Extraordinary Circumstances: The Journey of a Corporate Whistleblower
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Extraordinary Circumstances: The Journey of a Corporate Whistleblower Customer Reviews
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Bravery on the Job!
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Problems began in October of 2000, when expenses were reduced several hundred million to meet analysts' profit expectations. The head of accounting stated that he thought it was merely an error and promised that lowered expectations would not cause the need for this to recur. Meanwhile, Bernie Ebbers was receiving margin calls on declining (dot.com collapse) WorldCom stock pledged for personal loans totaling near $1 billion.
Fast-forward to January, 2002 - internal audit was investigation sales commission fraud totaling about $10 million - accomplished through booking sales to customers that never intended to pay, submitting sales through several WorldCom divisions, etc. (The billing systems was overloaded, and accounting was strained through some 70 acquisitions and the efforts required to standardize their various systems. WorldCom ended up needing a $300 million allowance set-aside for non-payment.)
Ebbers was forced out in April, 2002 for delays in repaying some $400 million loaned by WorldCom's. Somewhere in that time period internal audit came across strange entries adding $2.5 billion to assets and decreasing expenses by a like amount. "Prepaid capacity" it was called - capitalizing little used leased assets, contrary to accounting standards. Soon a $3.8 billion restatement of the prior five quarters came, and ultimately grew to $11 billion and the largest bankruptcy ever.
"Extraordinary Circumstances" provides insight into the internal career threats (including sources from the WorldCom board) and blocks created to deter detection; however, the material suffers from several major discontinuities and includes far too much personal detail. |
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Extraordinary Circumstances: The Journey of a Corporate Whistleblower Books In Print, Audio Books.