Mr. Myers Essay

Mr. Myers joined WorldCom Inc. in 1995, a time when telecom companies were about to hit a massive growth spurt. The stock price of WorldCom Inc. rose in the 90s impacting the life of Myers and the family positively. They became richer moved to a better house and often traveled abroad on business trips sponsored by WorldCom. In 1999 when the share price peaked, Myerses were valued at $15 million (Kuhn and Sutton 56). In 2000, the party and happy life ended. Following the stuff price war that was experienced in the telecom companies and bursting of the internet bubble led the business into a sharp decline. Due to those challenges, WorldCom Inc. would not meet the projections of analysts in the next quarter of 2001.
The Chief Financial Officer

He took medicine and hos depression was over but still he would not share the root of his predicaments. Mr. Myer was called on a Sunday in June 2002, by an employee of WorldCom working for the head of internal audit, Cynthia Cooper. She told him that she was looking at accounting entries that looked suspicious. Ms. Cooper according to the employee had focused on certain large expensed items which would lead to Myer’s office (Sadka 11). Mr. Myers decided that he would come clean if he were confronted by Ms. Cooper. The head of audits team, Ms. Cooper, stormed his office on June 17th, 2002 with questions based on the regulatory filings. Mr. Myers confessed just like he had vowed. After the confession Mr. Myers felt better that he had felt for months. He even gathered the courage to tell his wife later (Sidak 27). In my view, Myers should have told his wife whatever was happening. He would not carry the heavy burden alone because all the same the wife was to discover in due time.
Panic erupted inside WorldCom weeks later as the company tried to grapple the explosive news that billions in profits had been made through improper accounting. Myers had initially been assured by one of the directors that his job would

Things, however, changed when CFO Mr. Sullivan and Myers flew to Washington on the company’s plane to meet the board’s audit committee. They realized that they were in a major problem when they were locked out of a hastily called, closed-door meeting. Myers knew that he was going to lose his job. He was told the board had offered him a chance to resign. That is when he called his wife and explained to her his role in the false accounting entries and cried a lot not knowing what people would think of him (Sadka 13). He was reassured by his wife that things would be okay and he flew home the next morning and faxed his resignation letter. Myers could not face his wife earlier to tell her what had happened but he realised it was over, he was left with no choice. He and his family went on hiding though he did not think that he would be held accountable for the fraud. FBI agents showed up at their doorstep, and since then the media was all over them. They decided to move to Mrs. Myers Parents’ house so as to escape the media. His wife who was a strong believer encouraged her during those times when he thought all was lost.
On September 25, 2002, Mr. Myers was the first to plead guilty with the hope that he would be sentenced a shorter jail term because of his cooperation. He spent most of his weekends in a hotel room in New York where he was giving and elaborating WorldCom documents. Myers completed his testimony on February 3rd and returned home. The accounting entries
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