Research the Worldcom accounting scandal using the internet or other sources. Please provide as much relevant, detailed, and important information as possible in your answers.

1. Provide an executive summary of the case, detailing the background, issues and main causes, key persons for the case. Any source of external information is to be referenced.

2. Worldcom misled investors, lenders, and other stakeholders by not following proper Generally Accepted Accounting Principles. Describe the two primary ways the company increased net income by violating GAAP.

3. Before the accounting violations were discovered, they resulted in higher net income for the company. How did this higher net income benefit the following stakeholders:

The company

The bonuses of top executives.

Please attach references, thank you so much.