BNET Industries
- Private
- US
Dow Jones Description
Located in Clinton, MS. WorldCom is one of the world's largest telecommunications companies with 20 million consumer customers, thousands of corporate clients and 80,000 employees. MCI refers to its long distance service. It also owns UUNet, controlling the wires that Internet service providers use as superhighways to carry Internet traffic between cities and across continents. Even before the recent accounting disclosures, by 2001, WorldCom was already going through financial turmoil due to large debt and declining rates and revenue. Growth in the telecommunications industry was slowing and the company had too much network capacity. The company was deep in debt from an ambitious buying spree. There were also the controversial $408 million loans to CEO Bernie Ebbers to cover his margin calls on loans secured by company stock.
Peer Companies
NAICS Code Wired Telecommunications Carriers: 517110
News & Analysis
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accounting and worldcom inc. - All News and Analysis
WorldCom's whistle-blower tells her story
- 2008-02-15
Cynthia Cooper is not a politician and has never run for public office. And yet without her efforts, the Sarbanes-Oxley Act -- the most sweeping investor-protection legislation passed by Congress since the Great Depression -- might never have been enacted. Six years ago, following the collapse...
WorldCom fraud victims to receive first installment of money
- 2006-10-23
WASHINGTON -- Thousands of investors injured by WorldCom Inc.'s $11 billion accounting fraud will soon receive their share of as much as $150 million in the first installment of payments from a special fund, the Securities and Exchange Commission said Friday. WorldCom, which collapsed into bankruptcy in 2002,...
Will history repeat itself? Sweeping reforms passed in 2002 altered business practices worldwide. But have things really changed? Could the floodwaters of fraud precipitate another corporate meltdown?
- 2006-06-01
THE MASSIVE FRAUDS AT ENRON AND WORLDCOM are forever etched into the memories of most Americans, and burned into the pocketbooks of millions of innocent investors who saw their savings vanish. Lives have been ruined. Reputations have been destroyed. Faith in the U.S. stock market has been shaken to its...
Watchdog watch: financial regulators are imposing increasingly harsh penalties on firms and directors that fail to protect their investors' interests, writes Neil Hodge. But do the punishments always fit the crimes?(Cover story)
- 2005-11-01
On July 13 the former chief executive of WorldCom, Bernie Ebbers, was jailed for 25 years for his part in the scandal that brought down his telecoms company. It was a wake-up call for every business leader in the US. Ebbers, once called...
WATCHDOG WATCH
- 2005-11-01
Financial regulators are imposing increasingly harsh penalties on firms and directors that fail to protect their investors' interests, writes Neil Hodge. But do the punishments always fit the crimes? On July 13 the former chief executive of WorldCom, Bernie Ebbers. was jailed for 25 years for his part...
Watchdog watch: financial regulators are imposing increasingly harsh penalties on firms and directors that fail to protect their investors' interests, writes Neil Hodge. But do the punishments always fit the crimes?
- 2005-11-01
On July 13 the former chief executive of WorldCom, Bernie Ebbers, was jailed for 25 years for his part in the scandal that brought down his telecoms company. It was a wake-up call for every business leader in the US. Ebbers, once called "the symbol of 21st-century America" by...
Understanding WorldCom's accounting fraud: did groupthink play a role?
- 2005-03-22
WorldCom, Inc. perpetrated the largest accounting fraud in U.S. history. WorldCom, now called MCI, emerged from bankruptcy protection on April 20, 2004 after being fined $750 million. In total, WorldCom reported accounting irregularities of $11 billion. While employees and investors look for individual culpability, much of WorldCom's organizational structure and...
Bernie's bequeath.(Opinion)
- 2005-03-21
Byline: Jeffrey Silva In a week when the one-time cowboy CEO of WorldCom was found guilty of massive accounting fraud, a Boston firm predicted U.S. businesses will spend $80 billion on compliance with federal mandates during the next five years. By far...
Defense pounces on ex-CFO
- 2005-02-25
NEW YORK -- In their first full day of defense, lawyers for former WorldCom CEO Bernie Ebbers painted the government's chief accuser against their client as a secretive and controlling executive who tried to bully a subordinate into abandoning her investigation of accounting at the company. Cynthia Cooper, former...
Lawyers warn D&O insurers of more legal threats: insurance, accounting industries targeted, but no bounty on WorldCom chief.(directors and officers)
- 2005-02-14
NEW YORK A RENOWNED PLAINTIFFS LAWYER issued a warning of more lawsuits at a directors and officers insurance conference recently, indicating that some will target the insurance industry as more of its misdeeds come to light. The tone of the re...
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