The WorldCom Scandal - The Full Story | Lies, Expenses, and Accounting | History in the Dark

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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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Опубликовано:

4 окт 2024

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Комментарии : 103

@MN-zi6hb 3 месяца назад

Credit to the Audit team for holding their ground to get to the truth.

@tonyplaysthemambo 14 дней назад

As the daughter of a CPA, you never want an accountant or auditor to leave you on read. It probably means you're going to jail.

@SunnySky- Месяц назад

That audit team is the dream team i love that she left him unanswered.

@TheGs4_4449 3 месяца назад

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

@ALCO-C855-fan 3 месяца назад

Yep. Also 3.8 billion DOLLARS?!?!?! You could as well restore all Y6b's with that!!!

@TheGs4_4449 3 месяца назад

@@ALCO-C855-fan Yep!

@ALCO-C855-fan 3 месяца назад

@@TheGs4_4449 Aren't you that S1 guy from DA?

@TheGs4_4449 3 месяца назад

@@ALCO-C855-fan …you mean the one on r/trainmemes? Yes

@ALCO-C855-fan 3 месяца назад

@@TheGs4_4449 I mean don't I know you from DeviantArt?

@toribug1899 Месяц назад

Got ‘algorithm-ed’ the Radio Shack video over the long weekend and I’ve been making my way through the rest. Went ahead and subbed, good work

@XchampionXFTW 28 дней назад

Me too lol

@tgamron 25 дней назад

I used to work for WorldCon. I was there during the bankruptcy. What a mess.

@ethancampbell5373 Месяц назад

Loved the video! Hope you can afford to upgrade the microphone quality soon! It’s not terrible but I think the video itself was really put together well and the increased quality of the microphone would put this video and the others over the top!

@michaelsullivan2361 3 месяца назад

You should do an analysis of Global Crossing & Gary Winnick. I had the displeasure of being a cog in that machine.

@I_Am_Your_Problem 27 дней назад

Enron, Worldcom, Qwest, Global Crossing, Dynegy, Tellium.

@Billblom 3 месяца назад

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.....

@alexhajnal107 3 месяца назад

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.

@Billblom 3 месяца назад

@@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

@RT-qd8yl 29 дней назад

@@alexhajnal107 Or was that a backronym?

@alexhajnal107 29 дней назад

@@RT-qd8yl AFAIK it wasn't a backronym.

@LordMarcus 29 дней назад

My dad had an outsized hand implementing all that fiber.

@truthwithes6690 Месяц назад

Internal team was awesome. Cooper was like hell no not on my watch. She wasn't going down.

@GregBartlesbyProductions 26 дней назад

Her book/autobio is good. Was required reading for my cost actg class.

@concernedcitizen9466 26 дней назад

Towards the end of that corp drama, I caught them double billing me.

@Straswa 23 дня назад

Great work Darkness. Glad to hear the Audit team held their ground and brought the wrong-doing to light.

@alexhajnal107 3 месяца назад

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.

@ALCO-C855-fan 3 месяца назад

Founded in 1985. Like ENRON. What a curse...

@williampetry 19 дней назад

Same year I was founded (born). Curse indeed, can confirm

@ALCO-C855-fan 19 дней назад

@@williampetry XD!!! Good response there!And after Enron and Worldcom comes PennCentral, the WORST bancruptcy in railroad history. Hopefully unsurpassable.

@imperial_corner Месяц назад

"Stop it, get some help."

@ALCO-C855-fan 3 месяца назад

3.8 billion DOLLARS?!?!?! You could as well restore all Y6b's with that!!!

@TerryWhisk 25 дней назад

You can fix the awful audio quality by spending more then $40 on a mic. This sounds like you recorded it into a phone’s memo app

@andrewbowen4544 3 месяца назад

Darkness you've done Penn Central, Enron, Blockbuster now WorldCom what about PanAm

@ad6417 19 дней назад

My husband worked at the MCI World Com data center in Napa California. When EDS bought them out one of the things that they found during the audit was people had excessive amounts of comp time. There was one guy that my husband worked with who was having an affair with a woman from HR and she had logged nearly a year of comp time for him in their payroll system. Of course it all came out during the EDS audit and they were both fired.

@dcooper1535 3 месяца назад

Castle Bank & Trust in the Bahamas was the classic offshore bank account scam, losing many people - including noteworthy celebrities - a lot of money.

@bhermsworld7493 Месяц назад

Wow really digging this channel 🔥 great vids 💯. You got a new fan for sure 😊

@tonycrabtree3416 23 дня назад

The prepaid capacity was writing off of income from long distance packages as a cost, but they also captured it as income.

@pkat 3 месяца назад

Nice! But this barely makes the top 10 business frauds in US history. How about FTX Theranos Ivan Boesky Bernie Madoff Wells Fargo

@JamesAllmond 3 месяца назад

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...

