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| Business Words in the News
Friday 02 August 2002
Vocabulary from the business news. Listen to and read the report then find explanations of difficult words below.
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WorldCom executives arrested
Summary: Two WorldCom executives have been charged with fraud over the telecommunication company's accounting scandal. This report from Rob Watson:
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| | The News | |
| | | The two men, Scott Sullivan and David Myers, were charged with lying, and hiding billions of dollars worth of company expenses as assets. They were led off in handcuffs from FBI offices in New York to a federal courthouse to face the charges. The scene was caught by television cameras, providing just the image of tough treatment for corporate bosses the Bush administration is so anxious to portray, and backed up by tough words from the US Attorney General, John Ashcroft.
“Corrupt corporate executives are not better than common thieves, when they betray their employees and steal from their investors. Corporate executives who cheat investors, steal savings and squander pensions will meet the judgement they fear and the punishment they deserve.”
This is the second time in two weeks that top executives have been arrested. All part of the Bush administration's efforts to convince the country and the world that fraud will not be tolerated. So far though, neither the stock markets nor potential investors seem particularly reassured.
Rob Watson, BBC, Washington
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| | The Words
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| | | assets
the things that a company or a person owns
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| | | corporate bosses
the top men or women in large companies
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| | | backed up
supported
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| | | corrupt
dishonest
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| | | executives
somebody employed by a company at senior level
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| | | thieves
people who steal
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| | | investors
people who buys shares or who pay money into a bank or company in order to receive a profit
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| | | pensions
regular sums of money paid to accounts that pay to someone who is old, retired, widowed or disabled
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| | | fraud
the crime of gaining money by deceit or trickery
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| | | stock markets
all the organisations and activities involved in buying and selling shares in companies and investments
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