Share:

“In order to hide the company’s sliding profitability and protect their share price, the WorldCom accounting team – led by the CEO and CFO – was recording expenses as investments, categories of expenditure that are treated very differently from a tax perspective. In fact, they are handled differently enough that the fraudulent approach they took turned a $395 million dollar loss and turned it into a stated profit of $130 million – and that was just for the first quarter of 2001.”

– Kelly Barner, Dial P for Procurement

In this edition of This Week in Business History, Kelly Barner remembers key innovations, inventions, and firsts that took place between July 19th and the 23rd. In our main story, we indulge in a retelling of the scandalous accounting practices used by WorldCom to protect their share price after the Dot.com bubble burst. Then we’ll learn about the first pedal bicycle designed in the U.S., the formation of the U.S. Veterans’ Administration, and celebrate a few business history birthdays.

More Podcast Episodes

climate change
play-button-podcast
podcast-blue-microphone
Podcast
May 28, 2024

Digital Asset Innovators: Alan Seid on Blockchain, Climate Change, and Harnessing Sovereignty

In the latest episode of the Digital Asset Innovators series on Digital Transformers, host Kevin L. Jackson interviews Alan Seid, a digital asset visionary from Palau. Seid discusses the underutilized value of sovereignty in small nations and how it can be leveraged through blockchain and digital assets for environmental protection, economic growth, and education. He shares his firsthand experiences with climate change and its impact on the island’s ecosystem, including rising tides, coral bleaching, and crop destruction. Seid suggests using blockchain technology to document these changes and make them visible and accountable to larger countries and companies. He also highlights the issue of plastic waste in the Pacific and hopes that digital assets can help find solutions to clean up the oceans. Listen in to hear how Seid expresses his appreciation for the National DigiFoundry and its resources, and his hope to bring together the islands with these resources to address climate issues and educate people about the value of technology and blockchain.
supply chain
play-button-podcast
podcast-blue-microphone
Podcast
January 18, 2024

Sustainable Innovation and Beyond: Atul Vir’s Trailblazing Odyssey in International Entrepreneurship

In this episode of Logistics with Purpose, hosts Enrique Alvarez and Kevin Brown welcome Atul Vir, President of Equator Advanced Appliances to the show, to share his remarkable journey from a military boarding school in India to international entrepreneurship. He discusses key experiences, including navigating a coup, starting Equator, and collaborating with NASA, and emphasizes empathy, negotiation, and sustainability in business. The conversation also touches on his book, “Underdog Thinking,” and the impact of COVID-19 on Equator. Listen in as Enrique, Kevin, and Atul truly highlight the importance of logistics with purpose and building meaningful relationships and good values in business.

This Week in Business History for July 19th: Cooking the Books at WorldCom

Share:

Coming Soon!