have made the stock value dip and they could not take that chance. So they opted to hide their debts in ‘partner’ corporations. With this information under wraps Enron kept looking better because of their unethical and illegal accounting practices. They also began favoring potential large investors with insider information while ignoring the smaller investors. Other industry peers began questioning how the company made so much money time and again. While all this was going on the company’s CEO was secretly selling his stock. By October 2001, they could no longer hide the illegal practices in the company. They announced a loss of $ 638 million dollars. The stock price took a dive until it was worth nothing. Then came in the creditors claiming their debts be paid before the company shut its doors. Since they could not repay its debts, the company was forced to file for bankruptcy. Besides the financial department, the operations management department also had a role to play in the collapse. The company’s values and principles were not followed since most employees were in it to also get rich. The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron undoubtedly is the biggest audit failure. On January 17, 2002 Enron fired Arthur Andersen as its auditor, citing its accounting advice and the destruction of documents. Enron was estimated to have about $23 billion in liabilities, both debt outstanding and guaranteed loans. Citigroup and JP Morgan Chase in particular appeared to have significant amounts to lose with Enron’s fall. Additionally, many of Enron’s major assets were pledged to lenders in order to secure loans, throwing into doubt what if anything unsecured creditors and eventually stockholders might receive in bankruptcy proceedings.

My role Model essays

My role Model essays It always happens at the kindergarten. The teachers ask little students who their role model is. Most of them say police officer, fire fighter or their parents like heroic people. When I was in kindergarten, I never answered for that question. Truth, I had nothing on my mind to answer. Who is my role model? I questioned myself again, again and I had waited for my real role model. It was cold, December when I met her. My mom was told that I seemed to have special talent on singing so she brought me to someone who teaches singers professionally. I just turned 12, had no idea on singing. I just liked to sing. The woman who my mom brought me to looked very sharp. I could so tell that she was not and never could be easy person. She looked at me once and said  ¡Ã‚ °She is way too young to start singing. ¡ My mom ¡Ã‚ ¯s face turned surprised. And she also said  ¡Ã‚ °well, but let ¡Ã‚ ¯s see how you can sing, shall we? ¡ and grabbed my hand. She introduced herself as Mrs. Chun. We started worming up and I sang  ¡Caro mio ben ¡ After I sang the piece, there was exactly 5 minutes of silence. Mrs. Chun was gaping on me and my mom was trying to figure out what was going on.  ¡Ã‚ °It ¡Ã‚ ¯s incredible! ¡ finally Mrs. Chun closed her mouth and talked. She told my mom that she never except young singers but she ¡Ã‚ ¯ll on this time. I started havin g private lessons with her who I never thought could be my forever role model. Soon as I started studying with her, I got to know her better. She helped me to think seriously in musicianship and in one word; she was my musical guardian angel. As I got to know her better, I asked to myself hits question.  ¡Ã‚ °She is really role model type. Should I consider her as my role model? ¡ I wasn ¡Ã‚ ¯t sure about her. One day, the significant day that made me to confirm her as my role model came. It was her concert. Actually, It wasn ¡Ã‚ ¯t even concert. It was just little town perfor...

