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On April 14, 2003, WorldCom changed its name to MCI, and relocated its corporate headquarters from Clinton, Mississippi, to Ashburn, Virginia. [ 19 ] Even before then, however, employees from the MCI side of the merger had taken over top executive posts, while many longtime executives from the old WorldCom were pushed out.
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 ...
In October 1997, GTE, now a part of Verizon, made a bid to purchase MCI for $28 billion in cash. [34] WorldCom offered $34.7 billion in stock, higher than either the BT or GTE offers, which was accepted by MCI on November 10, 1997. [35] On September 15, 1998 the transaction was consummated and the merged company renamed MCI WorldCom. [36]
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
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 ...
Worldcom came out of bankruptcy renamed as "MCI" in April 2004. [9] In less than a year, the remains of MCI was sold for $6.7B bid to what is today known as Verizon Business, [10] a division of Verizon. Verizon had been formed in 2000 when Bell Atlantic, one of the Regional Bell Operating Companies, [11] merged with GTE.
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.
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