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WorldCom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed for bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets.
The WorldCom scandal was a major accounting scandal that came into light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time. From 1999 to 2002, senior executives at WorldCom led by founder and CEO Bernard Ebbers orchestrated a scheme to inflate earnings in order to maintain WorldCom's stock ...
On September 15, 1998 the transaction was consummated and the merged company renamed MCI WorldCom. [36] Two years later, the "MCI" part was dropped. Following a major accounting scandal, WorldCom filed bankruptcy in 2002 and the company was renamed MCI Inc. upon its exit from bankruptcy in 2003. [37]
On July 21, 2002, WorldCom declared what was at the time the largest bankruptcy in American history, with $107 billion in recorded assets. The story of one of the largest telecom companies in the
WorldCom filed for bankruptcy in 2002, resulting in an $11 billion loss to investors. Paula Pant ditched her 9-to-5 job in 2008. She's traveled to 30 countries, owns six rental units and runs a ...
Bernard John Ebbers (August 27, 1941 – February 2, 2020) was a Canadian-American businessman and the co-founder and CEO of WorldCom.Under his management, WorldCom grew rapidly but collapsed in 2002 amid revelations of accounting irregularities, making it at the time one of the largest accounting scandals in the United States.
1999 – On 5 October, MCI Worldcom announces its intentions to buy Sprint for $129 billion. 2000 – The European Commission and DOJ denied the MCI WorldCom / Sprint merger on Antitrust Grounds. 2001 – The UUNET brand is folded into WorldCom's product line and disappears. 2002 – WorldCom files for Chapter 11 bankruptcy protection as a ...
Cynthia Cooper is an American accountant who formerly served as the Vice President of Internal Audit at WorldCom.In 2002, Cooper and her team of auditors worked together in secret and often at night to investigate and unearth $3.8 billion in fraud at WorldCom [1] which, at that time, was the largest corporate fraud in U.S. history.