Word: worldcom
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...WorldCom has undergone what court-appointed monitor and former SEC chairman Richard Breeden calls "a steam cleaning from top to bottom," getting rid of virtually every member "of the gang that couldn't shoot straight," including practically the entire finance department. So far, at least, the nation's second largest long-distance company has been able to hold on to the bulk of its big, valuable corporate and government accounts, though many such customers are exploring other options. It has also grabbed some local residential customers from the Baby Bells, reached a partial settlement with the SEC and built...
Capellas spent much of his first few weeks at the helm doing his best to convince WorldCom's anxious customers and employees that the company, whose revenue has fallen an estimated 15% to 20% in the past year, won't be disconnected anytime soon. Now, with the prospect of a possible fine of up to $9 billion on the horizon, he has to craft a viable reorganization plan for the largest corporate bankruptcy in U.S. history, involving $107 billion in assets. To generate real profit, he'll have to consider unloading its shrinking paging business and handing out even more...
...surprisingly, WorldCom's rivals, concerned that the company could emerge from bankruptcy with a clean, debt-free balance sheet and start another destructive price war, aren't so quick to forget the past. In recent months, they have been lobbying to have the company liquidated so the whole firm, not just a few top executives, ends up paying for its gross misconduct; it doesn't help matters that Ebbers, who may have to declare personal bankruptcy, still hasn't been charged with anything...
...firm to advise company boards on governance and ethics, though CEOs privately chuckle at the thought of opening up to the gimlet-eyed Watkins. The first to speak out, Watkins has had the most time to acclimatize to her strange new existence. Unlike the FBI's Coleen Rowley and WorldCom's Cynthia Cooper, she does not shy away from describing herself as a whistle-blower or suggesting that her gender may have played a role in her decision to act. She alone has been flirting with celebrity, earning up to $25,000 on the speaking circuit and sharing...
...Saturday morning in December, TIME brought Coleen Rowley of the FBI, Cynthia Cooper of WorldCom and Sherron Watkins of Enron together to talk, for the first time, about their parallel experiences over the past year. The women had never met before, but over breakfast they compared stories and marveled at the similarities: their motivations for exposing the flaws of their institutions, their shock at having their secret actions exposed and then condemned in some quarters, and their enduring love for the ideals of their workplaces. They also discovered they shared much in their personal lives, and they enjoyed cheering...