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actions and corruption. This scandal also reflects one of the biggest bankruptcy cases as Worldcom crumbled and tried to pick itself back up again under its previous name of MCI. MCI's new CEO immediately replaced all of the employees who were involved. This involved over 400 finance employees, as well as, the CEO, CFO. Worldcom was responsible for paying stiff fines to the SEC, as well as, paying back certain groups of investors. MCI's CEO has since established an ethics office, hired a Chief Ethics Officer, and required all MCI employees to have extensive ethics training. Also, "MCI's published corporate code of ethics can be found on the walls and inside cubicles throughout the company. The guiding principles include building trust and credibility, respect for individuals, creating a culture of open and honest communications, setting the tone at the top, avoiding conflicts of interest, reporting accurately, promoting substance over form, being loyal, and doing the right thing." Scharff (2005). This marked the end of Worldcom, and the beginning of a new corporate culture and image for MCI.

References

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Drucker, P. F. (1981, Autumn). What is "business ethics"? The McKinsey Quarterly, (3), 2-15.

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securities and pay $750 million for investors. The Wall Street Journal, B5. Retrieved

March 14, 2009, from ProQuest.

Learn more about this author, Julio Viskovich MBA.
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