ebbers

 

Bernie Ebbers

THEN: Bernie Ebbers was CEO for Mississippi-based long-distance reseller Long Distance Discount Service (LDDS), which in 1995 became WorldCom Inc. The companys legendary buying spree — 65 transactions since the company was created in 1983 including the $40 billion merger with MCI in 1997. In 1997, PHONE+ named him the most influential person in the […]

Ebbers Sentenced to Prison

The final chapter in the saga of WorldCom Inc. was revealed Wednesday when its former chief executive Bernie Ebbers was sentenced to 25 years in prison for an $11 billion accounting fraud that caused the telecommunications titan to file the largest bankruptcy in U.S. history. Ebbers was credited with transforming Mississippi-based WorldCom into one of […]

Ebbers to Forfeit Assets

Bernie Ebbers, the former chief executive of WorldCom Inc., will have lost more than his freedom if he goes to jail for his role in the $11 billion accounting fraud that brought the telecom titan into the largest bankruptcy in U.S. history. Most of Ebbers assets will be distributed to WorldCom shareholders and bondholders under […]

Former WorldCom Chief Awaits Sentence

Bernard Ebbers, the former chief executive of WorldCom, symbolized an era of corporate malfeasance that drove some of the world’s largest and most venerated companies into ruin. Convicted by a jury last month of spearheading an $11 billion accounting fraud that led to the biggest bankruptcy in U.S. history, the 63-year-old Ebbers could spend the […]

Jury Declares Ebbers Guilty

A federal jury today found Bernard Ebbers, WorldCom Inc.s former chief executive, guilty of fraud, conspiracy and filing false documents with regulators. Reuters reported he faces up to 85 years in prison; sentencing is scheduled for June 13. The 63-year-old Ebbers plans to appeal, Reuters said. Ebbers epitomized the rise and fall of the telecommunications […]

Ebbers, Former WorldCom Brass Had Total Autonomy, Say Reports

Bernie Ebbers and other former top executives at WorldCom Inc. ruled the phone giant as lords who concealed a massive accounting fraud from their auditor, bullied underlings who questioned their tactics and approved multibillion dollar acquisitions in a matter of hours or minutes without a shred of paper presented to the board of directors, according […]

WorldCom Financial Blunders Tally $4 Billion in Earnings

WorldCom Inc. (www.worldcom.com) disclosed late Tuesday that it has fired chief financial officer Scott Sullivan, after the beleaguered communications company misstated approximately $3.8 billion in earnings during the past five quarters. WorldCom also has accepted senior vice president and controller David Myers’ resignation. The Clinton, Miss.-based long distance and Internet giant said it would have […]

Business News – WorldCom to Acquire Intermedia

Posted: 10/2000 WorldCom to Acquire Intermedia Telecommunications giant WorldCom Inc. (www.wcom.com) has signed a $6 billion agreement in equity and debt to acquire Intermedia Communications Inc. (www.intermedia.com), a Tampa, Fla.-based CLEC with an attractive portfolio.The deal, which is subject to regulatory and shareholder approvals, would give WorldCom a controlling 55 percent interest in Intermedia’s Digex […]

MCI WorldCom Vows to Compete for’All-Distance’ Market in New York

Posted: 03/2000 MCI WorldCom Vows to Compete for ‘All-Distance’ Market in New York BY LIZ MONTALBANO Although regulators have not approved the planned merger between MCI WorldCom Inc. (www.wcom.com) and Sprint Corp. (www.sprint.com) yet, the former already pledges the combined company will compete head-to-head with Bell Atlantic Corp. (www.bell-atl.com) in New York for the "all-distance" […]

Sprint, MCI WorldCom Announce $115 BillionMerger

Posted: 11/1999 Sprint, MCI WorldCom Announce $115 Billion Merger By Ken Branson MCI WorldCom Inc. and Sprint Corp. have agreed to merge in what may be the biggest U.S. corporate combination ever. When the merger closes some time in the second half of 2000, the new company’s name will be WorldCom, company officials say. The […]

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