WorldCom, Scandal, Aftermath and effects on Telecommunications

WorldCom

The Scandal , its Effects and the Aftermath

Student 's Name

Course Code , Semester , Year

Tutor

28 January 2009

Introduction

2008 will be remembered by many as the year when history was made and the worst economic crisis hit planet earth . The economic crisis took high level of significance due to its global stature since Americans have in the past decade come to terms with the fact that recession is a looming reality due to high levels of volatility and financial mismanagement characteristic of many crises (Chorafas , 2008

br Mismanagement of some of the largest financial service providers and corporations in 2002 was the main talking point in business ethics till the mortgage crisis (Chorafas , 2008 . The 2002 scandals still remain some of the largest financial scandals in US history as they led to collapse of large financial institutions and realization on how much the US economy is gullible to volatility (Chorafas , 2008 . A look at WorldCom gives a grim review of the nature of scandals which mainly revolved around professional ethics and further develops an understanding of the effects that such scandals have on the industry and market segments that the corporations operate in and the general effects of the scandals on the economy

The Scandal

2002 is considered the worst year in the US scandal history : Enron and Global Crossing are just but a few of the notable victims of the crisis (Moberg Romar , 2009 . Due to its timing , WorldCom was just another scandal added to the long list...