BNET Industries
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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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leadership and worldcom inc. - All News and Analysis
Scandals bedevil US corporate leadership: scandals last year in the US have raised serious questions about corporate governance, ethics and the US's leadership of the global economy. Dr Sonko diagnoses the severe case of 'bankruptosis'
- 2003-03-01
A total of 186 Major US companies went bankrupt last year, the largest annual number in US history. Their combined assets were a mammoth $368bn - equivalent to about 62% of the GDP of all of Africa in 2000. The titans that sank include Worldcom, Conseco Inc., Global Crossing Ltd,...
Leadership Communication at WorldCom
BNET
- 2003-01-01
WorldCom's new CEO, Michael Capellas, seems to appreciate internal communication as a strategic business function. In fact, this article suggests he is initially treating employee communication as his primary business function. The article suggests the leadership tips adopted by the CEO.
Enron, Worldcom And The Rest
BNET
- 2003-01-01
The paper shows that the most common value that balances achievement and stimulation is a high regard for justice and fairness. There are highly accomplished people, trained to fear failure and seek to be outstanding in everything they do. Achievement motivation is clearly a strength. Other important values are needed...
Employment Implications Of Sarbanes-Oxley After Enron, Global Crossing And Worldcom
BNET
- 2003-01-01
From the executive summary: ‘The Sarbanes-Oxley Act establishes federal whistleblower protection for employees of covered companies. The legislation creates a web of complementary provisions designed to protect and encourage whistleblowers and to prevent retaliation against them. The statute requires public companies to adopt a code of business ethics and to...
Former New York Mayor Guiliani May Take on Leadership Role at WorldCom.
- 2002-11-19
By Nancy Dillon, Daily News, New York Knight Ridder/Tribune Business News By Nancy Dillon, Daily News, New York Knight Ridder/Tribune Business News
Financial and leadership crisis in telecommunications: enterprise managers need to gauge carriers' stability. That means evaluating the provider's finances, leadership and employee morale.
- 2002-10-01
Even before events of the last several months pummeled the reputations and purses of established providers such as WorldCom, Qwest and Genuity, the industry had been reeling beneath the weight of a crisis. More than 75 percent of the small and new Even...
Sound off! (Wireless Focus).(Brief Article)
- 2002-08-05
Two former WorldCom execs recently surrendered to FBI for their role in the company's $4 billion fraud scandal Do you think corporate Leaders should be held personally responsible for their companies' financial, wrongdoing? [] Yes [] No ...
Worser and Worser
- 2002-07-15
NEWS ITEM: WORLDCOM Inc. has sued its former chief financial officer, seeking the return of a $10 million bonus it paid him. In the scheme of things, $10 million isn't going to go far toward rehabilitating a company that has admitted overstating earnings by nearly $4 billion. But it...
Sprint Eyeing WorldCom Contract
- 2002-07-10
Sprint [FON] has asked the U.S. Department of Defense to overturn its decision to award WorldCom [WCOM] a 10-year, $450 million contract because of the company's financial scandal, industry sources said. In April, the DoD awarded WorldCom the contract to provide the agency with network and associated services for...
Truth Squad On Corporate Crime: Experts Assess Bush's Speech on Corporate Responsibility & Key Congressional Votes the Same Day
- 2002-07-08
News Advisory: WHAT:On Tuesday, July 9 at 11:30 a.m., President Bush will be in New York to deliver a speech on corporate accountability post-Enron and post- WorldCom. It coincides with votes in Congress on corporate whistleblower and other legislation that address aspects of corporate crime. To help journalists...
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