Posts Tagged ‘WorldCom’

“Final Audit,” A Trail of Greed and Revenge!

The new Blog about my murder mystery can be seen on The Huffington Post. It was posted in the Books Section and can be found near the bottom of the left hand column. Or, you can click on this link, http://www.huffingtonpost.com/jim-worth/emfinal-auditem-a-trail-o_b_677993.html and go straight to the article on the site.

I think you’ll enjoy it.

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Damn, I love this Place.” Stephen Carston stared at the distant horizon where the water meets the cloudless blue sky knowing he might never be able to enjoy this again.

“If only things hadn’t…”

Life was great for Stephen Carston. Hell it was more than great—it was gluttonous. In my first novel, “Final Audit,” Carston was the fictional CFO for GlobalNet, a multi-national telecommunications corporation where there seemed to be no limit to the money executives at GlobalNet could make.

Their stock was skyrocketing reaching new highs everyday and with each new high Stephen’s net worth increased by millions. He was building a new three-story mansion of unequaled beauty in Boca Raton and was looking forward to the recognition and acclaim he would receive after its completion.

But that was a fictional financial world. Or was it?

Read the rest of this entry »

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Posted in Bankruptcy, Economy, Fiction, Mystery | Comments Off

“An Economic View Into a New Decade”

The financial decade has ended and all evidence points to 10 years of nothing. That’s right, the stock market was actually down during the last decade!

A new decade has begun and with it comes high hopes for a much better decade than the last. At least for the market. The big question is, what will the next decade bring and what will the best bets be for investors?

As we entered 2000, a new millennium, we had what appeared to be a thriving economy. Jobs were plentiful, tech was booming, the country had a budget surplus, and a deficit of only $5 trillion.

A decade later we have unemployment at 10%, tech has leveled off and has moved to selling toys and gadgets, and the deficit climbed to $12 trillion. Banks are failing at an accelerating rate and big banks, those ‘Too Big to Fail’ after being pulled from the abyss with taxpayer money, are cheating the economy at a greater level than at any time since the 1920’s.

A lost decade? The worst in our nation’s history!

Are the prospects for a more prosperous decade any better than they were at the beginning of 2000?

Have conditions really improved? Read the rest of this entry »

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Posted in Economy, Predictions | 2 Comments »

“Shades of Enron and WorldCom”

Eight short years ago the Markets were shocked by the December bankruptcy filing of Enron, one of the largest corporations in the country. It was the biggest bankruptcy in history. Just six months later WorldCom filed bankruptcy becoming the new largest recorded bankruptcy.

These two failures shook the markets sending stocks into a tailspin. Enron became the poster child for corporate corruption and executive greed leading the way to a series of corporate scandals including Adelphia, Tyco, ImClone, and Global Crossing. The perfect setting for Murder!

The corruption and greed became the backdrop for “Final Audit,” an exciting novel about executives from bankrupt corporations dying. As I wrote this ‘mystriguing’ first novel my research took me beyond the immediate scandals to the avarice, arrogance, and abhorrent behavior prevalent in Corporate America.

Many were responsible for the collapses of Enron and WorldCom. But the important issue would be what they learned from the failures and what they would do to prevent this happening in the future.

So what did we learn? And how did we apply those lessons? Read the rest of this entry »

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Posted in Bankruptcy, Economy, Markets, Predictions, Uncategorized, Wall Street | Comments Off

“An Opinion on Mark to Market” (reposted)

In April the Financial Accounting Standards Board, FASB, changed Mark to Market. They are now considering reinstating the Mark to Market rules.

Some are opposed to FASB getting involved, claiming it will destroy our economic recovery. But the important aspect of reinstatement is a better accounting of toxic assets still on the books of many BIG banks.

In April I commented on how rescinding Mark to Market would allow banks to hide toxic assets and mask their earnings for a couple of quarters. Here is the actual article I posted on It’s Worth and Opinion:

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Originally posted – April 6, 2009

Was the new change in Mark to Market accounting a positive thing?

The move last week by FASB the Financial Accounting Standards Board was met with a positive reaction by the markets. On Wednesday markets advanced in anticipation of a change in the Mark to Market rule. On Thursday the markets advanced even further after the board’s announcement (Dow up 201, 2%; S&P up 18, 2.3%) driven by what traders thought would be good for the banks, even those that are still deeply troubled.

Was the decision by the FASB Board more beneficial to the banks? Does it adequately protect investors? Will it be good or bad for the economy?

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Posted in Banking, Economy, Opinion, Too Big to Bail | Comments Off