...With the help of Mr Sullivan's financial engineering Mr Ebbers raced the business - now called WorldCom - through 70 deals in four years, buying up competitors and expanding his reach. Along the way the company picked up numerous fans on Wall Street, perhaps most notably Jack Grubman, a telecoms analyst at the prestigious investment bank Salomon Smith Barney. Like many analysts of the time, Mr Grubman believed that to succeed in the new era of the internet and the world wide web companies needed to create telecoms networks that spanned the globe - a goal that could only be achieved with serious financial backing. Mr Ebbers had no trouble finding people willing to give him a hand. Usually sober bankers and investment analysts were entranced by his plain-speaking manner and as the company grew its share price defied gravity. Using its valuable shares as bargaining chips and backed up by piles of debt, Mr Ebbers snatched up businesses across the US and waded into Europe. Its acquisitions included UUNet, one of the oldest carriers of internet traffic, which is still a major provider to AOL. WorldCom also sealed what at the time was the biggest deal the US stock market had seen, snatching another US communications group, MCI, from the clutches of BT. That $40bn merger in 1998 gave WorldCom an effective stranglehold on the US internet market, forcing the sale of part of MCI to another British firm, Cable & Wireless. In the deal C&W picked up a piece of internet history...
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...WorldCom is one of the biggest scandals that happen in the world, especially in the United States of America. WorldCom merged with MCI in 1997 for US$37 billion to form MCI WorldCom. Later on WorldCom wanted to merge with Sprint Corporation in 1999 becoming a $129 billion merge, but before the two companies finalized the US department of Justice and the European Union stepped in and didn’t want this to happen, for this merge had the possibility of creating a monopoly. Bernard Ebbers was the CEO of WorldCom at the time, he became very wealth with WorldCom common stock. Without the merge of Sprint, WorldCom Stock started to decrease over time, and the banks were pressuring Ebbers and he had to cover margin calls on his WorldCom stock that was used to finance other business like (timber, yachting.) From 1999 through 2002 Scott Sullivan (CFO), David Myers (Controller) and Buford Yates (Director of General Accounting) were using shady accounting methods to show the company profitability and financial growth when company was losing shares. The company was capitalizing there expenses when they should have been expensing them, making the balance sheet look better than what it really is. The second issue for the company was making fake accounting entries to make them look like they generated revenues from corporate unallocated revenue accounts. WorldCom had approximately $3.8 billion in fraud of June 2002. For unethical practices WorldCom was capitalizing their products when they...
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...Chad Ducharme Macroeconomics What do Enron, Tyco, and World-com have in common Intro The purpose of this work is to show you what happens when you try to cheat the system. the reason the government does audits and checks for so many frauds is because people nowadays will do whatever it takes to make a little extra money. What these companies did not only hurt themselves in the long run but hurt the millions of workers and families that were connected with them. The Companies Enron was formed in 1985 by two gas companies, Houston Natural Gas and Nebraska InterNorth.Enron incurred massive debt and, as the result of deregulation, no longer had exclusive rights to its pipelines. In order to survive, the company had to come up with a new and innovative business strategy to generate profits and cash flow. To try to fix this Enron came up with the idea of becoming a “gas bank” to try to fix its problems. They would buy gas from a network of suppliers and sell it to a network of consumers, contractually guaranteeing both the supply and the price, charging fees for the transactions and assuming the associated risks. This became so successful that they decided to apply this to other things instead of just gas like, coal, paper, steel, water and even weather. In 2001 CEO Kenneth Lay retired and named Jeffrey Skilling president and CEO of Enron. On October 16th 2001 They reported their first quarterly loss in over four years and went downhill until the company filed for bankruptcy...
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...Organizational Leadership LDR 531 Group Number: SC09MBA10 G. Edward McCullough, M.A. March 25, 2010 Examining a Business Failure: WorldCom Why do businesses fail? Most business corporations experience company failure because of their lack of organizational leadership and unethical practices, which can consist of fraud, conspiracy, falsifying documents, and embezzlement. An example of a business failure is most recognized by the WorldCom (2002) bankruptcy scandal. Many organizational behavior (OB) theories as it relates to leadership, management, and organizational structure can give in site to explain the company’s failure. Most blame for the WorldCom scandal was placed in its founder and CEO Bernard Ebbers due to his unruly managerial functions (planning, organizing, leading and controlling) that he practiced during his time at WorldCom. WorldCom was known as a telecommunication giant, established from nothing in 1983 to become the biggest accounting scandal in United States (U.S.) history in 2002. According to Jones Jonesington (2007) says, “In 1998, the telecommunications industry began to slow down and WorldCom’s stock was declining which gave CEO Bernard Ebbers increased pressure from banks to cover margin calls on his WorldCom stock that was used to finance his other businesses endeavors (timber, yachting etc.).”(Jonesington, J., 2007) WorldCom took another big hit in 2000 when it was forced to abandon its merger with Sprint, says Jonesington. (Jonesington, J., 2007) ...
