Word: mci
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...telecom mogul. In 1987 he was a know-it-all high school kid in Staten Island, N.Y., restless and bored with his classes, when an economics teacher organized a stock-picking game. Citron was soon hooked. Just after the market crash of 1987, he bought stock in phone upstart MCI at a few dollars a share. It soared. "I don't know if I was smart or I got lucky, but it was one of the few stocks I picked that brought a profit," Citron recalls. After finishing high school, he skipped college and headed straight to Wall Street...
...fans pine for the days of the elder John Thompson, when the team was a perennial powerhouse and a stalwart in the NCAA tourney. The entrance of his son might be the spark that the student body needs to throw its support back behind the program. Maybe the MCI Center will provide Georgetown with a home court advantage that isn’t solely based on proximity to campus...
There's a joke in the accounting trade that the difference between a wobbly grocery cart and a corporate auditor is that the cart has a mind of its own. Very funny, unless you had invested in MCI (formerly WorldCom), which recently announced that the pretax income it reported for 2000 and 2001 was just a tad off--$74.4 billion less than it had said, after writedowns and adjustments. Outside auditors have signed off on bogus earnings reports and balance sheets at companies from Rite Aid to Xerox. In some cases, auditors dealt with corporate brass intent on concealing thievery...
Move over, Martha. As the troubled phone company now known as MCI prepares to emerge from the brink, its erstwhile commander, Bernard Ebbers, may be headed for the pen. Ebbers is the folksy former Mississippi high school basketball coach who hatched WorldCom in 1983 and, through a series of audacious takeovers, built it into the second largest U.S. long-distance operator. But his single-minded pursuit of growth and, in the end, his manic desperation to please Wall Street led him to mastermind, according to his federal criminal indictment last week, an accounting fraud estimated by some experts...
...Ebbers' renamed company, MCI, it's free of its former bosses but faces bone-crushing competition from Verizon and others entering the long-distance market. There probably isn't enough business for all three dedicated long-distance firms: AT&T, Sprint and MCI. A spiffed-up MCI coming out of bankruptcy court could quickly become takeover bait. And that would end this corporate saga pretty much where it began. --By Daniel Kadlec. Reported by Dody Tsiantar and Barbara Kiviat/New York and Alice Jackson Baughn/Brookhaven