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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shareholder 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...
Two Law Firms Make Names in Recent Shareholder Settlements.
- 2004-05-11
By Pradnya Joshi, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News May 11--Yesterday's settlement with Citigroup for wrongdoing associated with the WorldCom scandal will result in a $2.65 billion payment to investors. But it also represents a huge payday for the...
Citigroup Agrees to $2.6 Billion Settlement in WorldCom Shareholder Suit.
- 2004-05-11
By Pradnya Joshi, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News By Pradnya Joshi, Newsday, Melville, N.Y. Knight Ridder/Tribune Business News
Monetary penalty determined in accounting fraud case
- 2003-07-18
How should market regulators and the courts respond when criminals use a public company to commit a massive fraud? "While the persons who perpetrated the fraud can be criminally prosecuted, the exposure of the fraud often creates liquidity pressures that can drive the company into bankruptcy ......
A creed of greed, INVESTOR DIGEST
- 2002-07-16
Investor Digest Malaysia 07-16-2002 THE WAY EVENTS ARE UNFOLDING IN the US, one would be inclined to believe that for the American corporate sector, ethical means mythical. The scope and scale of the corporate transgressions of the late 1990s, Investor Digest...
Boston Foundation Votes Against Rehiring Auditors Getting Consulting Fees.
- 2002-07-11
By Beth Healy, The Boston Globe Knight Ridder/Tribune Business News Jul. 11--Last year, when the Boston Foundation cast proxy votes on stocks in its $650 million portfolio, the local charitable-fund manager abstained on a question that seemed remote: Should auditors be reappointed...
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Commences Class Action Suit On Behalf Of Shareholders Of WorldCom, Inc
- 2002-05-17
Business Editors & Legal Writers
Shareholders of Florida-Based Telecom Firm Approve Acquisition by WorldCom.
- 2001-06-20
By Cherie Jacobs, Tampa Tribune, Fla. Knight Ridder/Tribune Business News By Cherie Jacobs, Tampa Tribune, Fla. Knight Ridder/Tribune Business News
Sprint amends controversial stock-option vesting plan.
- 2001-04-02
The board of directors of Sprint Corp. formally amended a stock-option plan allowing accelerated vesting of stock options upon shareholder approval of a merger, according to a recent Securities and Exchange Commission filing. Lawyers represen The board of...
ON24 Audio Investor Alert: Analyst: WorldCom Spin-off Would Be Bad for Shareholders
- 2000-10-18
Business Editors & Analysts
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