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Discussion 250 words
Board of directors’ actions
Bernie Ebbers, the CEO of
WorldCom, a major telecommunications company, was having personal
financial troubles. Ebbers pledged a large stake of his WorldCom stock
as security for some personal loans. As the price of WorldCom stock
sank, Ebbers’ bankers threatened to sell his stock in order to protect
their loans. To avoid having his stock sold, Ebbers asked the board of
directors of WorldCom to loan him nearly $400 million of corporate
assets at 2.5% interest to pay off his bankers. The board agreed to lend
him the money.
Comment on the decision of the board of directors in this situation.