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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
MCI, Inc. (formerly WorldCom and MCI WorldCom) was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States , after AT&T .
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]
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.
BT made even more money when it sold its stake in MCI to Worldcom in 1998 for £4.15bn on which it made an exceptional pre-tax profit of £1.13bn. As part of the deal, BT bought from MCI its 24.9 per cent interest in Concert Communications, [20] [21] making Concert a wholly owned part of BT.
UUNET was purchased by MFS, later taken over by WorldCom, which eventually bought MCI. He later became WorldCom's Chief Operations Officer. Sidgmore worked to revive WorldCom after disgraced CEO Bernard Ebbers left. Sidgmore was instrumental in beginning to turn around the failed company, revealing to federal investigators an $11 billion ...
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