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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investment and worldcom inc. - All News and Analysis
A Whistleblower's story
- 2008-05-01
I still clearly remember the first time I heard Cynthia Cooper speak. It was at the Institute of Management Accountants (IMA[R]) 85th Annual Conference and Exposition in Chicago, Ill., on Monday, June 28, 2004. Cooper was the speaker at a general session, giving a presentation titled, "Our Responsibility in the...
Lessons from the Mega-Mergers
BNET
- 2007-09-07
These high-profile corporate mergers are excellent case studies for anyone considering a potential acquisition. Hewlett-Packard and Compaq Date:...
The past is prologue: lessons from the stock-parking events of the 1980s
- 2006-12-15
History is rife with fraud-based operational risk events--trading frauds, pyramid schemes, regulatory investigations, and securities laws violations--and their attendant lessons learned. We might think a situation in 2005 is completely different from one in 1985, but the underlying issues never really change. Market practice issues are receiving a whole...
Best And Worst OfTimes
- 2005-12-01
JANUARY Jan. 12 The New York Stock Exchange fines Morgan Stanley $19 million for failing to supervise two rogue brokers and deliver stock prospectuses to 141,000 clients. Jan. 25 Goldman Sachs and Morgan Stanley each agree to pay $40 million to settle Securities and Exchange Commission charges that...
'Opt-Out' Plaintiffs Settle With WorldCom
BNET
- 2005-10-19
Five New York City public pension funds that did not join in the $6.1 billion WorldCom class-action settlement have settled their own lawsuits for a total of $78.9 million. The pension funds lost more than $200 million on WorldCom stock and bond investments after the company, now called MCI, filed...
JP Morgan Chase to pay two billion dollars to settle WorldCom claims
- 2005-03-16
NEW YORK AFP — JP Morgan Chase said it will pay two billion dollars to settle claims it aided and abetted WorldCom in deceiving investors before the telecom firm's bankruptcy. The settlement, the second biggest in the case, comes just a day before the banking firm was to go...
Four foreign banks settle WorldCom suit for 428 million dollars
- 2005-03-10
NEW YORK AFP — Two European and two Japanese financial firms agreed to pay a total of 428 million dollars to settle end a class action lawsuit alleging they misled investors who bought bonds from WorldCom. ABN Amro, BNP Paribas, Mitsubishi Securities and Mizuho International agreed to the settlement...
At the Bell; Pitt tells bankers to self-regulate.(Late News)
- 2005-03-07
Harvey Pitt, former chairman of the Securites and Exchange Commission, told attendees of the American Bankers Association's Wealth Management and Trust Conference in Orlando, Fla., Thursday that an environment of ''overlegislation, overregulation and overprosecution [is] here to stay for the foreseeable future.'' ...
Retirement Systems of Alabama tries to recoup lost funds in court.
- 2004-11-10
By Bob Lowry, Montgomery Advertiser, Ala. Knight Ridder/Tribune Business News Nov. 10--Former University of Alabama and New York Jets quarterback Richard Todd testified Tuesday in Montgomery County Circuit Court that he was unaware that WorldCom bonds he sold to the Retirement Systems...
At Deadline; Ala. settles over WorldCom.(Retirement Systems of Alabama)
- 2004-10-04
The $22 billion Retirement Systems of Alabama will receive $111 million in a settlement with WorldCom's three investment banks and an accounting firm. JPMorgan Securities, Citigroup Global Markets, Banc of America Securities and the former Arthur And The $22 billion Retirement Systems of Alabama will receive...
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