Bibliographic record and links to related information available from the Library of Congress catalog Information from electronic data provided by the publisher. May be incomplete or contain other coding. Praise for Disconnected Deceit and Betrayal at WorldCom "Lynne Jeter tackled the daunting task of making sense of the WorldCom accounting scandal with clear thinking and crisp writing. Disconnected sets a new standard for business writing. Lynne Jeter paints a picture of the birth, growth, and collapse of WorldCom that puts you inside the minds of key players and leaves you wishing that this book were a work of fiction instead of stark reality.
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She followed the company as a reporter for the Mississippi Business Journal and a contributor to the Jackson Clarion-Ledger. These financial shenanigans were followed by the filing of the largest bankruptcy in U. Lessons learned for investors Diversify. Avoid individual stocks unless you buy them for fun with mad money you can afford to lose. Many transaction- or commission-driven investment professionals appeal to the greed factor in all of us.
However, to sell you on the idea, they are showing you historical data, and that is why most people bought into the Internet and technology craze after most of the run-up had occurred.
By the late s, everybody got in and pushed tech stocks to a frenzy -- and soon watched the lack of profitability put an end to those sky-high values. Do your homework. Definitely seek professional advice because if it seems too good to be true, it probably is.
Too many people make financial decisions based on greed or fear. When markets are going up, decisions are based on greed. One weakness of our accounting system was exposed in the WorldCom debacle.
Now that we know about its past accounting practices, it would not have mattered how thoroughly we analyzed financial statements.
Fortunately, with the penalties imposed by federal law adopted after the collapse of WorldCom and Enron Corp. As long as the laws have teeth, doing your homework should be a legitimate exercise.
Lessons for Corporate America Clean up your act. Now that the federal government has passed tough new laws against corporate misdeeds and books are facing unprecedented scrutiny, corporations are doing a better job of disclosure. Enron and WorldCom showed us how pitifully easy it is to cook books--and to keep them simmering. The new emphasis on ethics and accountability will shore up confidence in the stock market -- something that will benefit investors and public companies.
Too much leverage is poisonous. Case in point: Nine of the 12 largest U. Until U. Instead, tax laws favor the issuance of debt over equity. If Congress provides tax relief on corporate dividends, as President Bush is proposing, the situation would be eased. Focus on the long-term. How a company will perform over the next five years, instead of what numbers it will post for the next quarter, should command the interest of shareholders. Living by the numbers is a big mistake.
Acquisitions should be made with an eye toward a conservative economic climate. Employ a more independent board of directors. When a corporate board is saddled with yes men, the interest of a few individuals often trumps the interest of the corporation. Congressional and shareholder pressure is having an impact on this shortcoming of American business.
Know when to step aside. Former WorldCom Chief Executive Bernie Ebbers was a master dealmaker -- part of his acumen was never being afraid to walk away from a deal, no matter the circumstances. However, when he found himself beyond his expertise to lead a multinational, multicultural conglomerate, Ebbers should have relinquished some control.
In his case, success led to arrogance, and arrogance to failure. But this lesson will likely be ignored.
I cannot recommend this book highly enough Accounting Technician, November The first inside look into the fall of the telecom industry pioneer Disconnected is the first book to tell the tale of the once powerful telecom pioneer whose corporate scandal eclipses the Enron fiasco. The most telling account of the one-time industry giant Disconnected offers an engaging account of what qt went wrong at WorldCom and why no one saw this corporate collapse coming. The following items were successfully drceit. Telecommunication — Corrupt practices. As a native Mississippian, Jeter has a solid knowledge of the unique business climate of the Deep South and access to a wealth of information and contacts that no other reporter could possess on this topic. You may have already requested this item.
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She followed the company as a reporter for the Mississippi Business Journal and a contributor to the Jackson Clarion-Ledger. These financial shenanigans were followed by the filing of the largest bankruptcy in U. Lessons learned for investors Diversify. Avoid individual stocks unless you buy them for fun with mad money you can afford to lose.
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