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...summer 2002 WorldCom, the fastest rising company in the US history with its CEO of 17 years Bernard Ebbers was busted for fraudulent financial activities (American Greed, 2008). The history of the company dates back to 1983 when Long Distance Discount Services (LDDS) was founded. The company was providing long distance calling for cheap by doing acquisitions and buying smaller phone companies (American Greed, 2008). Bernard Ebbers was company’s CEO and within 10 years he was able to make LDDS into the largest telecom company with a revenue of US 6 billion (American Greed, 2008). In 1998, Ebbers performed the biggest merger by buying out MCI. Company’s name was changed to WorldCom to reflect its size and capacity. In 1999 WorldCom’s performance was at its highest peak, with its stock at US 68 per share (American Greed, 2008). Ebber’s main strategies as CEO of WorldCom were: aggressive acquisitions; and cost control by “hammering off pennies” (American Greed, 2008). Even though Ebbers was cutting costs at WorlCom by refusing to provide free coffee to his employees, he was splurging extensively. In the late 90’s, Ebbers bought a percent of hockey team, not only he owned several yachts but he also bought yachts building company, he purchased a biggest ranch in the US, timberland, crawfish company, golf course, etc. Money for these purchases came from Ebbers’ personal loans from JPMorgan and Citi bank and totaled US 408 million. Ebbers secured the loans with WorldCom stock (American...
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...Academic essay on Annie Proulx's "Job Story" Choices are something we all make. Not necessarily important choices, but there will always be a time to make them. It's not always good choices, but they have to be made. There will always be consequences, whether it's bad or good. Throughout the story, Leeland Lee has to make a lot of choices. Where to live, where to work and when to work. All the different choices he made, put him in the position he is now. Leeland Lee is an awkward-looking young boy. His face is heavily boned, which he has gotten from his mom, his neck is quite thick and he has red-gold hair. His eyes are as pouchy as a middle-aged alcoholic. His nose is broad and lays close to his face. Lori Bovee is Leeland Lee's wife. She has an undistinguished oval face, and hair of medium length. Leeland Lee is the protagonist of the story, because he is the main character. I would say Leeland is a flat and static character as he is an endless optimist. He doesn't give up when it comes to finding a new job, and despite his wife dying he still gets a job at Unique Eats. The reason he is a static character is because he doesn't change at all. After getting several different jobs he doesn't change anything, after his mom and wife dies he doesn't change one single thing except the fact he isn't listening to the radio anymore, but since that have been an important factor of the story all along, it can also show a lot about how he has changed. The story starts November...
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...Essay on “Job History” written by Annie Proulx In the short story “Job History” written by Annie Proulx, we follow Leeland Lee from the time of his birth, until he is about fifty years old. In the short story we follow Leeland through his harsh life, with ups and downs, in the form of thoughts, feelings, incidents, etc. Leeland is born in a ranch in Wyoming, and lives there with his wife Lori. Leeland does not look particularly good, in fact he is a very unattractive man; (page 91, line 12)“Leeland’s face shows heavy bones from his mother’s side. His neck is thick and his red-gold hair plastered down in bangs. Even as a child his eyes are as pouchy as those of a middle-age alcoholic, the brows rod-straight above wandering out-of-line eyes. His nose lies broad and close to his face, his mouth seems to have been cut with a single chisel blow into easy flesh” And in the top of that, we see how Leeland through his life, tries to find a successful career, but fails consistently. He moves various times from place to place, too seek occupation and good business. But it is hard when you’re a high school dropout, without a career. Leeland have to changes his job constantly, because of his lack of luck, and since he can’t get along white his bosses. He is never able to stay at one job or place for long, which lead to problems in the family. He has a hard time supporting his wife, and their children financially. Throughout the story the author, Annie Proulx manages...
