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Case Study MCI WorldCom WorldCom has been recognized as one of the global superpowers in the communication industry However the past six months have revealed unfavorable truths about the corporation Similar to Enron WorldCom has been under scrutiny for faulty bookkeeping that shows more debts than income The media has been following this story diligently because as the time passes more scandals are being uncovered Executives are the ones taking the most heat for the doctored accounting reports unfortunately they are not alone countless jobs have been cut to recoup as a result of filing chapter 11 The scandals began to see light when the Securities and Exchange Commission SEC requested information from the past five quarters in regards to the accounting and loan procedures in relation to its officers WorldComs June report which led to the firing of two top executives a declaration of bankruptcy a few months ago and criminal charges against the executives involved in the reporting of ordinary expenses as capital expenditures In an internal review of its financial statements the company has an additional 33 billion in improperly reported earnings This was just the first of several discrepancies against MCIWorldCom Another notable company Electronic Data Systems EDS has requested that WorldCom refund close to 15 million dollars EDS told the bankruptcy court that they WorldCom 163 million dollars a year to pay local phone service providers to help WorldCom provide service to EDS clients who lived in areas that were not served by the telecommunications company EDS said that WorldCom only spent 16 million dollars of what they were originally given They also claim that WorldCom is using the rest of the money for other purposes WorldCom commented by saying that they would response to EDS allegations by their court appointed September 26 deadline They have not yet posted whether the amount was received or not Due to the money scandal involving WorldCom several employees
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