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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fraud and worldcom inc. - All News and Analysis
Extraordinary Circumstances: The Journey of a Corporate Whistleblower.(bookshelf)(Book review)
- 2008-04-01
Extraordinary Circumstances: The Journey of a Corporate Whistleblower. By Cynthia Cooper. John Wiley & Sons, 402 pages. $27.95. By now, the outlines of Cynthia Cooper's story are well-known. In 2002, as head of the internal audit team at telecom giant WorldCom Inc., she...
Convicted executives forced to sell homes
- 2006-11-13
When CEOs sell their multimillion-dollar homes, it's usually because they're relocating to a different market, or trading up to an even bigger house. In the case of Walter Forbes, the former Cendant chairman whose baronial 8-acre estate in New Canaan, Conn., is on the market for $12.5 million, the reasons...
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...
The predator state: Enron, Tyco, WorldCom … and the U.S. government?
- 2006-05-01
WHAT IS THE REAL NATURE of American capitalism today? Is it a grand national adventure, as politicians and textbooks aver, in which markets provide the framework from which emerges the greatest good for the greatest number? Or is it the domain of class struggle, even a "global class war," as...
Why funds opt out of class action.
- 2006-02-20
Byline: Neil L. Selinger Historically, in the wake of corporate fraud, most investors have sought to recoup their losses by filing a claim in the settlement of a class-action lawsuit. Although this passive approach minimizes an investor's expendit Byline: Neil L. Selinger ...
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...
Thanks, Mr. Hevesi.(a class action lawsuit between Alan G. Hevesi and MCI Inc.)(Editorial)
- 2005-07-25
Pension funds, as they collect their WorldCom Inc. class-action claims, ought to remember who achieved the settlements. Alan G. Hevesi, New York state comptroller and sole trustee of the New York State Common Retirement Fund, in his relentless pursui Pension funds, as they collect their WorldCom...
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...
Nightly Business Report
- 2005-03-15
PAUL KANGAS, NIGHTLY BUSINESS REPORT ANCHOR: A jury says he`s guilty of masterminding the biggest accounting fraud in U.S. history. Bernie Ebbers, the former CEO of WorldCom, leaves a New York courthouse this afternoon, convicted on all nine counts. It`s a stunning downfall for a man who...
MIS Training Institute Presents The Summit on Auditing and Governance in the Era of Sarbanes-Oxley and PCAOB
- 2004-11-01
FRAMINGHAM, Mass. -- The Summit on Auditing and Governance in the Era of Sarbanes-Oxley and PCAOB will be held in New York, NY, December 8 and 9, 2004, with optional workshops on December 7 and 10. With intensive sessions focusing on critical audit topics and a Keynote Address by Cynthia...
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