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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sales and worldcom inc. - All News and Analysis
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...
Comings & Goings
- 2003-04-17
This week, WorldCom named Robert Blakely CFO ... Ericsson named Hakan Eriksson vice president and general manager for research and development ... Lightwave Solutions Inc. named D. Colin Boyd senior vice president of sales and marketing ... Former Yahoo Chairman and CEO Tim Koogle won't seek re-election to the company's...
Former WorldCom SVP Named President, Enterprise Sales for SAVVIS Communications
- 2002-09-19
Business Editors/High-Tech Writers
Avanex's June quarter results in line, but visibility still tough according to Piper Jaffray
- 2002-08-09
- Q4 June revenues declined by 21 percent Q/Q to $8 million, in-line with the $8 million estimate. The Company had ten customers in the quarter, with major customers including Cisco, Nortel, Marconi and WorldCom. WorldCom as a customer now represents only about 15 percent of sales. - Profitability...
Larscom Incorporated Reports Second Quarter 2002 Results; Results Include Deferrals of Sales and Reserves Related to WorldCom and a Corporate Restructuring Announced May 22, 2002
- 2002-07-22
Business Editors
WorldCom's $56m scam.
- 2002-06-27
ABIX via COMTEX) -- The US Securities and Exchange Commission will conduct a review of share sales made by WorldCom. The sales in question, made by the company's officers and directors during a 15-month period in which the company concealed losses, h ABIX via COMTEX) --...
Qwest Communications Inc. and WorldCom Inc - News in Brief - SEC investigation into accounting practices - Brief Article
- 2002-03-18
Qwest Communications Inc. and WorldCom Inc. have been asked by the Securities and Exchange Commission in Washington, D.C. to produce documents for separate, informal investigations into the two operators' accounting practices. The WorldCom inquiry relates to a range of issues that include repeated sales booked as revenue and loans made...
Markets wouldn't be competitive, feds warn
- 2000-12-12
Justice Department says allowing SBC subsidiary to offer long distance in Kansas would break law. From staff and wire reports Officials for SBC Communications say it should be allowed to offer long-distance service in Oklahoma and Kansas because competition there is just as open as it...
Europe on My Mind - regulatory reviews by the European Commission - Government Activity
- 2000-10-30
WorldCom is trying to change the way big mergers are reviewed on the Continent. FROM HUMBLE BEGINNINGS IN Hattiesburg, Miss., 17 years ago, WorldCom president and CEO Bernard Ebbers built his firm into one of the world's largest telecommunications companies. He did it by acquiring dozens of other telcos,...
Ec Won't Move Against Intel On Anti-Trust Issues
- 1998-06-01
Europe will not be taking legal action against Intel even if, as now looks increasingly likely, the Federal Trade Commission does (CI No 3,419), according to Stefan Rating, Commission spokesman on questions of competition. The logic, he explained, is that, when the issue is one of monopolistic behavior, the US...
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