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	MCI - Wikipedia, the free encyclopedia
		The corporation is the result of the merger of WorldCom (formerly known as LDDS) and MCI Communications, and used the name MCI WorldCom before taking its current name on April 14, 2003 as part of the corporation's emergence from bankruptcy.
		WorldCom grew largely by acquiring other telecommunications companies, most notably MCI Communications.
		In March of 2005, 16 of WorldCom's 17 former underwriters reached settlements with the investors ([7]).
	en.wikipedia.org /wiki/WorldCom (1153 words)

	WorldCom, Inc.: Lit. Rel. No. 17866 / November 26, 2002
		WorldCom consented, without admitting or denying the allegations in the Commission's complaint, to the entry of the judgment.
		WorldCom shall consult with the Commission in designing its training and education program, and shall submit to the Commission a detailed proposal within 60 days after entry of this judgment, which describes the content and implementation of the training and education program, in a form that is acceptable to the Commission.
		WorldCom shall commence providing initial training and education sessions within 60 days thereafter, and shall continue to provide such training and education on an annual basis, for a minimum period of three years after entry of this judgment.
	www.sec.gov /litigation/litreleases/lr17866.htm (821 words)

	WorldCom Tilts Toward Abyss
		Absent the misallocation, WorldCom said it would have lost money in 2001 rather than earn the $1.4 billion it reported, as well as in the first quarter of 2002, when it purportedly had earned $130 million for the first quarter of 2002.
		WorldCom then turned the matter over to the company's audit committee and its newly hired auditors, KPMG LLP, who deemed the issue was serious enough to alert the SEC.
		WorldCom has been dogged for months by worries about its debt load, and in the spring, longtime CEO Bernie Ebbers stepped down from his post.
	www.thestreet.com /tech/telecom/10029025.html (842 words)

	WorldCom files largest bankruptcy ever - Jul. 19, 2002
		WorldCom, crushed by its $41 billion debt load, made its filing in the Southern District of New York.
		With $107 billion in assets, WorldCom's bankruptcy is the largest in United States history, dwarfing that of Enron Corp. The Houston-based energy trader listed $63.4 billion in assets when it filed Chapter 11 late last year.
		Clinton, Miss.-based WorldCom (WCOME: Research, Estimates) has teetered on the verge of bankruptcy since revealing on June 25 that it had incorrectly accounted for $3.8 billion in operating expenses.
	money.cnn.com /2002/07/19/news/worldcom_bankruptcy (717 words)

	CNN.com - WorldCom's Myers pleads guilty - Sep. 25, 2002
		The controller resigned from WorldCom on June 25, the same day the company said it overstated five quarters of financial results by hiding $3.8 billion in costs.
		WorldCom went on to file the biggest bankruptcy in history in July.
		The Wall Street Journal reported Thursday that two other former WorldCom accounting executives identified as unindicted co-conspirators, Betty Vinson and Troy Normand, have been negotiating with the government over the past few weeks and are expected to plead guilty Oct. 10.
	www.cnn.com /2002/BUSINESS/asia/09/26/us.worldcom.biz/index.html (541 words)

	WorldCom files reorganization plan that sheds debt, moves headquarters (Site not responding. Last check: 2007-10-07)
		WorldCom Inc., trying to emerge from the largest-ever U.S. bankruptcy, unveiled a reorganization plan Monday that erases most of its debt, renames the company and moves its headquarters.
		WorldCom said it will take the name of its long-distance unit MCI, and shift its headquarters to MCI's base in the Washington suburb of Ashburn, Va., from Clinton, Miss., where it was founded by former CEO Bernard Ebbers.
		WorldCom has already used the bankruptcy to shed or reduce the size of work contracts and to write down $10 billion in assets.
	www.sfgate.com /cgi-bin/article.cgi?file=/news/archive/2003/04/14/national1803EDT0708.DTL&type=printable (369 words)

	WorldCom News
		WorldCom's sketchy bookkeeping and that of other telecoms proves that profit is hard to come by in the sector.
		WorldCom filed for bankruptcy on July 21, 2002 and has not paid the former employees their severance or communicated any information about the timing of the payment, or the status of the health care benefits," the website states.
		WorldCom denied reports that its European arm was faltering and says that the Euro unit is an important asset.
	www.worldcomnews.com (4906 words)

	Focus on Consumer Concerns: Special Alert: What the WorldCom Bankruptcy Means to Consumers (Site not responding. Last check: 2007-10-07)
		The FCC is actively involved in your government’s efforts to respond to the changes at WorldCom and across the telecom sector.
		On the contrary, WorldCom claims to have obtained the funding necessary to continue service throughout the bankruptcy proceeding and beyond.
		Those customers who obtain their new service from the old underlying carrier, or a carrier that resells the service of the underlying carrier, may be able to keep their mobile telephone number and equipment.
	www.fcc.gov /commissioners/abernathy/news/worldcom.html (786 words)

