Bernard Ebbers Essays

Bernard Ebbers is an Ex former chief executive, and the co-founder of WorldCom. WorldCom was the second largest long distance phone company in the United States now known as MCI, because of the tremendous scandal that led to the company’s bankruptcy. With the grand success of WorldCom, Bernard Ebbers became one of the most powerful American businessman ever to face a criminal trial. In 2005, Ebbers was found guilty of securities fraud, conspiracy, and filing false documents with regulators. With

I chose to do Bernard Ebbers from Worldcom. He has a 25 year sentence that started in 2006 because he convinced people to lend him money when his company was failing. All of the prices of his company's stock were going down and instead of paying the money he got people to lend it to him. Then he tried to bring the price of his stock up and created fraudulent accounting entries. The fraud was discovered and the company went bankrupt. Ebbers was charged for fraud, conspiracy, and filing false documents

1 Bernard Ebbers leadership is charismatic and transactional leadership. Charismatic leadership style you can see how colleague/staff feel about him “When he enters a room, he is like a rock star,” one WorldCom employee said. “People wanted to touch him, shake his hand. He created tremendous wealth, at least on paper. People revered him.” (Bernard Ebbers: Innovative Leader or Reckless Risk Taker, p90) Murray Waldron, one of Ebbers’s original partners, described him as “the most focused leader I’d

Analysis of leadership role in influencing employees’ ethical and unethical behavior, A Case study of Bernard Ebbers (Ex - CEO WorldCom) Written By Oluwakemi Annafi Kidus G. Mehalu and Addis Ababa (2011) defined ethics as concerning itself with human conduct or activity that is done knowingly or consciously and does have applicability to organizational life. Organizations as entities do not make decisions; individuals acting in the interests of the organizations do, this fact is buttress by Erondu

Ebbers’ personal fortune was largely based on WorldCom shares, and he had borrowed nearly $400 million with those shares as collateral (Ackman). In his criminal trial, he was said to have persuaded CFO Scott Sullivan and Senior Vice President David Myers to fabricate the numbers in their financial books in order to hide $3.8 billion in expenses and capital investments. At first Myers refused to comply with the unethical request from CFO Sullivan, but later he was approached by Ebbers who assured

In 2004, Securities and Exchange Commission charged Qwest Communications International Inc., one of the largest telecommunications companies in the United States, with securities fraud and other violations of the federal securities laws. Throughout the paper I will explain in details the fraudulent activities that Quest Communication International was charged with. What happened to the agents of the company and most important the shareholders. Finally, how did quest communication violate the Sarbanes

Hypothesis Development Investigation Planning Fraud Investigation Process The process for investigating potential fraud includes: the initial case analysis, planning and preparation, fact finding, analyzing and reporting the evidence, and following-up. Before starting the WorldCom investigation, I need to know what the alleged crime is, who the perpetrators are, and if an investigation is necessary. Cynthia Cooper believes that fraud is being committed by more than one perpetrator, so an

In March of 2002, the company UBS PaineWebber lost 3.1 million dollars due to intentional computer sabotage by one of its employees. Roger Duronio, a 63-year-old systems administrator was convicted of sabotaging close to 2,000 company servers. Mr. Duronio was due for a salary bonus of $50,000. When the seasoned systems administrator received the bonus, it was $18,000 less than what he expected. Roger was extremely upset about being shortchanged and decided to do something. Roger Duronio retaliated

General filed charges against WorldCom and Ebbers for violating securities laws by providing investors with false financial information in August 2003. Ebbers pleaded not guilty, but he was found guilty by the SEC in March 2005 on all counts of conspiracy, securities fraud and filing false documents and was sentenced to 25 years in prison on 13th July 2005. He has been free on bail until results of his appeal were decided. The jury in the Manhattan trial held Ebbers responsible for fraudulent practices

The most important for Bernie Ebber was the results and not the way to achieve the result. He did not have any respect or intention to reward ethical business practices. The non-presence of ethic inside of the organization generated a perfect space to create fraud, corruption, and general confusion (Beresford, Katzenbach, Rogers, 2003). This entire plan was not only done by Bernie Ebber. There was a selected group of senior executives with him. This secret

