{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Worldcom executives at Congressional hearing' data-url='/boclips/videos/5c54c518d8eafeecae16da3c' data-video-url='/boclips/videos/5c54c518d8eafeecae16da3c' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWorldcom executives at Congressional hearing\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Witnesses raise their right hands and are sworn in2. Cutaway of committee members3. Cutaway of committee chairman4. SOUNDBITE: (English) Bernard Ebbers, Former Worldcom Chief Executive Officer:\"Although I would like more than you know...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Witnesses raise their right hands and are sworn in\u003cbr/\u003e2. Cutaway of committee members\u003cbr/\u003e3. Cutaway of committee chairman\u003cbr/\u003e4. SOUNDBITE: (English) Bernard Ebbers, Former Worldcom Chief Executive Officer:\u003cbr/\u003e\"Although I would like more than you know to answer the questions that you and your colleagues have about Worldcom, I've been instructed by my counsel not to testify based on my fifth amendment constitutional rights. When all of the activities at Worldcom are fully aired, and when I get the opportunity - and I'm very much looking forward to it - to explain my actions in a setting that will not compromise my ability to defend myself in the legal proceedings arising out of the recent events, I believe that no one will conclude that I engaged in any criminal or fraudulent conduct during my tenure at Worldcom.\" \u003cbr/\u003e5. Wideshot of hearing\u003cbr/\u003e6. Side view of Scott Sullivan speaking\u003cbr/\u003e7. SOUNDBITE: (English) Scott Sullivan, Former WorldCom Chief Financial Officer:\u003cbr/\u003e\"Based upon the advice of counsel, I respectfully will not answer questions based upon my fifth amendment right to the United States Constitution.\"\u003cbr/\u003e8. Wide of hearing\u003cbr/\u003e9. Melvin Dick testifying\u003cbr/\u003e10. SOUNDBITE: (English) Melvin Dick, Former Andersen Auditor for WorldCom:\u003cbr/\u003e\"Let me state clearly and without any qualification, prior to June 21st, 2002, when Anderson was first contacted about this matter, neither I nor any of my team members had any inkling that these transfers had been made.\"\u003cbr/\u003e11. Ebbers and Sullivan at hearing\u003cbr/\u003e12. Wide shot of committee\u003cbr/\u003e13. SOUNDBITE: (English) Representative Michael Oxley, Chairman, House Financial Services Committee:\u003cbr/\u003e\"While different companies dealt with a changed market reality in a variety of ways, none has yet shown the audacity to commit fraud on the scale that has been alleged here.\"\u003cbr/\u003e14. Ebbers listening\u003cbr/\u003e15. Wide shot of committee\u003cbr/\u003e16. SOUNDBITE: (English) Representative John LaFalce, Financial Services Committee Ranking Democrat:\u003cbr/\u003e\"There is an urgent need for strong and reasoned legislation to restore the market confidence that has been squandered by greed, incompetence, fraud and weak regulation.\"\u003cbr/\u003e17. Wide shot of committee\u003cbr/\u003e18. SOUNDBITE: (English) John Sidgmore, WorldCom's current president and chief executive officer\u003cbr/\u003e\"We are fighting for our life. I think that should be clear to everybody if you read the newspapers. This is a tough time for the communications industry and for Worldcom in particular. (Q Congresswoman Waters: What's the bank saying about the loans?) Well, we've got a number of proposals coming together, some potentially would include a chapter filing and some don't, and we're not a hundred per cent sure where this will wind up. I will tell you this. I am confident, not positive, but I am confident that we will pull this company and turn it around one way or the other.\"\u003cbr/\u003e19. Wide shot committee\u003cbr/\u003eWorldCom's former chief executive officer has refused to answer questions from a U-S Congressional panel investigating nearly four (b) billion U-S dollars in accounting irregularities at the telecommunications giant. \u003cbr/\u003eIn a brief prepared statement before the House Financial Services Committee, Bernard Ebbers said he had nothing to hide, but that he'd been advised by his attorney to remain silent in light of the ongoing investigations into WorldCom. He cited his fifth amendment constitutional right not to say anything that could incriminate him in legal proceedings.\u003cbr/\u003eThe company's former chief financial officer, Scott Sullivan, also refused to testify on Monday. In prepared testimony presented before the hearing, WorldCom's current President and Chief Executive Officer John Sidgmore, blamed the company's former management for the accounting problems.\u003cbr/\u003eBut WorldCom Chairman Bert Roberts called the accounting improprieties \"an outrage,\" and said auditor Arthur Andersen was responsible. Testifying before the committee, Andersen's senior audit partner for WorldCom said neither he nor any member of the Andersen team was aware of the improper accounting.\u003cbr/\u003eWorldCom is the latest major corporation to face allegations of executive wrongdoing and accounting irregularities, driving down public confidence in business and the stock market. \u003cbr/\u003eWorldCom, whose interests include the country's second biggest long-distance telephone company M-C-I, is battling to avoid bankruptcy after disclosing that it disguised 3.9 (b) billion U-S dollars of expenses as capital expenditures to appear more profitable.\u003cbr/\u003eCongress is already investigating the bankruptcies of the Enron Corporation and telecommunications company Global Crossing and the role played by accounting firms. Andersen has been convicted of obstruction of justice for destroying Enron-related documents.\u003cbr/\u003eThe House Committee Chairman, Representative Michael Oxley, said of all the companies in the recent wave of corporate scandals, WorldCom was the most audacious. The panel's ranking Democrat echoed those concerns and urged Congress to pass tough legislation to prevent such activity in the future.\u003cbr/\u003eOn Tuesday, U-S President George W Bush is expected to recommend new criminal penalties for corporate officers who lie on financial statements, something that Bush believes should lead to imprisonment.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv 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