How Bernard Ebbers Faked His Way To $180 Billion
发布时间 2021-11-22 20:00:17 来源
摘要
Have you ever heard about a company called WorldCom? At one point, WorldCom was worth $180 billion and was on the brink of overtaking AT&T to be the biggest telecommunications company in America. But it turned out that the company had been faking their revenue and profits for years in the magnitude of billions per quarter. The company had 80,000 employees and at one point they were legitimately the second-largest telecommunications company in America, but then the dot-com bubble burst. As revenues and profits plummeted, Bernard Ebbers panicked and resorted to faking it through the sell-off, but he couldn't keep up this charade for very long. After the fraud was exposed in 2002, WorldCom collapsed and filed for bankruptcy just a few months later. To this day, WorldCom was the largest accounting fraud in US history and Bernard Ebbers was sentenced to 25 years. This video explains the explosive rise of WorldCom and Bernard Ebbers and the merciless fall the followed.
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Timestamps:
0:00 - WorldCom
1:11 - Bernard Ebbers
3:12 - Starting WorldCom
5:34 - Overtaking AT&T
8:19 - Resorting To Fraud
9:59 - The Bitter End
Thumbnail Credit:
Louis Lanzano
https://nyti.ms/30x8E1U
Resources:
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