Over the course of this paper we will be looking at telecommunication giant WorldCom and what went wrong, as it applies to the P-O-L-C framework.
In order to do this, we should first review a brief time line of the company leading up to the reveal of massive accounting fraud that rocked the financial sector.
WorldCom was a telecommunications company that was originally founded as LDDS in 1983. Murray Waldron and William Rector created LDD Swith the original goal to sell discounted long distance services hence the name LDDS, an acronym for Long-Distance Discount Service.
In 1985, one of the investors of LDDS, Bernard Ebbers became CEO. Between 1985 and 1996 WorldCom acquired several other small telecommunication companies and in 1998 WorldCom entered into one of the largest mergers in US history when it purchased MCI Communication Corporation.
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