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What happened during the WorldCom scandal?

April 26, 2017happened scandal worldcom

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What happened during the WorldCom scandal?

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WorldCom admitted to adjusting accounting records to cover its operation costs and present a successful front to shareholders. Nine billion dollars in discrepancies were discovered before the telecom corporation went bankrupt in July of 2002. One of the hidden expenses was $408 million given to Bernard Ebbers (WorldCom’s CEO) in undisclosed personal loans.