The WorldCom Scandal - The Full Story | Lies, Expenses, and Accounting | History in the Dark
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- Опубликовано: 24 июн 2024
- The fall of WorldCom resulted in the largest bankruptcy in American history at that time, just a year after Enron which held that title. WorldCom's bankruptcy was oddly similar in terms of what the company was trying to do: inflate their stock price. Though their method for doing so was different and much simpler.
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en.wikipedia.org/wiki/MCI_Inc.
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Credit to the Audit team for holding their ground to get to the truth.
I’d never in my life expect too hear Darkness say “that’s pretty sus”, nor I’d expect him to have a family guy clip/meme in his video to use as an example
I love it
Yep. Also 3.8 billion DOLLARS?!?!?!
You could as well restore all Y6b's with that!!!
@@ALCO-C855-fan Yep!
@@TheGs4_4449 Aren't you that S1 guy from DA?
@@ALCO-C855-fan …you mean the one on r/trainmemes? Yes
@@TheGs4_4449 I mean don't I know you from DeviantArt?
And you can't miss the rail connection with one of the biggies: Sprint. Formed when Southern Pacific's signal system had excess capacity due to use of Fiber, rather than old style copper.... It was named "Sprint" to imply Fast, and folk Southern Pacifc into the name.....
The name was originally an acronym for Southern Pacific Railroad Internal Networking Telephony.
Edit: The name was selected via a contest when the subsidiary was shifting its focus from internal railroad operations to the commercial market and decided a rebrand was in order.
@@alexhajnal107 Yup. and implied fast... after all the competition was all on Microwave for long lines. The big problem for Sprint: since it was under their track, it only was really available near the ROW for the first several years. Having it as an alternate Long Distance backbone was great competition for AT&T
Yes, quite impressive, the fraud, the determined investigator, and the video.
On a related note, you might be interested in looking in to Nick Leeson and the downfall of Barings Bank.
Founded in 1985. Like ENRON. What a curse...
3.8 billion DOLLARS?!?!?!
You could as well restore all Y6b's with that!!!
Castle Bank & Trust in the Bahamas was the classic offshore bank account scam, losing many people - including noteworthy celebrities - a lot of money.
You should do an analysis of Global Crossing & Gary Winnick.
I had the displeasure of being a cog in that machine.
Darkness you've done Penn Central, Enron, Blockbuster now WorldCom what about PanAm
The math didn't math.
Nice! But this barely makes the top 10 business frauds in US history. How about
FTX
Theranos
Ivan Boesky
Bernie Madoff
Wells Fargo
This was before all those thieves (except may be Madoff who was just s con man) and the reason for SOX laws...
that were supposed to prevent those thieves and eventually caught them...and has made life miserable for anyone in IT or Accounting working for large companies in the US...
The guy will probably get there eventually. I shudder to think about understanding all the documents in the bankruptcy. There's quite a lot of them.
The Vehicle & General collapse is interesting. This is just a slow, sad, not really anyone's fault, retreat from greatness, from their glory days in the mid 60's to their collapse in 1972. Oh, and it's another insurance company. Yeah, there was a bit of a problem with UK insurance from about 1960 to 1975....😅
Edit - Someone (thank you for this, it's a great simile!) compared business crashes to the worst railway engines.
This is the British Rail Class 07 of business failures.
Impressive
Darkness, who would you personally say is worse? ENRON ir Worldcom?
Worldcom had more money involved, but Enron had been corrupt for longer so... Pick your poison.
@@HistoryintheDark I think they're equally terrible. Both in a different thing. If Worldcom is the BALDWIN RP 210, ENRON is the British Rail class 21. That's how bad they are.
Deregulation of utilities really led to a mess there.
@@dcooper1535 And the upper hands becoming scammers.
@@HistoryintheDark Good word. They're both poison. The Baldwin RP 210 and Beitish Rail class 21 of the stock market.