http://www.gulf-daily-news.com/Articles.asp?Article=60088&Sn=BUSIThe top executive of bankrupt telecom giant WorldCom was allowed "nearly imperial reign" that led to the largest fraud in US corporate history, a court-appointed monitor's report said yesterday.
The report by court monitor Richard Breeden said the company, now called MCI, should take 78 steps to restore trust, including tight compensation limits for executives and a fully independent board, to avoid future scandals and emerge from bankruptcy.
The report said that the company succumbed to the biggest corporate fraud in US history owing to "the sad fact that there were not checks and balances" on former chairman and chief executive Bernie Ebbers.
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(any of that sound familiar in another scenario? that no checks and balances thing?)
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