	SEC hits WorldCom with charges - Jun. 25, 2002
		WorldCom, which will downwardly restate financial results in one of the biggest accounting scandals in history, joins Enron, Global Crossing and Tyco International among the tarnished success stories of the 1990s.
		WorldCom is looking for about $4 billion in financing but some of its main bank lenders, including Bank of America, J.P. Morgan and Citigroup, are refusing to loan them any more, banking sources told CNN/Money.
		WorldCom said restating the expenses to account for their true costs would cut reported cash flow -- or earnings before interest, taxes, depreciation and other items -- for last year and the first quarter of 2002.
	money.cnn.com /2002/06/25/news/worldcom/index.htm (1339 words)

	CNN.com - Bush: No more WorldComs - June 28, 2002
		Meanwhile, WorldCom President and CEO John Sidgmore said Friday that the company's management was equally surprised and outraged by the $3.8 billion accounting scandal.
		WorldCom has retained William McLucas, former chief of the enforcement division at the Securities and Exchange Commission, to investigate the accounting irregularities at the company that will cause it to restate its financials for 2001 and the first quarter of 2002.
		The criminal investigations bureau of the attorney general's office will be leading the investigation of Grubman, who cut his rating on the company a day before it announced it had misstated $3.8 billion in expenses.
	archives.cnn.com /2002/BUSINESS/06/28/bush.worldcom (815 words)

	Guardian Unlimited \| Special reports \| WorldCom goes bankrupt
		WorldCom is negotiating to raise $2bn in new financing and plans to sell its peripheral businesses, but not key ones such as MCI, its long-distance company, or UUNet, its internet arm.
		WorldCom said its chief financial officer, Scott Sullivan, improperly reported expenses as investment so that the company's financial situation looked much better than it was.
		WorldCom was struggling because of the vast overcapacity of bandwidth, combined with a consumer price war and the rise of mobile telephones.
	www.guardian.co.uk /worldcom/story/0,12167,759854,00.html (867 words)

	USATODAY.com - WorldCom agrees to pay $500M in SEC fine (Site not responding. Last check: 2007-10-07)
		WorldCom and the Securities and Exchange Commission have reached a final settlement that would force the phone company to pay $500 million to victims of its $9 billion accounting scandal, people familiar with the matter say.
		WorldCom has made many other changes, and its cooperation with investigators helped to forge a speedy settlement, people familiar with the matter say.
		WorldCom revealed $3.9 billion in improper accounting June 25, and the SEC filed a fraud lawsuit the next day.
	www.usatoday.com /money/industries/telecom/2003-05-18-mci_x.htm (563 words)

	About Worldcom (Site not responding. Last check: 2007-10-07)
		Worldcom is a volunteer project which evolved out of an unsuccessful attempt in 1996 to secure an Opportunity New Jersey grant for teacher training in the use of Internet as a means of promoting multiculturalism in the classroom.
		But from the earliest stages of Worldcom's creation, there were hopes that our members would participate in the cooperative exchange of ideas through a variety of means, including an activities page.
		In addition, Worldcom's activities page can now nurture those ideas, cooperative exchanges and other exciting projects that have been borne out of this initiative to encourage multicultural growth through technology and positive teamwork.
	www.tckworld.com /worldcom/about.html (182 words)

	USATODAY.com - The rise and fall of WorldCom (Site not responding. Last check: 2007-10-07)
		July 1 — WorldCom says in a sworn statement to the SEC that its audit committee is reviewing its financial records for 1999 through 2001 regarding "certain material reversals of reserve accounts." The company receives notice from some of its lenders saying they could demand immediate repayment for defaulted loans.
		WorldCom says in a revised statement filed with SEC that Sullivan tried to delay an internal audit that discovered the transfers of expenses to capital spending accounts.
		A lawsuit by 25 banks trying to limit WorldCom's use of $2.5 billion in loans was moved to federal court from state court.
	www.usatoday.com /money/industries/telecom/2002-07-21-worldcom-chronology_x.htm (1369 words)

	WORLDCOM INVESTIGATION WORLDCOM NEWS \| HavenWorks.com/business/research/worldcom News & News Searches.
		Sullivan has admitted to WorldCom investigators that he knowingly shifted the $3.8 billion in expenses from an operation account of the company into its capital accounts.
		As a result of an internal audit of the company’s capital expenditure accounting, it was determined that certain transfers from line cost expenses to capital accounts during this period were not made in accordance with generally accepted accounting principles (GAAP).
		The Worldcom CFO did not tell Andersen about the line cost transfers nor did he consult with Andersen about the accounting treatment.
	www.havenworks.com /business/research/worldcom (1232 words)

	BBC NEWS \| Business \| Disgraced WorldCom faces fraud charge
		"WorldCom's shareholders' long-term hope depends largely on the faith of the firm's creditors, which is now probably nonexistent," said Michael Hodel of Morningstar, a fund rating agency.
		WorldCom was one of the pioneers of the 1990s telecoms boom.
		WorldCom said its chief financial officer Scott Sullivan improperly booked expenses as investment in order to make the company look much healthier than it actually was.
	news.bbc.co.uk /1/hi/business/2068865.stm (681 words)

