Word: mci
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With the financial troubles of WorldCom, customers of MCI, its long-distance subsidiary, may be wondering if they have reason to worry. A TIME phone-service customer called MCI to find...
...MCI: Oh, I wouldn't worry about that. MCI isn't going anywhere...
...MCI: No. I don't know what's going to happen with WorldCom, but nothing's going to happen with us. We'll be here...
...WorldCom--once big and rich enough to swallow No. 2 long-distance carrier MCI--struggles to survive, it is laying off 17,000 workers. Its stock, which peaked at $64.50 three years ago, stopped trading last Tuesday at 83[cents], having all but wiped out employee retirement accounts. The plunge in WorldCom shares has cost investors upwards of $175 billion--nearly three times what was lost in the implosion of Enron. WorldCom is not yet financially bankrupt, but it's clear that it--like a fat slice of corporate America--has been ethically bankrupt for years. We're only...
...TIME: Bernie's Deal WorldCom makes a bold $30 billion stock offer for MCI in what could be the biggest takeover ever and establish the upstart as a rival to AT&T 10/13/97...