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On November 4, 1997, WorldCom and MCI Communications announced a $37 billion merger to form MCI WorldCom, making it the largest corporate merger in U.S. history. On September 15, 1998, the merger was consummated, forming MCI WorldCom. MCI divested itself of its "internetMCI" business to gain approval from the United States Department of Justice ...
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 ...
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.
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]
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.
A group of Republicans recently introduced a bill to repeal the Impoundment Control Act. It would hand Trump more control over government spending — he could even unilaterally cut it off.
President-elect Donald Trump plans to launch a mass deportation operation targeting millions of immigrants living in the U.S. illegally and with temporary protections once he takes office on Jan ...
Former U.S. Rep. Adam Kinzinger is reflecting on a pivotal moment that helped shaped his life and career. In the new documentary The Last Republican — which opened at New York City's Film Forum ...