Accounting scandals in corporate America

A wave of accounting scandals rocked the corporate America. WorldCom Inc., the No. 2 US long-distance carrier filed for bankruptcy protection on July 21.This page collects for you some words that appear in recent media reports.

accounting scandal 財務丑聞
WorldCom Inc., the US long-distance telephone and data services company embroiled in a .85 billion accounting scandal.

file for bankruptcy protection 申請破產保護
WorldCom Inc. will file for Chapter 11 bankruptcy protection Sunday, the embattled telecommunications company's chief executive John Sidgmore said.

core / non-core assets 核心/非核心資產
Worldcom will look at selling some of its non-core assets.

corporate abuse/crime/cheat/fraud/wrongdoing/misconduct 公司犯罪
The US House of Representatives took a Senate measure to double corporate crime penalties.

accounting fraud 假帳
WorldCom Inc may have taken a giant leap toward bankruptcy in disclosing what appears to be one of the largest cases of accounting fraud ever - nearly .8 billion in disguised expenses.

deceptive accounting 虛假帳務
The telecommunications giant Worldcom disclosed nearly billion in deceptive accounting.

inflate profits 虛報盈利
WorldCom admitted June 25 that it falsely accounted for .85 billion in expenses, which had the effect of inflating profits.

earning report 業績報表
Xerox Corp reported a first-quarter net loss of million, or six cents a share, in a revised earnings report that reflects the effect of stiff global competition and a weak economy.

financial irregularities /improprieties 金融違規行為
A week after WorldCom revealed one of the largest accounting scandals in history, CEO John Sidgmore went to Washington to apologize and to pledge that financial irregularities are in the company's past.

Securities and Exchange Commission證券交易委員會

financial reorganization 金融重組
Worldcom expects to decide whether to pursue bankruptcy or some other financial reorganization.

debtor-in-possession (DIP) 債務人持有資產
WorldCom moved to finalize a debtor-in-possession funding pact that would give it money to operate under possible bankruptcy reorganization.

debt-for-equity swap 債權轉股權
Several bondholders also contacted the company regarding a debt-for-equity swap.

obstruction of justice 阻礙司法
President Bush is proposing to strengthen laws that criminalize document shredding and other forms of obstruction of justice.

behind the bars 關進監獄
The plan would raise to 20 years the time behind bars for wire and mail fraud.

investor confidence 投資信心
House and Senate negotiators on Friday began crafting compromise legislation aimed at fighting business fraud and promised swift action to stem the erosion of investor confidence.

financial statement 財務報表
Andersen said its work for WorldCom was in compliance with accounting standards and it told WorldCom that the company's 2001 financial statement "should be relied upon."

pretax/after-tax income 稅前/稅后收入
On Friday, Xerox said it had overstated its pretax income by 36 per cent, or .41 billion, during the past five years and its first-quarter earnings included US5 million in charges on an after-tax basis.

listed company / delisted company 上市公司/被摘牌的公司
The NASDAQ Stock Market plans to delist the shares of WorldCom for not meeting the listing requirements.