Word: mci
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...implicate the former chief of WorldCom--a college dropout, Sunday-school teacher and small-town basketball coach--as the orchestrator of the largest accounting fraud in U.S. history. "You thought you could trust him," says Alex Bryant, an ex--WorldCom sales manager in Springfield, Mo. Soon after WorldCom bought MCI, Bryant recalls, Ebbers addressed a group of employees and urged them to hang on to their company stock. "He was a great motivator, a great speaker," says Bryant. Ebbers also was desperate to keep WorldCom's share price afloat as telecom prices were collapsing, to the point that he presided...
...worth $180 billion at its peak. Employees like Bryant who had much of their retirement savings in company stock saw their investments wiped out. Bryant's stake dwindled from $39,000 to $4,000. (It's scant solace that WorldCom emerged from bankruptcy under the less tainted name of MCI, now a takeover target likely to fetch upwards of $8 billion from Qwest or Verizon.) WorldCom bond investors had a second reason to cheer when J.P. Morgan Chase agreed last week to pay $2 billion to settle investor claims, joining Citigroup and other Wall Street firms that had underwritten...
...INDICATORS Call waiting? Capping a flurry of merger activity in the U.S. telecom sector, MCI accepted a $6.75 billion takeover offer from Verizon Communications, after spurning an $8 billion bid from rival Qwest Communications International. By week's end, Qwest had announced plans to counterbid...
...been under close scrutiny and logging twice as many hours. Now the once cushy job could bring a crushing level of personal financial liability as well. That's the latest tremor to rock the business world. It springs from a deal in which 10 former directors at WorldCom (now MCI) will dig deep into their pockets to settle lawsuits stemming from the phone company's accounting scandal and plunge into bankruptcy...
That may sound like entrepreneurial bluster, but Citron has set off alarm bells at the big telephone carriers, who proved once already that they weren't swift enough to react when they ignored the challenge of cell phones. Before Vonage, telecom giants like MCI, Verizon and AT&T dismissed the technology for broadband phone service as too buggy and too complicated to bother selling. Vonage has proved them wrong, mostly because broadband phone service has one compelling advantage: price. It's half as expensive as regular telephone service. The company now has 220,000 subscribers, a pittance beside...