WorldCom was not just the biggest accounting scandal in the history of the United States—it was also one of the biggest bankruptcies of all time. The revelation that telecommunications giant WorldCom had cooked its books came on the heels of the Enron and Tyco frauds, which had rocked the financial markets. WorldCom has become a byword for accounting fraud and a warning to investors that when things seem too good to be true, they just might be. Its CEO, Bernie Ebbers—a larger-than-life figure whose trademark was cowboy boots and a ten-gallon hat—had built the company into one of America’s leading long-distance phone companies by acquiring other telecom companies.Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.

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