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KeNo's Housing and Economic Portal (Free subscription) | 11/29/2009
KeNosHousingPortal.blogspot.com TOP STORIES : Goodbye to Reforms of 2002 - ( www.nytimes.com ) t took just five weeks after the WorldCom accounting scandal erupted in 2002 for Congress to pass, and President George W. Bush to sign, the Sarbanes-Oxley Act. That law required public companies to make sure their internal controls against fraud were not full of holes. t took three more years...
5Vote!
SimoleonSense (Free subscription) | 11/28/2009
... financial institution risk,” Ward noted. “We provided a lot of cover to two great names, Enron and WorldCom. As a result of that, we paid out some really large claims.” “It’s extraordinary how quickly reputations can be damaged and how long it takes to rebuild them,” Ward said. “At Lloyd’s, it has taken us 10 years to rebuild our reputation that was lost overnight in the 1990s and lost overnight...
3Vote!
The Guardian (Free subscription) | 11/25/2009
... happen to be more pernicious there. When a highly paid rogue CEO such as Enron's Kenneth Lay or WorldCom's Bernie Ebbers creates or condones a culture of deception in a misguided effort to boost their firm's stock price, the consequences for the employees and stock-holders of the company can be severe. And when a Wall Street CEO levers up their firm's equity capital 30 or 40 to one in search...
5Vote!
Pardon Power (Free subscription) | 11/23/2009
... of an earlier epoch of corporate greed and personal profligacy, circa a decade ago. Yet along with WorldCom's Bernie Ebbers and Jeffrey Skilling -- serving their own long sentences -- Kozlowski now looks like small fry in the sea of financial shenanigans. The question is whether that makes him a template for prosecutors today or a scapegoat deserving retrospective leniency. I would suggest...
11Vote!
The Business Insider (Free subscription) | 11/23/2009
... of an earlier epoch of corporate greed and personal profligacy, circa a decade ago. Yet along with WorldCom's Bernie Ebbers and Jeffrey Skilling -- serving their own long sentences -- Kozlowski now looks like small fry in the sea of financial shenanigans. The question is whether that makes him a template for prosecutors today or a scapegoat deserving retrospective leniency. I would suggest...
5Vote!
SimoleonSense (Free subscription) | 11/25/2009
... happen to be more pernicious there. When a highly paid rogue CEO such as Enron’s Kenneth Lay or WorldCom’s Bernie Ebbers creates or condones a culture of deception in a misguided effort to boost their firm’s stock price, the consequences for the employees and stock-holders of the company can be severe. And when a Wall Street CEO levers up their firm’s equity capital 30 or 40 to one in search...
4Vote!
Compensation Force (Free subscription) | 11/24/2009
... to some of the highest profile executive compensation debacles of recent times, from Enron and WorldCom to the Home Depot and the New York Stock Exchange. The result, Case Studies in Optimizing Executive Compensation Design , is an interesting look back at the questions we all wish someone had raised early one in these high profile and ultimately embarrassing situations. An excerpt from...
5Vote!
San Fransisco Chronicle (Free subscription) | 11/23/2009
Defense organizations and relatives of inmates argued that the state had illegally collected millions of dollars through a prison telephone service contract. They said the state's contract with MCI Worldcom Communication violated the state constitution. The contract has since been taken over by Verizon.
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News Channel 9: Local News (Free subscription) | 11/23/2009
... of dollars through a prison telephone service contract. They said the state's contract with MCI Worldcom Communication was unconstitutional and violated the state constitution.The contract was amended in 2003 to set a new flat rate for calls - $3 per call plus 16 cents per minute.
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24/7 Wall St. (Free subscription) | 11/23/2009
... his reputation destroyed after the ’90s Clinton boom, along with Tyco’s Dennis Kozlowski and Worldcom’s Bernie Ebbers. This time around, after the relatively mild and certainly overrated “Bush Boom,” Wall Street will likely take the lion’s share of the blame for the uncertain economy. Popular history will say that Wall Street “overconsumed” when it came to risk and that the result was a...
5Vote!
Seattle Post-Intelligencer (Free subscription) | 11/23/2009
... of dollars through a prison telephone service contract. They said the state's contract with MCI Worldcom Communication violated the state constitution. The contract has since been taken over by Verizon."We're very disappointed," said Rachel Meeropol, a staff attorney at the Center for Constitutional Rights in New York. The center has represented families in the case."We agree with the dissent...
3Vote!
Mortgage News Clips (Free subscription) | 11/23/2009
... stock by offering discounts and other plans . Employees of companies like Enron, Countrywide, WorldCom, Lehman Brothers, Fannie Mae, Freddie Mac, etc. were encouraged to, in effect, double down instead of diversifying , not only relying on the company for employment but also hoping to rely on the stock during their retirement. So as we come up on the end of the year, and employees are realizing...
5Vote!
Forbes (Free subscription) | 11/23/2009
... his reputation destroyed after the '90s Clinton boom, along with Tyco's Dennis Kozlowski and Worldcom's Bernie Ebbers. This time around, after the relatively mild and certainly overrated "Bush Boom," Wall Street will likely take the lion's share of the blame for the uncertain economy. Popular history will say that Wall Street "overconsumed" when it came to risk and that the result was a...
