The revelations come from a report authored by Richard Thornburgh who was appointed by the bankruptcy court to investigate possible fraud and mismanagement at the telecoms group, currently operating under Chapter 11 bankruptcy protection.
The report says that Ebbers monumental bank loans put him under huge pressure to maintain the WorldCom stock price. The report, although only giving preliminary findings, offers an insight into WorldCom.
The Financial Times claims the report paints a picture of Ebbers as ‘the domineering head of a company characterised by incessant dealmaking, lax financial controls and an obsession with managing and meeting Wall Street expectations.’
The report also calls into question the relationship between WorldCom and analyst Jack Grubman saying, ‘Mr Grubman’s behaviour seems to have departed from the role of an independent securities analyst.’
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Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements