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WorldCom's muscular stock has become Ebbers' checkbook. He paid $2.5 billion in 1995 for a company called WilTel and its 11,000-mile network of fiber-optic cable, making WorldCom the fourth largest U.S. long-distance carrier. But he soon found himself tossing and turning at night because he had little in the way of local service to sell. So while driving to work on Aug. 12, 1996, he dialed up James Crowe, chairman of a local-service provider called MFS Communications, to propose a deal. By the time Ebbers hung up, he was ready to shell...
Just when the British Telecom merger with MCI seemed like a done deal, up steps an American firm to throw a spanner in the works. WorldCom, the U.S. telecommunications upstart that bought CompuServe a couple of weeks ago and snapped up Brooks Fiber, a local telephone company Tuesday, decided Wednesday to have MCI for dessert. Money Daily reports that WorldCom will offer $30 billion in stock for the long-distance carrier, trumping BT's offer by about $12 billion. But it seems everyone was a winner as BT, MCI and WorldCom stock all soared on the London markets...
...second week in a row, Gore clung to his defenses: that he didn't know where the cash had ended up, and that he had broken no laws with his fervent fund raising on federal property. Gore, say his allies, cares far more about fiber optics and digital libraries than soft money and matching funds. On ethical issues, said a longtime aide, "he never gets close to the line...
...chip and supplying the latest version of software, we will enhance both TV and the PC," says Roberts. To follow its own growth trajectory, Microsoft needs broadband to transmit its multimedia cornucopia of online news, entertainment and shopping. MS money now allows Comcast to accelerate construction of fiber-optic cable to expand high-speed Internet access, develop programs with Microsoft and reduce its debt...
Less somber, but still a fog-shrouded mystery of the sea, is why it is hard to love even the sleekest boat made of fiber glass, or sheet steel, or sprayed ferro-concrete. And why, if you like boats at all, it is hard not to love even a squat, stumpy and probably leaky boat made of wood. Two amiable new books about the perilous beguilement of wood boats are Sea Change, by Peter Nichols (Viking; 238 pages; $23.95) and Sailing in a Spoonful of Water, by Joe Coomer (Picador; 256 pages...