MCI/WorldCom, the company behind the biggest fraud in US corporate history - has appointed someone in charge of - get this -"ethics".

Nancy Higgins, formerly of Lockheed Martin, has been named as executive VP of Ethics and Business Conduct and Chief Ethics Officer reporting to Chairman and CEO Michael Capellas.

Among other things she'll look after ethics training for MCI/WorldCom's 55,000 US-based employees and contractors.

And, no doubt, she'll keep a beady-eye on the company's "Zero-Tolerance Policy" on corporate shenanigans.

Oh, and she'll also have to keep her ear to the ground as employees now have the freedom to call a confidential "Ethics Hotline" that allows whistleblowers to raise their concerns about what's what.

In a statement WorldCom boss, Michael Capellas, said: "MCI strives to be a model of good corporate governance with best-in-class ethics compliance."

If only it had always been that way. ®