Home Page
An experienced guide to the world of finance
providing tools and information that help make
best financial decisions
My FinanceGates.com Register
 
Home  | News   |  Business News 



Market News Insurance Billing
Banking Business News World News
Funds Brokerage

Wednesday March 02, 08:26
WorldCom’s Ebbers denies he received expense reports
(by Olivia Cohen)

WorldCom’s Ebbers denies he received expense reports

Bernard J. Ebbers, former chief executive for WorldCom said he had nothing to do with phony accounting of the company’s top officials and received no monthly revenue reports to cut the fraud out.

On Tuesday, WorldCom’s ex-CEO said he did not know about the company’s business in 2000 and 2001, saying all the reports were either lost or tossed in the trash.

Jurors were surprised when Mr. Ebbers said he paid more attention to the expenses for coffee for the staff than to the costs of long-distance networks.

He also denied he was informed about the accounting fraud in the company by the ex-finance chief Scott Sullivan. Mr. Sullivan said in his testimony Ebbers was well aware about WorldCom’s affairs, sometimes having more information than top financial executives.

Ebbers said he could not recall whether he had spoken to the finance chief tête-à-tête. "Generally, we would talk about financial results with a group of people," he stressed.

All business news
Read the related news and articles:
29 Mar 2005 04:11 PM Settlement over WorldCom costs J.P. Morgan additional $630 million
24 Mar 2005 06:01 PM Former WorldCom board members settle a lawsuit
16 Mar 2005 08:40 AM WorldCom boss's conviction leaves room for thought
04 Mar 2005 08:48 AM Bank of America to pay $460 million for WorldCom
03 Mar 2005 08:36 AM Prosecutor: Ebbers chief of WorldCon
 


   KEYWORD SEARCH

KEYWORDS:

   SUBSCRIPTION
Join FinanceGates.com mailing list and get news and financial advices on home finance, auto finance, insurances, funds, online payments and much more.


Copyright © FinanceGates.com - independent financial advice and personal finance advice, an InternetGates.com company, 2003-2012. All rights reserved.
Finance Gates provides personal finance advice on banking, insurance, investing and billing.
Reading materials of this site you can be sure that you get independent financial advice.