Stolen Without a Gun: Confessions from Inside History's Biggest Accounting Fraud : the Collapse of MCI WorldcomWalter Pavlo, Jr. was a young MBA rising quickly through the finance ranks at the nation’s second largest telecom company. With a beautiful wife, two kids and a promising career, he epitomized the American dream. Pavlo’s life took a dark turn when he became a willing participant in the company’s efforts to hide from investors and potential acquirers a mountain of bad debt run up by mobsters and other unsavory customers. Encouraged by higher-ups, Pavlo became accomplished at accounting gimmickry. Then the jaded young executive consorted with a colorful scam artist and others to use some of the same ploys he’d devised for his employer to enrich himself at its expense. A ruse born of disillusionment and greed turned into a nightmare for Pavlo after he was caught and forced to choose--rat on his buddies or spend decades rotting in prison. His crimes ultimately cost Pavlo his freedom, family, reputation and self-respect. Only later did he recognize that his original sins were part and parcel of the corruption that led to an historic collapse for his company, his industry and of public confidence in corporate America. With humor and raw honesty, Pavlo and award-winning Forbes senior editor Neil Weinberg use this compelling personal story to portray in intimate detail the pressures millions of white-collar workers face every day. |
From inside the book
Results 1-3 of 42
Page 134
... Manatee - so long as no one stumbled on Pav- lo's freelance loan guarantee - was that it solved Finance's and Sales ' problems . Pavlo began the process of creating the aura of legitimacy about Manatee by approaching Marketing Director ...
... Manatee - so long as no one stumbled on Pav- lo's freelance loan guarantee - was that it solved Finance's and Sales ' problems . Pavlo began the process of creating the aura of legitimacy about Manatee by approaching Marketing Director ...
Page 217
... Manatee Capital . On that one MCI faced a tough call . Despite the murky origins of the deal , Manatee had provided about $ 19 million in financing to MCI's clients.19 If MCI pulled the plug on the Rapid Advance partnership , the money ...
... Manatee Capital . On that one MCI faced a tough call . Despite the murky origins of the deal , Manatee had provided about $ 19 million in financing to MCI's clients.19 If MCI pulled the plug on the Rapid Advance partnership , the money ...
Page 221
... Manatee had " materi- ally breached " its finance agreement.2 The last straw appeared to be MetroLink . Its Lehman Brothers financing had fallen through and it defaulted on the $ 5 million it owed Manatee . That , in turn , left MCI in ...
... Manatee had " materi- ally breached " its finance agreement.2 The last straw appeared to be MetroLink . Its Lehman Brothers financing had fallen through and it defaulted on the $ 5 million it owed Manatee . That , in turn , left MCI in ...
Contents
About the Authors | xiii |
Authors Note | xxv |
Diesel Therapy | 31 |
Copyright | |
29 other sections not shown
Common terms and phrases
$2 million AT&T Atlanta attorney bad debt Bank of Canada Benveniste Bernie Ebbers Bill McGowan bills boss called Carrier Accounts Carrier Finance Carrier Financial Services cash Cayman Islands clients CT&T customers deal Denny McLain desk dollars federal Finance's fraud Fuck going gonna gotta guys hand Harold Mann head Hennessy Hennessy's Hi-Rim Hilby Hilby's Howard Ibid Limited Partnership long-distance look Management Manatee Partners Manatee's Mann's Mark Benveniste McCumber MCI Communications MCI Internal MCI Telecommunications Corporation MCI WorldCom MCI's MetroLink Michael Howard months Morris okay Orion Pavlo and Mann Pavlo asked Pavlo felt Pavlo thought pay MCI payments percent prison problem pulled Rapid Advance resellers Rhoda scam Sean shit sure talk Tel-Central telecom tell thing told took Wall Street Wally Walt Walter Pavlo Wanserski Wanserski deposition What's Wilkie Wilmington Island Yeah