@michaelmoses8745 3 месяца назад

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.

@Grnfinger 24 дня назад

James Garner, I remember him pitching for MCI back in the day. ahh nostalgia.

@awesomesauce8083 Месяц назад

I knew a lot of good people who worked for worldcom, who didn't deserve this.

@manicmechanic448 3 месяца назад

The math didn't math.

@RichardBaran 27 дней назад

"and that was weird and not normal" idk why but that line made me laugh.

@downix 27 дней назад

I knew people who worked for Worldcom. They were completely blindsided.

@spicemasterii6775 28 дней назад

I thought KPMG was a radio station

@Grnfinger 24 дня назад

No thats WKRP :)

@UncleJoeLITE 29 дней назад

Still bingeing trains and companies from Canberra. Cheers.🇦🇺

@TheLegitAlpha 27 дней назад

Decades later FTX would pull a similar fraud.

@robertwilloughby8050 3 месяца назад

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.

@angrydachshund 25 дней назад

You just appeared in my feed, first time, but the sound quality is grating. I wish you had a better microphone!

@johnnybradley4107 25 дней назад

I still have 400 shares of their stock. Anyone want to buy it!LOL

@ederorellana9919 22 дня назад

Billions of dollars in fraud and some of them only did a year in jail. I know guys that got more for a joint. It’s ridiculous.

@Ryman158 24 дня назад

17:01 Profit Margin is expressed as a percentage, not a dollar amount.

@andrewkaye2108 13 дней назад

Good for Kim Ami, for not wanting to committ fraud and escaping that mess

@andrewkaye2108 13 дней назад

I love Cooper..she did not trust ANYONE above her!! Thats a good edict to follow in big business. :)

@ALCO-C855-fan 3 месяца назад

Darkness, who would you personally say is worse? ENRON ir Worldcom?

@HistoryintheDark 3 месяца назад

Worldcom had more money involved, but Enron had been corrupt for longer so... Pick your poison.

@ALCO-C855-fan 3 месяца назад

@@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.

@dcooper1535 3 месяца назад

Deregulation of utilities really led to a mess there.

@ALCO-C855-fan 3 месяца назад

@@dcooper1535 And the upper hands becoming scammers.

@ALCO-C855-fan 3 месяца назад

@@HistoryintheDark Good word. They're both poison. The Baldwin RP 210 and Beitish Rail class 21 of the stock market.

@jacktanguay8061 24 дня назад

Bro get that tattooist’s license revoked😭😭😭

@alhasanbeitelmal6218 3 месяца назад

Impressive

@Zindo.Majesty.HisMajesty 19 дней назад

Ahhh long distance phone calls.. I’m old

@ntag411 28 дней назад

This was entertaining. Not really proper to be gladdened by others wrong doing, but I can't help it. 😁

@dannypowers4995 14 дней назад

I had a good friend lose tens of thousands of dollars in stck price due to the cooking of the books. 😢

@uncaringgenius 28 дней назад

The old Worldcom building is still standing in Jackson today though far as i know no one owns it.

@Katchi_ 27 дней назад

All property is owned. Your state owns it. I don't even live there and know more than you.

@RoseanneSeason7 25 дней назад

@@Katchi_ what do you want a medal?

@Hi-xd5ox 28 дней назад

This is the future for a company that rhymes with “Besla”

@MayorSom 27 дней назад

Buuu….but our Felon overlord is fighting tyrannical gov and bastion of freedom of speech. I mean he did use the NASA tender capital to bailout Tesla Solar 😂😂

@Katchi_ 27 дней назад

It is going to be very very messy when it occurs.

@TSquared2001 19 дней назад

This was good history

@ojkalala 24 дня назад

Good information, but IMO, he adds a bit too much opinion.

@emfs9522 Месяц назад

The auditors got themselves fired haha.

@MobileGamingLegendz 29 дней назад

Are you Vauce 2 ?

@41moose Месяц назад

You and chips…

@robertholtz 26 дней назад

To say that MCI WORLDCOM was not as well known as ENRON is totally preposterous.

@tonycrabtree3416 23 дня назад

It’s not because of numbness to Enron happening before and being very high profile involving both Enron and Arthur Anderson.

@dudusblack 28 дней назад

nimeskia Kim Wamae..i.o.nm UUCI Kenya

@tishpowers2496 24 дня назад

Hilarious 😂

@believein1 17 дней назад

They stole money like any black criminal. Billions of it. Yet they get a year in prison. 😂

@billybones6463 Месяц назад

"Prepaid status"...what a great nebulous term. I dont undertand the real why though, why did these guys Meyers and Sullivan feel the need to artificially bolster the stock price? Where and why did the pressure come onto them and not others?