In Cynthia Cooper's memoir and expose' of the accounting fraud that brought down the telecom company WorldCom,
Question:
In Cynthia Cooper's memoir and expose' of the accounting fraud that brought down the telecom company WorldCom, the following are players in the drama described in Ms. Cooper's book.
Cynthia Cooper - the Vice President of Internal Audit, who discovered the accounting fraud and coverup at WorldCom.
Bernie Ebbers - the WorldCom CEO
Scott Sullivan - the CFO
David Myers - WordCom Controller
Buford (Buddy) Yates - Accounting Director
Betty Vinson - mid-level accountant
Troy Norman - mid-level accountant
Each of these individuals had an active role in the fraud or exposing the fraud. Ms. Cooper exposed the fraud, and the company failed. People lost their jobs, probably the best job that any of them could find in Jackson, Mississippi, and the surrounding towns and suburbs. Lives were destroyed, and not just the lives of those who played an active role in the fraud but also the lives of their families and the lives of all of the WorldCom employees and their families.
Each and every one of the people named above faced a critical decision point during the course of the fraud and the subsequent coverup. Every person made a crucial decision about whether or not to participate, go along, keep silent, or blow the whistle.
Each of these people had a boss to account to- for Bernie Ebbers, it was the creditors and shareholders of the company.
When they made their decision to participate, to cover up, or to blow the whistle, each of these people had to consider their own feelings, their own morality, honesty and integrity, their own financial situation, and the effect that their decision would have on their financial situation, their family and perhaps, even their liberty.
I cannot imagine that any of the decisions were made lightly or without some regard to the potential impact the decision would have.
So, here is your assignment: select one of the employees named above, and write, in detail, your thought and decision-making process as you mulled over your role or prospective role in the events that led to the downfall of WorldCom. Discuss what you are feeling, what you are thinking, and what pressures you are under, both personal and professional, and discuss what impact your decision may have on your life, your family, co-workers, and their family, and the community at large. Analyze, rationalize, and then decide what course YOU (that is, the person whose persona you are assuming) are going to take and why.
HERE IS THE KEY: You have to put yourself in the situation of the person who made the decision, weigh all the factors for and against, list them and then support your decision. Clearly, through the lens of perfect hindsight, everyone who was fined or went to jail would say "Oh no, I wouldn't do that again." But at the time, that is exactly what you did - why?
This is a 200-point writing assignment. There is no particular format for the paper. There is no particular length. You can address a letter to a friend describing your dilemma and how the choice you have to make and are about to make you feel. A narrative, in which you describe what you are feeling and your fears regardless of your actions. A apology to your family for your actions or inactions. A "Bless me Father, for I have sinned" confession. A series of "Dear Diary" or journal entries. If you choose Betty and Troy, a script depicting conversations between them in which they are discussing what to do and make their respective decisions. You can put it in the form of a written prayer if you are so inclined. Or pick some other format you are comfortable with. Express yourself, but struggle with yourself about your decision.
You should already have read the book (or started the book, or found the book, or thought about the book) by now. If you need a copy, it is available on Kindle and probably at Barnes & Noble). It also is available for a few dollars through Amazon and other used booksellers. The due date is at the end of the day on Sunday, March 26. Please upload your paper to Blackboard. You can use Word, Google Docs, Adobe PDF, WordPerfect ("What is that?" most of you ask.), or plain text document. If you can write legibly, I don't even care if it is handwritten. I want the paper to have proper grammar and spelling but I am more interested in your analysis and the degree to which you try to delve into the mind of your character.
THIS IS THE CAPSTONE ASSIGNMENT OF THIS CLASS. The elements of a contract are important, the UCC is important, and employment law is important but legal and business ethics and the impact that decisions have on your life and the lives around you is the most impactful takeaway from this course.
You likely will not remember all of the statutes and cases once you are in the business world, but if you remember the lessons to be learned from Extraordinary Circumstances, you will have something much more important.
Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt