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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litigation 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...
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,...
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...
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...
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...
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?
- 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...
'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...
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