The largest financial fraud in U.S. history began to unravel WorldCom in 2002. WorldCom had overstated its income by over $9 billion by means of its misleading accounting practices, and also the CEO at the time was granted $400 million in loans with the approval of the company’s board of directors.
By July 2002, WorldCom was forced into bankruptcy and laid off thousands of workers. WorldCom changed its name to MCI and hired a chief ethics officer in 2003. the corporate now requires that each one 55,000 remaining employees take an internet ethics course, and quite 2,000 MCI employees have participated in an exceedingly full-day ethics training seminar. MCI is being closely watched by the govt and by competitors for any future ethical errors, and also the company isn’t willing to require any chances.