Client Strategy Proposal for AngliCare Australia (Non Profit Research Paper

Client Strategy Proposal for AngliCare Australia (Non Profit Organisation) - Research Paper Example The message we are trying to spread here is â€Å"Let others reuse to the core for what you have use no more†, encouraging people to donate things that they are done with, but something that still has some sort of value so that someone else can put it to use. Introduction AngliCare is a social welfare agency based in Australia. They provide a unique range of community services including family relationship services, foster care, adoption, employment services, community housing and development, etc. Originally established in June 1976 as â€Å"Anglican Health and Welfare Services†, AngliCare now has a staff of over 400 and a network of more than 300 volunteers and counting, AngliCare is now one of Australia’s largest Christian care organizations and reaches out to over 38 thousand people every year, making an annual turnover of over 25 Million Dollars. (About Us 2011) Being a social welfare organization, AngliCare provides specialized services to all, children, th e aged, the disabled; anyone who requires help. They realize that more often than not, people are in need of an ear to listen and some moral support. Their main aim is to try to help these people through love and Jesus. Goals & Objectives AngliCare has a vision to change lives and communities by care through Jesus Christ. They believe that, â€Å"we live in a just and fair society in which all people thrive.† (Dear Applicant 2011). All they want to do is help everyone get there. They want to provide support and services to those who need it, as a push to make them reach where they want to. They also want to play a role in influencing policy makers to ensure that institutions and systems are made aware of the needs of all people in the community. AngliCare has one mission-to care: by doing good work that will help communities evolve and address any kind of needs, emotional, social or physical, that the people may have. AngliCare’s goal is to work together with people, f amilies and their communities so as to enhance their abilities and to encourage them to cope with the daily challenges that life has to offer. They do so by being compassionate, responsive, non judgmental and non discriminating in their strive to help others feel empowered. AngliCare depends on team work. It is their best strategy and has over time made them believe that cooperation and collaboration is what leads to achieving quality outcomes for both individuals and communities. Situation Analysis: SWOT Strengths: AngliCare provides a vast range of services that has turned to be a strength for them. These services include caring for the aged, youth services, family relationship services, disability and carer services, disaster recovery, etc. They do not discriminate or judge, but accept whoever comes to them with needs. Being a social welfare group, this plays a very strong role in their functioning. Their main motto is to care and they ensure that this message is communicated to all they come across. AngliCare also has strength in its organizational and services structures that are very comprehensive and well planned. Weakness: In spite of being a social welfare organization, everything is not given to AngliCare on a silver platter. They are facing issues that can be considered a weakness to their functioning, such as with some of its events, the volunteers and the bad donations to its op shops. They need to work on

Post-traumatic Stress Disorder (PTSD) Research Paper

Post-traumatic Stress Disorder (PTSD) - Research Paper Example Post-traumatic stress disorder is characterized by intrusive memories, avoidance and emotional numbing, anxiety, and increased emotional arousal. As is the case with many anxiety disorders, there is no concrete cause of post-traumatic stress disorder. Each individual will have their own unique trigger. Nevertheless, there are theories of causation and a variety of factors that have shown to contribute to the developing of post-traumatic stress disorder. Post-traumatic stress disorder, as a whole, can be caused by â€Å"an event that is life-threatening or that severely compromises the emotional well-being of an individual or causes intense fear (Hibberd & Elwood, 2010).† As such, a primary cause of post-traumatic stress disorder is experience; however, aside from experiencing psychological trauma, individuals can also be prone to develop the disorder through neuroendocrinology and genetics. As previously stated, a core cause of post-traumatic stress disorder is the experiencing or witnessing of a traumatic event that causes the individual to feel intense fear. Victims of sexual abuse, physical abuse, and neglect, especially during their childhood, are at risk for developing post-traumatic stress disorder. These individuals increase their risks when they do not get help for their abuse or neglect in a timely manner, which would prevent them from certain emotional downfalls. Military men and women, doctors, police officers, firefighters, and emergency response teams experience and witness horrific and traumatic events on a daily basis. These individuals consistently put themselves at risk for developing post-traumatic stress disorder, which is why these careers involve intense screening to determine who is the most emotionally capable to handle the extreme conditions of such jobs. People who have witnessed or experienced a horrific car accident, a murder, a natural disas ter, or a life-threatening illness are also

Welcome Address Essay Example for Free

Welcome Address Essay A warm and pleasant evening to all those who are present here. If there are no stars,there won’t be any beauty in the sky. If there is no difference of opinions there won’t be any creative and innovative ideas. Similarly if there is no Annual Function in our school, there won’t be any chance for our young and dynamic children to uphold the pride of the institute, to catalogue the challenges we face, the endeavors we made andthe success we achieved and to show what we were, what we are and what we will be. Here am I hence, much privileged to stand before you, to extend profound wishes andgreetings from the bottom of my heart, to bring the warmth of our affection, throughthe stream of love, to welcome each and every one of you.It is time for yet another day of the year to exhibit the talents of all our children, to bring to your kind notice their academic excellence, and the medals they bagged intheir outstanding performance in spots, and the grades they achieved in extracurricular activities, and in everything they speak and perform today as the cultural feastunfolds.We are extremely happy to have you with us today, to share in our joy and delightfulmoments of the day, and to be part of what we are. Wishing you all once again ahappy and memorable stay, I remain.Thank you. INTRODUCING THE CHIEF GUEST I am profuse elated to take an opportunity to introduce our chief guest of the day Rev.Dr. N. Ravichandran, the director of the IIM Indore. He is graduated from IIMMadras in 1980 with specialization in Applied Probability. He joined IIM Ahemdabadas faculty in Production and Quantitative Method Area in 1980.His teaching and research interest include Applied Probability, Business ProcessReengineering, Competitive Strategy, IT for Competitive Advantage, Logistics andSupply Chain Management, Operation Strategy, Quantitative Methods inManagement, Simulation and Stochastic Modeling.He had held several short term visiting positions in many European Universities. Hehas edited and co-authored 6 books, presented 80 research papers in national andinternational conference, 70 research publications in peer reviewed journals andauthored 40 management cases. He has designed 8 new  executive courses at IIMAhemdabad and introduced 7 electives in the PGA program of IIM Ahemdabad.Several companies in India and in abroad as well have sought his expertise, to evolve,tailor made executive programme, in the areas of general management, business process reengineering, information technology as a source of advantage, competitivestrategy, supply chain management, logistics, operation management and strategicsourcing.Since Nov. 2008, he is the director of the IIM Indore

