when WorldCom, the telecommunicatio

when WorldCom, the telecommunications giant, failed and was put into bankruptcy, the U.S. witnessed one of the largest accounting frauds in history. Former CEO, Bernie Ebbers, 63, was convicted of orchestrating this US$11 billion accounting fraud and was sentenced to 25 years in prison on July 13, 2005.

How could a loss of this magnitude have occured? Where were the checks and balances? The watchdogs? Specifically, whatever happened to WorldCom's board of directors, the custodians of this once mighty corporation? Were they "asleep at the switch?"

While examining this colossal failure in corporate governance and what could have been done to avoid it, I came across a fascinating document entitled "Report of Investigation" dated March 31, 2003. This Report was prepared for, among others, the Federal Bankruptcy Court overseeing WorldCom. A great deal of my research was obtained from the Report and all of the quotes below can be directly attributed to the Report.

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When WorldCom, the telecommunications giant, failed and was put into bankruptcy, the U.S.witnessed one of the largest accounting frauds in history. Former CEO, Bernie Ebbers, 63, was convicted of orchestrating this US $11 billion accounting fraud and was sentenced to 25 years in prison on July 13, 2005.

How a loss of this magnitude could have occured? Where were the checks and balances?The watchdogs? Specifically, whatever happened to WorldCom' s Board of directors, the custodians of this once mighty Corporation Were they?" "asleep at the switch?"

While examining this colossal failure in corporate governance and what could have been done to avoid it, I came across a fascinating document entitled "Report Investigation of "dated March 31, 2003. This Report was prepared for,among others, the Federal Bankruptcy Court overseeing WorldCom.A great deal of my research was obtained from the Report and all of the quotes below can be directly attributed to the Report.