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...An essay is a piece of writing which is often written from an author's personal[->0] point of view[->1]. Essays can consist of a number of elements, including: literary criticism[->2], political manifestos[->3], learned arguments[->4], observations of daily life, recollections, and reflections of the author. The definition of an essay is vague, overlapping with those of an article[->5] and a short story[->6]. Almost all modern essays are written in prose[->7], but works in verse[->8] have been dubbed essays (e.g. Alexander Pope[->9]'s An Essay on Criticism[->10] and An Essay on Man[->11]). While brevity usually defines an essay, voluminous works like John Locke[->12]'s An Essay Concerning Human Understanding[->13] and Thomas Malthus[->14]'s An Essay on the Principle of Population[->15] are counterexamples. In some countries (e.g., the United States and Canada), essays have become a major part of formal education[->16]. Secondary students are taught structured essay formats to improve their writing skills, and admission essays[->17] are often used by universities[->18] in selecting applicants and, in the humanities and social sciences, as a way of assessing the performance of students during final exams. The concept of an "essay" has been extended to other mediums beyond writing. A film essay is a movie that often incorporates documentary film making styles and which focuses more on the evolution of a theme or an idea. A photographic essay[->19] is an attempt to cover a topic...
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...We all know love. We have all loved in some kind of way. We love our parents, significant others and even our friends. But we can also love other things like animals or material things. But what is the difference between loving and liking? And is it better not to love and feel pain or to love and be hurt in the progress? Jonathan Franzen seeks to answer these questions in his essay “Liking Is for Cowards. Go for What Hurts”. The essay “Liking Is for Cowards. Go for What Hurts” is, as mentioned, written by Jonathan Franzen and published in The New York Times, May 28, 2011. Jonathan Franzen is born in 1959, and he is an acclaimed American novelist and essayist. The essay is based on the commencement speech he delivered at Kenyon College in Ohio, USA. “Our technology has become extremely adept in creating products that correspond to our fantasy ideal of an erotic relationship, in which the beloved object asks for nothing and gives everything, instantly. (…)” As Franzen claims in his essay, many people can feel like they love their technological object. It gives them a satisfaction, which human interaction maybe wouldn’t. Franzen however thinks, that people in general don’t love material things: they like them. There is a major difference between loving and liking – even though it might appear small. “Liking, in general, is commercial culture’s substitute for loving.” Products are made to be likeable, but if that concept in transferred to a person, you would instantly see...
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...Reaction – “Salvation” The nonfiction short essay “Salvation” written by Langston Hughes in 1940, presents a theme on the literal and often manipulated perception of children. Hughes narrates the essay as he recounts his disappointing attempt at salvation. Hughes aunt told him that when she was saved by Jesus she saw a light, and felt something happen within herself. As children will do, Hughes took her story literally and was heartbroken as he sat in front of the church and watched other children “saved” while he was not. He believed that Jesus must not want him because he did not see or feel anything. In the end, Hughes is forced to lie about accepting Jesus and in turn rejects the Christian faith all together. I related to Hughes story on many accounts. I am a mother of three young children who perceive everything in life literally, and as a young girl I was raised in a very religious environment. I could visualize and almost feel Hughes devastation as he sat at the front of the church crushed by the thoughts of God not wanting him. “Still I kept waiting to see Jesus” (Barnet, Cain, & Burto, 2011, pp. 351). One of the churches that my family attended for a short time during my childhood practiced speaking in tongs. I specifically remember feeling just like Hughes during a service when other children were speaking in unnatural languages perceived to be sent from God himself. I could not understand why I was not chosen to talk for God and intern was hurt and...
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...write an essay on drugs for this topic. Drugs are very harmful and keep the capability of dragging an individual towards death and destruction. People all over the world want to eradicate the adverse situation of drug addiction from this world and this is the reason why they are busy in writing essays on drugs. Essays on drugs are of many types such as war on drugs essay, essay on performance enhancing drugs in sports, essay on drug abuse, essay on illegal drugs, essay on drug addiction, essay on drug use, essay on drugs and alcohol and essay on drug testing, etc. The essays on drugs should be initiated by bringing in the information related to the topic of the essay on drug. You should know what drugs are. In an essay on drugs, you will have to write about drugs, their affects and the reasons due to which people use them, you have to include the information about why the drugs are so famous and how harmful are they. A persuasive essay on drugs will be one, which will be according to the topic of the essay on drugs. It should have a full-fledged introduction, which should introduce the topic completely. The introduction should also have a thesis statement that should be the main idea of the essay on drugs. A thesis statement should be based on the essay question to which your essay on drugs is an answer. A thesis statement of an essay on drugs can be one sentence or more than one sentence but it is suggested that it should be only one sentence. Essays on drug abuse or essays on drug...
