I feel like Worldcom got a modest amount of press coverage at the time but probably would have gotten a lot more if it hadn’t been front-run by the Enron scandal.
replyWhy are these always one letter off from what they actually are? Worldcom-> World-con. Madoff -> Made-off
replyScam Bankrun-Fraud
replyNormative determinism is the term for that
reply*Nominative Determinism. Named after John Nominative, who first proposed the effect.
replyPalantir are upfront!
reply> Employees were invited to invest their retirement savings in a mutual fund that contained only WorldCom stock.
replyInvesting in your own employer is an idiotic risk..... If the company goes titsup, then you lose your job and your savings. This happened to many people during the dotcom crash.
For decades after my WorldCom experience, I cashed out all equity grants immediately and invested the money elsewhere. Even if the company appears solid and is not run by criminals, it's still sound risk management. Bad things can happen to good companies as well.
replyOne more example to know if Company is about to go under is when the finance folks who have access to accounting books are leaving the company.
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