Phar-Mor Inc., Waste Management, and WorldCom Frauds In the fraud case of Phar-Mor Inc., Waste Management, and WorldCom, the auditors not only failed to discover these companies fraudulent financial reporting but some even help in guidance to continue fraud schemes. Andersen Accounting helps Waste Management in their fraudulent activities by issuing unqualified audit reports of the company’s false financial statements, and engaged in a secret agreement to write-off error of data over the periods

Bernie Ebbers knew about the financial statement fraud: • Mr. Ebbers' wealth was tied to the price of WorldCom stock. He had considerably leveraged his wealth by taking large margin loans against the value of his WorldCom stock. As the price of the WorldCom stock declined, the amount of the loans needed to be reduced. The margin call on these loans and the accompanying decrease in personal financial wealth provided the perceived pressure to commit the financial statement fraud. • Mr. Ebbers was the

1. Bernard Ebbers was a transactional leader who managed to influence and garners the support of the employees, the executive members and stimulate high employee performance. Influencing stakeholders to support his initiatives to acquire and merge 70 companies, (Trevino, L. and Brown, M. (2005)), is a great indication of his influence. Unlike transformational leaders who adopt the theory of values, Ebbers was rather a transactional leader, he focused on his personal image creation. He influenced

Bre-X: an infamous fraud in capital markets Background Bre-X Minerals Ltd. was a subsidiary of Bresea Resources Ltd. founded by David Walsh in 1989. Also as a major part of Bre-X in Canada, it was involved in a gold mining fraud causing a big hit in 1990s. Michael de Guzman was originally a geologist in Philippines. The initiator of evil is that he wanted to receive recognition of the job performance. So after consideration, he had a plan to make fortunes. Guzman cooked up a story to explain that

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

Introduction: Frank Abagnale caught the nation’s attention when he managed to steal a total of 2.5 million dollars just by writing bad checks. The most interesting part of the story is that he did this all between the ages of sixteen to twenty-one. This was a crime so serious that he was sentenced to over ten years in prison, even though he was a minor at the time of the crimes (Abagnale "Abagnale & Associates.”). This outrageous crime spree gave birth to the movie Catch Me If You Can. I

The Birds Critique Question to consider: How successful was is the director at creating suspense? The first film that I viewed for this class is The Birds by Alfred Hitchcock. The opening scene of the birds squawking and flying gave me some insight of what this film’s feeling might be which is dark and ominous. The chirps in the background creates the sounds of what may happen throughout the film. Melanie Daniels, the main female character, seems a bit odd but does a very excellent job at acting

1. Introduction Corruption in FIFA has a very long history of bribery and money laundering but it was never taken seriously until last year when a large number of FIFA officials were arrested over corruption scandal. When in May 2011 president Sepp Blatter was asked about the crisis in FIFA he sarcastically answered “Crisis? What crisis? We are only in some difficulties.”, four years later in December 2015 FIFA independent ethics committee banned him from all FIFA related activities for 8 years

Arthur Miller was born in Harlem on October 17, 1915, the son of Polish immigrants, Isidore and Augusta Miller. Miller's father had established a successful clothing store upon coming to America, so the family enjoyed wealth; however, this prosperity ended with the Wall Street Crash of 1929. Financial hardship compelled the Miller family to move to Brooklyn in 1929. The Crucible was a play written by Arthur Miller it is a dramatized and partially fictionalized story of Salem that took place in the

1 THE LIFE OF J.P. MORGAN: BANK TITAN The Life of J.P. Morgan: Bank Titan Brooklyn M. Ward Bethel University U.S. History II Essay 1, Unit 3 Abstract In this essay, I will break down the life of the great J.P. Morgan. J.P. Morgan may have never worried about money, but he came under constant scrutiny for how he spent his money. From a childhood with a judgmental father to wealthy adulthood, Morgan had to worry about what people thought of him. He came under fire when