MCI Communications
Search results
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.
Jun 14, 2024 · WorldCom was a U.S.-based telecom company that underwent one of the largest bankruptcies in U.S. history following a massive spate criminal of accounting fraud.
Sep 29, 2021 · Until its demise in mid-2002, WorldCom was regarded as the second-largest long-distance US telecommunications company. Although changing market conditions contributed to its profitability slide, its executives’ deliberate “cooking” of its books led to bankruptcy and prosecution.
Jul 22, 2002 · WorldCom, plagued by the rapid erosion of its profits and an accounting scandal that created billions in illusory earnings, last night submitted the largest bankruptcy filing in United States...
Jul 3, 2002 · Telecom firm WorldCom, the No. 2 U.S. long-distance telephone and data services provider, announced on June 25 that it would have to revise its recent financial statements to the tune of $3.85 billion. Investors, analysts, and the public were left shaking their heads as previously reported profits suddenly turned out to be losses.
Feb 13, 2006 · The SEC's complaint charged that WorldCom had inflated its income by approximately $3.8 billion through an unlawful scheme, and sought the appointment of a corporate monitor for WorldCom, injunctive relief, and a civil monetary penalty.
Mar 15, 2024 · The story of WorldCom is one of the most infamous chapters in the history of corporate America. Once a telecommunications giant, WorldCom’s meteoric rise to prominence was followed by a catastrophic fall from grace due to one of the largest accounting scandals in history.
Sep 9, 2003 · In a new documentary, CNBC examines how Bernie Ebbers built WorldCom into a telecom giant that had competitors scrambling but ultimately recorded the nation’s biggest accounting fraud.
WorldCom was a leading communications company that was acquired by Verizon Communications in January 2006. Known as MCI at the time of the merger, WorldCom’s network assets are now part of Verizon Business. WorldCom was originally founded in 1983 as Long Distance Discount Service, Inc.
Jul 8, 2024 · WorldCom was a product of deregulation of the telecoms industry; in less than 20 years it had become America's 2nd largest long-distance carrier and the world's largest Internet carrier.
