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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board and worldcom inc. - All News and Analysis
Managing board risk vital.(Opinions)(risk managers role)(Brief Article)
- 2005-01-24
The recent dramatic settlements by former directors of WorldCom Inc. and Enron Inc. should set the stage for boardroom presentations throughout Corporate America. And risk managers should play a leading role. Boards need to hear the message behind The recent dramatic settlements by...
Preventing Organizational Ethical Collapse
- 2004-04-01
As the corporate scandals of the m past two years have unfolded, wem shook our heads at WorldCom's $9m billion capitalization of ordinary expenses, Enron's 3,000 off-thebook entities, and HealthSouth's financials spun from whole cloth and wondered, "What were they thinking when they made these choices and decisions?"We in the...
Some Former WorldCom Directors Continue to Serve on Corporate Boards.
- 2004-03-07
By Andrew Countryman, Chicago Tribune Knight Ridder/Tribune Business News By Andrew Countryman, Chicago Tribune Knight Ridder/Tribune Business News
WorldCom reforms trump Sarbanes-Oxley
- 2003-11-01
* RICHARD BREEDEN, THE BANKruptcy court-appointed "corporate monitor" of MCI formerly WorldCom, filed a report with the federal bankruptcy judge handling the MCI case in late August 2003 identifying 78 reforms MCI has agreed to. But the recommendations go "well beyond WorldCom," writes Breeden, a former chairman of the Securities...
Comings & Goings
- 2003-04-17
This week, WorldCom named Robert Blakely CFO ... Ericsson named Hakan Eriksson vice president and general manager for research and development ... Lightwave Solutions Inc. named D. Colin Boyd senior vice president of sales and marketing ... Former Yahoo Chairman and CEO Tim Koogle won't seek re-election to the company's...
WorldCom CEO Begins to Clean House; Six Board Members Resign.
- 2002-12-18
By Kathy Brister, The Atlanta Journal-Constitution Knight Ridder/Tribune Business News By Kathy Brister, The Atlanta Journal-Constitution Knight Ridder/Tribune Business News
The Atlanta Journal-Constitution Business Press Column.
- 2002-10-01
By Tom Walker, The Atlanta Journal-Constitution Knight Ridder/Tribune Business News Oct. 1--A governance revolution is under way in corporate America, Business Week (Oct. 7) says. "As the list of companies engulfed in scandal grows, from Enron to Tyco to WorldCom ... top...
State Investment Board files suit seeking damages from WorldCom
- 2002-07-22
CHARLESTON - The West Virginia Investment Management Board is suing scandal-ridden telecom giant WorldCom for $4.1 million the state lost on debt securities.CHARLESTON - The West Virginia Investment Management Board is suing scandal-ridden telecom giant WorldCom for $4.1 million the state lost on debt securities.
A creed of greed, INVESTOR DIGEST
- 2002-07-16
Investor Digest Malaysia 07-16-2002 THE WAY EVENTS ARE UNFOLDING IN the US, one would be inclined to believe that for the American corporate sector, ethical means mythical. The scope and scale of the corporate transgressions of the late 1990s, Investor Digest...
The Philadelphia Inquirer Personal Finance Column.
- 2002-06-30
By Jeff Brown, The Philadelphia Inquirer Knight Ridder/Tribune Business News Jun. 30--We've all seen those cop shows where the officer snaps his ticket book shut and shouts to the speeder, "This is your lucky day!", then roars off after a bank robber....
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