A Separate Peace Book Analysis Essay -- fear, john knowles, finny

In A Separate Peace by John Knowles, Gene, Finny, and Leper fear recognizing their own flaws and learning about the harsh realities of a world at war because it affects their decision making causing them to make poor decisions, such as severely hurting one another, more frequently. Fear surrounds Gene during his time at the Devon school, affecting how he feels towards others as well as how well he trusts others. The fear isolates Gene from his friends and makes him, both, become weary of the evils around him as well as make him see other irrelevant evils. â€Å"Preserved along with it, like stale air in an unopened room, was the well known fear which had surrounded and filled those days, so much of it that I hadn't even known it was there. Because, unfamiliar with the absence of fear and what that was like, I had not been able to identify its presence,† (Chapter 1). Gene, after returning to the devon school, finds the atmosphere unchanged and still riddled with fear. He is reminded of the fear he felt during his days at the school because, while he attended Devon, World War II was taking place and 17 year-old Gene who was a year away from being drafted feared going off to war. â€Å"I felt fear's echo, and along with that I felt the unhinged, uncontrollable joy which had been its accompaniment and opposite face, joy which had broken out sometimes in those days like Northern Lights across black sky,† (Chapter 1). Surrounded by fear, Gene is trying to find some sort of source of joy. He needs this joy to uplift him because, without it, the terrors surrounding him, such as the war, emotional struggles, and personal rivalries, could drive him insane. â€Å"Any fear I had ever had of the tree was nothing beside this. It wasn't my neck, bu... ...imum standard of the army. I did not know everything there was to know about myself, and knew that I did not know it; I wondered in the silences between jokes about Leper whether the still hidden parts of myself might contain the Sad Sack, the outcast, or the coward. We were all at our funniest about Leper, and we all secretly hoped that Leper, that incompetent, was as heroic as we said,† (Chapter 9). Leper goes mad and â€Å"abandons ship† does not bode well for the boys. "That was when things began to change. One day I couldn't make out what was happening to the corporal's face. It kept changing into faces I knew from somewhere else, and then I began to think he looked like me," (Chapter 10). Leper's visions portray a fear of changing identity. He is afraid of letting the war change him into a different person, which greatens his fear of joining the war effort.

Maya Angelou Biographical Approach Essay

Maya Angelou has remarked, â€Å"I’m always inspired by men and women who rise†¦That ability to rise is nobleness of the human spirit.† Write an essay in which you analyze Angelou’s beliefs about the human spirit, as reflected in the four works you just read. Before you begin, consider what Angelou has to say about her work: â€Å"I speak to the black experience, but I am always talking about the human condition—about what we can endure, dream, fail at, and still survive.† Writing Your Essay As you plan, draft, and revise your essay, keep the following tips in mind: †¢In the introduction, or the beginning of your essay, include a specific thesis statement that presents the key point you will prove in your essay. †¢Support your ideas with evidence from the four selections. Be sure to analyze how Angelou’s tone and use of stylistic devices contribute to the expression of her themes or main ideas. †¢Make sure that every paragraph has unity and coherence. All the sentences in the paragraph should relate to one main idea and help develop that idea. †¢End your essay with a conclusion in which you summarize your main points. Include a new, but related, closing insight or reflection. Create a one-page document that shows you have understood the book with the 2 parts below: †¢Part 1: First, think of the symbols in the book. Then, find pictures using â€Å"Google images† or â€Å"Clip Art† and paste them into the document. Then give a 1-2 sentence reason for the symbol. †¢Part 2: Write a book review. Make sure you convince me you have read it thoroughly! It should be no more than 1-2 paragraphs.