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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financial and worldcom inc. - All News and Analysis
BUSINESs BRIEFS
- 2006-07-29
Former WorldCom CEO's verdict stands NEW YORK - A federal appeals court on Friday upheld the conviction of former WorldCom Inc. chief executive officer Bernard Ebbers on charges related to a multibillion-dollar accounting fraud. The ruling by the three-judge panel of the 2nd U.S. Circuit...
BIGGER CARROTS AND BIGGER STICKS: ISSUES AND DEVELOPMENTS IN CORPORATE SENTENCING[dagger]
- 2006-01-01
WELCOME Jill E. Fisch Fordham University Law School MODERATOR Hon. John S. Martin, Jr. Debevoise & Plimpton LLP PANELISTS Richard C. Breeden Richard C. Breeden & Co. Timothy Coleman Senior Counsel to Deputy Attorney General James Comey Stephen M. Cutler Securities and Exchange Commission Celeste Koeleveld U.S. Attorney's Office, Southern...
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...
Financial capability audits: another fallout of Enron/WorldCom.
- 2005-05-27
The fallout from the historic collapses of Enron and WorldCom continues to impact the government contracting industry. The fallout from the historic collapses of Enron and WorldCom continues to impact the government contracting industry.
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...
Bad week for Bernie, Hank and others.(Reverse Spin)
- 2005-03-21
Byline: Charles Paikert Last week was a collective disaster for some of the biggest names in corporate America. First to walk the plank was Maurice "Hank'' Greenberg, the longtime chief executive of New York-based insurance ...
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...
Scandal Involving Tulsa, Okla.-Based Financial Services Firm Precedes WorldCom.
- 2003-09-14
By Paul Monies, The Daily Oklahoman Knight Ridder/Tribune Business News By Paul Monies, The Daily Oklahoman Knight Ridder/Tribune Business News
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