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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Judge Will Not Sign Off on BofA, SEC Bonus Pact
BNET
- 2009-08-10
By Jonathan Stempel NEW YORK (Reuters) - A federal judge refused to approve a proposed settlement between the U.S. Securities and Exchange Commission and Bank of America Corp BAC over the payment of bonuses to Merrill Lynch & Co employees, saying he was unable to determine if it was fair...
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,...
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
- 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...
Understanding WorldCom's accounting fraud: did groupthink play a role?
- 2005-03-22
WorldCom, Inc. perpetrated the largest accounting fraud in U.S. history. WorldCom, now called MCI, emerged from bankruptcy protection on April 20, 2004 after being fined $750 million. In total, WorldCom reported accounting irregularities of $11 billion. While employees and investors look for individual culpability, much of WorldCom's organizational structure and...
At the Bell; Pitt tells bankers to self-regulate.(Late News)
- 2005-03-07
Harvey Pitt, former chairman of the Securites and Exchange Commission, told attendees of the American Bankers Association's Wealth Management and Trust Conference in Orlando, Fla., Thursday that an environment of ''overlegislation, overregulation and overprosecution [is] here to stay for the foreseeable future.'' ...
Mississippi legal community watching as Ebbers' trial unfolds
- 2005-01-24
After several years of intense speculation - did former WorldCom CEO Bernie Ebbers know about the company's $11billion accounting fraud, the largest in corporate history? - the Mississippi legal community is watching and waiting for an answer. "WorldCom, with Ebbers as its leader, was viewed with reverence in this community,"...
Why the bubble popped.(stock market crash)(Bibliography)
- 2004-05-03
This clutch of books offers an excellent retrospective on the recent stock-market crash, which wiped out $8.5 trillion in market value. The value of individual retirement accounts dropped by one-third, and in just twelve months, 2 million Americans lost their jobs. But the lessons...
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