WorldCom


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WorldCom

A telecommunications company that was at one time the second largest long distance provider in the United States. It had a large role in the expansion of Internet use in the 1990s. It is known for its notorious bankruptcy in 2002 following massive accounting fraud that resulted in several executives receiving jail sentences and investors losing billions of dollars. WorldCom is often associated with the Enron scandal because they occurred at about the same time and because both WorldCom and Enron used the accounting firm Arthur Andersen. It is now called MCI and is a subsidiary of Verizon.
References in periodicals archive ?
Sprint had been discussing a merger with MCI Worldcom for two weeks but received a $100 billion unsolicited offer Saturday from BellSouth, the Atlanta-based Baby Bell company, prompting MCI Worldcom to raise its bid Monday.
Our objective is to make available to clients and organizations facing a crisis, or public controversy anywhere in the world, some of the most experienced minds in the business," said WORLDCOM Chairman Jon Holt.
Among other benefits, the merger would give MCI Worldcom much-needed wireless assets.
Contact: Media: Brad Burns, 1-800-644-NEWS or Investors: Scott Hamilton, +1-877-624-9266, both of WorldCom, Inc.
However, MCI WorldCom has a much higher valuation of about $151 billion, topping AT&T Corp.
With the WorldCom Customer Center, customers can take advantage of a powerful suite of Web-based tools that decrease order-processing time, facilitate faster service installation and permit customers to manage their communications portfolio with WorldCom.
WorldCom has built its business catering to high-paying corporate customers.
Grubman served as an advisor, analyst and consultant to WorldCom, then under CEO Ebbers and received $25 million in 1998 alone for his work while at the same time offering independent advice to purchasers of WorldCom stock.
And it is the first unsolicited bid for a phone company since the passage of the new communications law in early 1996, which opened the door to the kind of cowboy capitalism in which Ebbers and Worldcom specialize.
Whether you had invested directly in WorldCom, through a mutual fund or in your pension plan, you lost a lot of money because of WorldCom's fraudulent behavior.