	Scotsman.com News - WorldCom fraud (Site not responding. Last check: 2007-10-07)
		FORMER Worldcom chief Bernie Ebbers was yesterday found guilty of conspiracy and fraud in connection with the collapse of the telecoms company.
		WORLDCOM'S former boss Bernie Ebbers ordered adjustments to the company's books, the telecoms firm's ex-financial chief has testified at a fraud trial in the United States.
		WORLDCOM chief executive Bernie Ebbers has pleaded not guilty to charges that he orchestrated the...
	news.scotsman.com /topics.cfm?tid=446 (381 words)

	Newsday.com: WorldCom says it inflated books
		WorldCom Inc., the long-distance giant already embroiled in scandal, disclosed Tuesday that it substantially inflated profit for more than a year by improperly accounting for more than $3.9 billion in routine expenses, a revelation expected to force the firm into filing for bankruptcy.
		WorldCom, parent company of MCI, also said Tuesday that it would begin laying off 17,000 workers this week, continuing a retrenchment that began last year.
		WorldCom and Enron Corp., the discredited energy trader now mired in the largest bankruptcy case in U.S. history, shared the same auditor: Arthur Andersen.
	www.newsday.com /technology/sns-worldcom-la,0,5973079.story?coll=ny-technology-print (628 words)

	WorldCom
		WorldCom closed three important MCI technical service centers that contributed to network maintenance only to open twelve different centers that, in the words of one engineer, were duplicate and inefficient.
		WorldCom has admitted to a $9 billion adjustment for the period from 1999 thorough the first quarter of 2002.
		Since WorldCom was so active in that mode, their senior managers were the targets of a great deal of influence peddling by their banker, Citibank.
	www.scu.edu /ethics/dialogue/candc/cases/worldcom.html (4638 words)

	[No title] (Site not responding. Last check: 2007-10-07)
		Bernie Ebbers, WorldCom's founder and former chief executive, pleaded not guilty to charges that he orchestrated the the largest corporate accounting fraud in US history.
		WorldCom's top executives were charged with the largest corporate accounting fraud in US history after a two year investigation into the telecom group's $180bn collapse.
		Bernie Ebbers, founder and former chief executive of WorldCom, was known as an arch micro-manager.
	news.ft.com /servlet/ContentServer?pagename=FT.com/Page/SpecialLevel1&cid=1024578255278 (324 words)

	WorldCom, Inc.: Lit. Rel. No. 17588 / June 27, 2002
		The Commission's complaint alleges that WorldCom fraudulently overstated its income before income taxes and minority interests by approximately $3.055 billion in 2001 and $797 million during the first quarter of 2002.
		The complaint further alleges that WorldCom falsely portrayed itself as a profitable business during 2001 and the first quarter of 2002 by reporting earnings that it did not have.
		WorldCom did so by capitalizing (and deferring) rather than expensing (and immediately recognizing) approximately $3.8 billion of its costs: the company transferred these costs to capital accounts in violation of established generally accepted accounting principles ("GAAP").
	edgar.sec.gov /litigation/litreleases/lr17588.htm (319 words)

	WorldCom set for VoIP push
		WorldCom is juicing up its voice-over-IP service to offer voice and data network convergence to the desktop, a move that could result in significant customer cost savings.
		When WorldCom launched the service last year, the carrier said it was using SIP for call set-up and termination, but was not ready to roll out SIP support to the desktop.
		It's a positive development that WorldCom is moving ahead with native SIP support as more companies, such as AOL Time Warner and Microsoft, get behind the protocol, she says.
	www.networkworld.com /news/2002/0204voip.html (1018 words)

	CNN.com - Ex-WorldCom executives arrested - August 1, 2002
		NEW YORK (CNN/Money) -- Scott Sullivan, the WorldCom chief financial officer who was fired when the company revealed a $3.8 billion accounting error, surrendered Thursday to federal authorities in Manhattan, where he faces charges of securities fraud, a source told CNN.
		Apparently absent from the complaint was Bernhard Ebbers, WorldCom's former CEO who resigned in April.
		WorldCom has vowed to emerge from that bankruptcy next year.
	www.cnn.com /2002/BUSINESS/08/01/worldcom.arrests/index.html (289 words)

	Guardian Unlimited \| Special reports \| WorldCom formally charged with fraud
		WorldCom today moved closer to bankruptcy as US regulators formally charged the telecoms giant with fraud by inflating its profits through improper accounting.
		One day after WorldCom rocked the markets with America's latest financial mega scandal, the securities and exchange commission (SEC), filed a civil lawsuit in federal court in New York accusing WorldCom of manipulating its earnings to keep them in line with Wall Street's expectations.
		The SEC said that WorldCom engaged in a scheme "directed and approved by its senior management," that allowed it to fraudulently report 2001 cash flow of $2.3bn, (£1.5bn) rather than its actual loss of $662m.
	www.guardian.co.uk /worldcom/story/0,12167,744980,00.html (376 words)

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