Business Services Industry
Nortel's Executive Firings Ring a Bell with Prior Telecom Scandals.
Knight Ridder/Tribune Business News, April, 2004
By Crayton Harrison, The Dallas Morning News Knight Ridder/Tribune Business News
Apr. 29--The executive shakeup Wednesday at Nortel Networks Corp. once again puts the spotlight on accounting practices in the telecommunications industry.
Telecom flew so high in the tech boom that ended a few years ago. But it's now more typically identified with major failures such as the bankruptcy of the former WorldCom Inc., now MCI Inc., and the financial manipulations at Global Crossing Ltd.
Is there something about the telecom sector that makes it a magnet for accounting scandals?
Nortel finds itself in trouble for the same reasons that other companies in its business lost their way, industry experts said.
Facing enormous...
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