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BloggingStocks (Free subscription) | 11/20/2008
Filed under: Law , Scandals , Financial Crisis This post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17 . Bernard Ebbers , WorldCom's founder, built it into the world's largest telephone company, then drove it into the ground with his illegal dealings. He overstated WorldCom's cash flow by improperly booking $11 billion in company...
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Global Financial News (Free subscription) | 11/20/2008
Filed under: Law , Scandals , Financial Crisis This post is part of a feature in which he wonder whatever happened to some notorious financial felons. See all 17 . Bernard Ebbers , WorldCom's founder, built it into the world's largest telephone company, then drove it into the ground with his illegal dealings. He overstated WorldCom's cash flow by improperly booking $11 billion in company...
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blogpig.co.uk (Free subscription) | 11/18/2008
If you had purchased $1000.00 of Nortel stock one year ago, it would now be worth $49.00. With Enron, you would have had exactly $16.50?left of the original $1000.00. With WorldCom, you would have had less than $5.00 left. If you had purchased $1000 of Delta Air Lines stock you would have $49.00 left. But, [...]
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OpenMarket (Free subscription) | 11/20/2008
... first Democrats to criticize the 2002 law, rushed through Congress in the wake of the Enron and WorldCom falures, for its unintended consequences on entrepreneurs. In doing so he helped make the cause of Sarbox relief and reform biparisan. In a Wall Street Journal op-ed Daschle co-wrote with former Senate Republican Leader Bob Dole, the authors told readers of “small and mid-sized capitalization...
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Royal Dutch Shell plc .com (Free subscription) | 11/17/2008
According to Goal, almost $12bn in settlements, to which shareholders were entitled, was not reclaimed through class actions from 2000 to 2007. The list includes settlements against Enron, Worldcom, Parmalat and Royal Dutch Shell.
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CNNMoney.com (Free subscription) | 11/20/2008
... few people saw that coming. But who envisioned the horror of 9/11 and its fallout? Who saw Enron, Worldcom and the wave of corporate scandals? Who saw Hurricane Katrina? And who saw this current financial meltdown. No one did. Back then our big concern was Y2K. At the end of 1999 the Dow was around 11,400. Today the Dow is at 8,400, which means the index has fallen some 26%, a decline of...
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Cato-at-liberty (Free subscription) | 11/19/2008
An intriguing case that alleges a high-profile violation of the president’s exclusive power to appoint and remove government officials is winding its way through the courts. Free Enterprise Fund v. Public Company Accounting Oversight Board challenges the constitutionality of a key part of the Sarbanes-Oxley Act. Congress passed Sarbox, as the law is called, in the wake of the Enron and WorldCom...
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SCOTUSblog (Free subscription) | 11/18/2008
A major test case on the power of the President to appoint and remove government officials apparently is on its way to the Supreme Court. On Monday, the D.C. Circuit Court split 5-4 in denying en banc review of a case challenging the constitutionality of a key provision of the Sabanes-Oxley Act, passed in the wake of the Enron and Worldcom accounting scandals. Lawyers for those seeking en banc...
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Law Blog (Free subscription) | 11/18/2008
... Class Action Clearinghouse at Stanford University. The second-largest was $6.1 billion in WorldCom litigation.
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New Urban Legends (Free subscription) | 11/16/2008
... would now be worth $49.00. With Enron, you would have $16.50 left of the original $1,000.00 With WorldCom, you would have less than $5.00 left. But, if you had purchased $1,000.00 worth of Beer one year ago, drank all the beer, then turned in the cans for the aluminum recycling price, you would have $214.00. Based on the above, current investment advice is to drink heavily and recycle. It's...
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All Excerpts (Free subscription) | 11/16/2008
... dredges up old corporate screwups (like R. J. Reynolds’s smokeless cigarettes) and new ones, too (WorldCom and Tyco, among others). There’s a certain amount of schadenfreude in
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The Huffington Post (Free subscription) | 11/14/2008
How do you manage bad news when you know that corporate credibility is in the dumpster? This has been a challenge for a while, but as long as it was only Enron and Worldcom -- a couple of bad boys in the boardroom -- you still might have hoped for an open-minded public hearing. No longer. Multi-millionaire Wall Street CEOs stood before Congress -- and before the American people -- just weeks...