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...Dog Food Fried, Flipped and Devoured Eating dog food may not be seen as the easiest thing to stomach because the smell, texture and by-products found within the mixture are thought of as awful and revolting. In Ann Hodgman’s “No Wonder They Call Me a Bitch”, although the title may suggest otherwise, different types of dog food are discussed. In this essay, Hodgman aims to inform her readers about the inequality in different types of dog food, as well as to entertain and amuse. Hodgman is writing to a broad audience, one of dog lovers and owners, as well as those that may be curious as to what is really in dog food, or more generally the packaging and processing of mass-produced food of any kind. Language, description and humor are techniques Hodgman skillfully uses to create a strong, convincing essay. Within this essay, Hodgman continually uses diction and syntax that a diverse audience can understand and relate to. In the beginning, the reader feels repulsed by what is written. However, through a light tone of voice and sentence structure, the levity of the experiences and feelings occurring throughout the experiment is conveyed. The personal anecdotes and thoughts make the tone feel less formal and much more story-like. In this way, Hodgman produces a piece that connects the information and readers Shortly after capturing interest through stating questions, Hodgman begins using large amounts of description. Each type of dog food is explained and illustrated so well that...
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...Business Essay Format and its Structure What Makes Business Essay Format? Those students, who study different business courses, for example management, marketing, have to write many different business essays. This type of essay as well as the others (argumentative essay, classification essay, cause and effect essay, persuasive essay, comparative essay, etc) has peculiar features that should be observed carefully in order to produce an essay in conformity with all instructions of research paper writing. One of these features to be observed at writing is business essay format as there is no doubt that format of the essay plays the same important role as the content of business essay. When student has made comprehensive research of the object and has found interesting ideas and sources to support hisher position, it does not mean that heshe has coped with a writing task. The writer should make the next step that is to organize hisher research paper writing in a proper way. It means that attention should be paid to the business essay format. In general, there are different formats of research paper – ChicagoTurabian, Harvard, APA, AMA, MLA format paper; which of them suits you the most depends on the business essay topic, subject, requirements set by the professor. When the student has chosen the format of the business essay it is very important to follow it and not use any elements of the other essay format. In case when you do not get any instruction as for the business...
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...is comprised of two parts: Part A has six questions; you are to answer four (4) questions only. Each question is worth 8 marks (total of 32 marks). Each answer should be approximately half to one page long. Part B has two essay questions; you are to answer one (1) question only. This question is worth 18 marks. Each answer should be two to three pages long. It will be a closed book examination- NO MATERIAL (other than Foreign Language Dictionaries) shall be allowed inside the Exam Venue. You may wish to take a calculator into the exam if you wish. This Exam provides you with an opportunity to demonstrate knowledge application. Although diagrams, analytical modelling and calculations may help to support your answer, this will not be a key focus of the questions. PART A For Part A – Short Answer Questions - while all topics are examinable you should focus on the following themes/chapters: * Operations Management, Performance and Strategy * The Nature of Planning and Control * Capacity Planning * ERP * People, Jobs and Organisation * Lean Synchronisation * Operations Improvement Each answer should be approximately half to one page long. Using relevant examples will help support your answer. PART B For Part B – Essay Question This question will enable you to use the themes listed in Part A and additional material that you have learnt in the course more broadly to write a comprehensive answer to the question. Each answer should be approximately...
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...Mennesker i verden. How can I write a critical essay? Actually, writing such an article is very simple if you know the main characteristics of an essay. For sure, you have learned how to write the introduction, the body and the conclusion parts. Now, it is time to get familiar with the critical essay which considerably differs from other types of writing that are likely to be assigned during the studying process. Actually, its main goal is to provide an analysis of the article that you wish to work with in the future. Let us summarize the main steps in writing a critical essay and learn a tip or two to perfect your writing skills. 1. Study your topic interest. This gives you an edge to prepare in writing an essay because you can learn more about the article that you wish to “criticize”. In any case, you are still going to read an article before writing a critique about it so you might as well understand clearly what the subject is all about. 2. Look for information. Writing an essay will always involve the search for information. At the very least, looking for other sources of knowledge that are to affirm a notion in an essay is always necessary. 3. Create a thesis statement. Once you have finished with the article in reference, you can create a thesis statement that will serve as the guiding medium for you to write your critical essay. The main philosophy behind it is to make a thesis statement that will present a notion of either you agree with the author’s discussions...
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