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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investor and worldcom inc. - All News and Analysis
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...
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...
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,...
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 ...
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...
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...
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...
JPMorgan OKs $2 billion deal on WorldCom
- 2005-03-17
NEW YORK -- JPMorgan Chase & Co., the nation's second largest financial institution, agreed on Wednesday to pay $2 billion to settle claims from investors who lost money in the collapse of WorldCom Inc. It was the last major bank to reach a settlement in the class action...
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