WorldCom, forthwith named MCI, recently emerged from bankruptcy breastplate after reporting invoice irregularities of $11 billion (Young, 2004). These history irregularities have resulted in many of WorldComs previous(prenominal) executives being prosecuted on securities charges. This article will summarize many of WorldComs shortcomings and evaluate how the political party is moving forward in light of their prehistoric. In the past 18 months MCI has fired the CEO, COO, CFO, controller, general counsel, the entire board of directors and over 400 finance and accounting employees. In addition to establishing a code of conduct and guiding principles, Michael Capellas, MCIs current CEO, has established an moral philosophy office, hired a Chief Ethics Officer, and required only MCI employees to have extensive ethics training. However, it remains unclear if these actions atomic number 18 enough. This article also suggests some additional actions MCI can event to better establish a culture of ethical values.
WorldCom, now named MCI, recently emerged from bankruptcy protection after reporting accounting irregularities of $11 billion (Young, 2004).
As part of their emergence settlement, MCI paying the securities and Exchange Commission (sec) fines totaling $750 one million million million and former bondholders received 36 cents on the dollar in stock in the bare-assed company (Young, 2004). These accounting irregularities have resulted in many of WorldComs previous executives being prosecuted on securities charges. On March 2,2004 Bernie Ebbers, WorldComs ex-Chief Executive Officer, was supercharged with conspiracy to commit securities fraud, securities fraud, and falsely filing with the sec and on May 24,2004 six additional counts were filed against him (Davidson, 2004; Moritz, 2004). On March 15,2005 Ebbers was fix guilty on all nine counts (Crawford, 2005) and faces a supreme penalty of 85 years in prison and an $8.25 million fine (Davidson, 2004). On the same day the additional charges were filed against Ebbers, Scott...If you emergency to get a full essay, order it on our website: Ordercustompaper.com
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