MCI WorldCom
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'World-Con': Massive Accounting Fraud Hits Wall Street Again
"The gargantuan telecommunications firm WorldCom announced on Tuesday that it is restating its financial statements for 2001 and first quarter 2002 because of incorrect capital expenditure accounting." News and reader discussion. [Plastic]
http://www.plastic.com/article.html?sid=02/06/26/01142537
SBC Ameritech Files Complaint Against MCI for Slamming in Illinois
"SBC Ameritech Illinois filed a complaint with the Illinois Commerce Commission calling for an end to alleged deceptive sales and marketing practices, and slamming by WorldCom Inc.'s MCI Group." [SF Gate]
http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2002/06/27/financial1910EDT0411.DTL
"You Have No Idea the Evil We Do" - MCI Insiders Break Their Silence
Stories of "modern call center hell" submitted by MCI staffers. By Andrew Orlowski. [Register]
http://www.theregister.co.uk/content/35/25904.html
MCI Paralyzes US Reg Bureau
The Register falls victim to MCI "random billing". By Andrew Orlowski. [Register]
http://www.theregister.co.uk/content/28/25382.html
WorldCom's $3.8 Billion Scandal
"Telecom sector reels after accounting disclosure." By Shawn Langolis. [CBS Marketwatch]
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7B8F86BD40%2D3E85%2D424B%2DB34A%2D7D058C3CD76F%7D
WorldCom: The Sky is Falling
ZDNet News special report. "It's Enron, part II. Add almost $4 billion in 'outrageous' accounting irregularities to a company already in debt, and you've got a crisis."
http://zdnet.com.com/2251-1110-939831.html
How Auditor Found $4bn Black Hole
"The financial scandal that has enveloped WorldCom, one of America's largest phone companies, was unearthed by an employee running a spot check on the Mississippi-based company's books." By Julian Borger and Richard Wray. [Guardian]
http://www.guardian.co.uk/Archive/Article/0,4273,4450236,00.html
WorldCom: What the US Papers Say
"Ros Taylor takes a look at how the American media are reacting to the latest corporate scandal to rock the financial markets." Press review. [Guardian]
http://www.guardian.co.uk/Archive/Article/0,4273,4449838,00.html
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." By Mark Tran. [Guardian]
http://www.guardian.co.uk/worldcom/story/0,12167,744980,00.html
WorldCom 'Must File Report by Monday'
"WorldCom, the disgraced telecommunications giant, has today been told it has until Monday to explain to regulators how it inflated profits by $4bn (£2.5bn)." By Mark Tran. [Guardian]
http://www.guardian.co.uk/Archive/Article/0,4273,4450411,00.html
SEC Statement Concerning WorldCom
"The WorldCom disclosures confirm that accounting improprieties of unprecedented magnitude have been committed in the public markets."
http://www.sec.gov/news/press/2002-94.htm
CBC Indepth Backgrounder: WorldCom
Timeline of the rise and fall of WorldCom, and links to further CBC coverage.
http://cbc.ca/news/features/worldcom.html
WorldCom Facing Charges of Fraud; Bush Vows Inquiry
"The Securities and Exchange Commission filed fraud charges against WorldCom yesterday and President Bush vowed to 'hold people accountable' for the bookkeeping scandal at the company, the nation's second-largest long-distance provider and a major carrier of Internet traffic." By Simon Romero. [New York Times] [Free subscription required.]
http://www.nytimes.com/2002/06/27/business/27TELE.html
Gloom at WorldCom Centre
"WorldCom's employees are feeling betrayed and bitter." By Nick Childs. [BBC News]
http://news.bbc.co.uk/1/hi/business/2073645.stm
Who Watches the Watchers?
"US regulators are scrambling to line up new accounting rules in the wake of the Enron and WorldCom affairs, but are they doing enough?" Analysis by Jeremy Scott-Joynt. [BBC News]
http://news.bbc.co.uk/1/hi/business/2070308.stm
Internet Fears over WorldCom Scandal
"With 40% of internet traffic using WorldCom's network, worries are spreading about what effect a collapse might have." [BBC News]
http://news.bbc.co.uk/1/hi/business/2072274.stm
WorldCom Staff Brace for Cuts
"The US telecoms giant is set to give details of 17,000 job cuts as Congress and officials start the investigation into the firm's accounting fraud." [BBC News]
http://news.bbc.co.uk/1/hi/business/2071694.stm
Worldcom 401K and Pension Plan Networking
Resources for those who were affected, including a mailing list, updates on bills in Congress, and how to get involved.
http://www.wcom401kpension.com/
CBC News: Venture - A Season for Vengeance
A profile of the ex-CEO of WorldCom, Bernard Ebbers.
http://www.cbc.ca/venture/worldcom/index.html
WorldCom Sought Influence Up to Announcement
"Access to Politicians in Both Parties, Donations Mean Earnings Scandal May Have Fallout on Hill." [Washington Post]
http://www.washingtonpost.com/wp-dyn/articles/A51915-2002Jun26.html
Boycott Worldcom
Seeks to broaden public awareness and provide a discussion forum for WorldCom business practices judged to be immoral, unethical, and/or illegal.
http://www.boycottworldcom.com
Spotlight on: SEC v. WorldCom
Provides links to SEC and court documents regarding the WorldCom case.
http://www.sec.gov/spotlight/worldcom.htm
SEC Charges WorldCom’s Former CFO with Financial Fraud
The commission charged Scott D. Sullivan, WorldCom's former Chief Financial Officer, with altering WorldCom's books and making false and misleading statements about the health of the company. [SEC]
http://www.sec.gov/news/press/2004-25.htm
Bernie Ebbers pleads not guilty to fraud
The former chief executive of Worldcom is charged with fraud, conspiracy and making false statements regarding the company's finances.[BBC]
http://news.bbc.co.uk/1/hi/business/3530021.stm
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