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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.
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NAICS Code Wired Telecommunications Carriers: 517110
News & Analysis
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regulations and worldcom inc. - All News and Analysis
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...
Bernie's bequeath.(Opinion)
- 2005-03-21
Byline: Jeffrey Silva In a week when the one-time cowboy CEO of WorldCom was found guilty of massive accounting fraud, a Boston firm predicted U.S. businesses will spend $80 billion on compliance with federal mandates during the next five years. By far...
SCANDAL MONGER
- 2005-02-27
SCANDALMONGER believes that there should be transparency in business. . . particularly the glass business. But unfortunately this would appear to be somewhat lacking among some leading glass manufacturers. The European Union's competition regulator raided the offices of glassmakers in six countries at the end of...
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...
From Enron To WorldCom And Beyond: Life And Crime After Sarbanes-Oxley
BNET
- 2003-06-01
Ever since the corporate meltdown began, Federal and State regulators have initiated criminal fraud investigations against dozens of corporations. The process resulted in the implementation of corporate governance reforms and enactment of the Sarbanes-Oxley Act SOX. The paper examines the aftermath of the SOX Act on various organizations.
After WorldCom : How Much Consolidation Can U.S. Telecom Regulators Permit?
BNET
- 2003-05-15
The article explains how much industry consolidation can telecom regulators permit without significantly impairing competition? It recognize that regulators will judge any merger based upon the relevant facts but, in general, it suspect the answer may prove to be "more than you might think," -- especially if the "failing firm"...
After WorldCom: How Much Consolidation Can U.S. Telecom Regulators Permit?
BNET
- 2003-05-15
WorldCom's recent bankruptcy has likely set the stage for a new round of telecom industry mergers that will test the long-standing competition policies of U.S. regulators. As Federal Communications Commission FCC told Congress that It is difficult to imagine the industry stabilizing without some modest and prudent restructuring. With new...
After WorldCom: How Much Consolidation Can U.S. Telecom Regulators Permit?
BNET
- 2003-05-15
WorldCom's recent bankruptcy has likely set the stage for a new round of telecom industry mergers that will test the long-standing competition policies of U.S. regulators.
The Failure Of Good Intentions: The Worldcom Fraud And The Collapse Of American Telecommunications After Deregulation
BNET
- 2003-01-01
This paper analyzes WorldCom's fraud, bankruptcy, and the decision of its Triennial Review of mandatory unbundling. To date, policymakers and scholars have failed to recognize how those topics are interrelated. The United States has spent seven years trying to deregulate telecommunications. It also discusses administrative cost of deregulation, which has...
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...
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