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FOCUS:
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9-11
Meta Index September 11 2001
CLONING
NEWS
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ENRON
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WORLDCOM
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_A-Z.Gif's_
A-Z text
Top
|
/ Research / WorldCom
News
WORLDCOM News:
Old Ticker: WCOM - WorldCom.com
As of 20050316: MCI
20050316
-
- WorldCom
- "JPMorgan Chase (JPM)
agreed to a $2 billion settlement on Wednesday, becoming the last major
bank to settle claims in a class action suit brought after the collapse
of WorldCom." ... "The investors have argued that the financial institutions
that underwrote or traded WorldCom securities should have been aware of
ongoing fraud at the company." ... "The settlement by JPMorgan Chase, the
nation's second largest financial institution, was second in size only
to the $2.58 billion that Citigroup, the nation's largest financial institution,
agreed to pay late last year to settle its share of the case."
-AP via -USATODAY
20050315
-
- WorldCom
- "Former
WorldCom CEO guilty on all counts." ... "Bernard
Ebbers, the once-swaggering CEO of WorldCom, was convicted Tuesday of engineering
the largest corporate fraud in U.S. history -- an $11 billion accounting
scandal that capsized the big telecom company three years ago." ... "The
verdict marked a colossal fall for Ebbers, who had turned a humble Mississippi
long-distance provider into a global telecommunications power, swallowing
up companies along the way and earning the nickname "Telecom Cowboy.""
... "A federal jury in Manhattan returned guilty verdicts on all nine counts,
including securities fraud, conspiracy and lying to regulators -- a decision
that could send Ebbers, 63, to prison for the rest of his life." -By
Erin McClam -AP
via -BusinessWeek
20050223
-
- "Witness:
Ebbers pushed rosy numbers." ... "The witness, Scott
Hamilton, former head of investor relations at WorldCom, told jurors in
the trial of [WorldCom CEO, Bernie] Ebbers on charges of securities fraud
that the former CEO had a "strained" relationship with his chief financial
officer, Scott Sullivan." ... "Hamilton's testimony could bolster the government's
argument that Ebbers was a hands-on CEO who immersed himself in WorldCom's
inner workings. Defense lawyers contend that Ebbers was a big-picture executive
who delegated accounting details to subordinates." -By
Greg Farrell -USATODAY
20040302
-
- "Ebbers
indicted, ex-CFO pleads guilty: Sullivan is expected
to cooperate with authorities as they prosecute ex-WorldCom CEO." ... "Ex-WorldCom
CEO Bernard Ebbers was charged with securities fraud Tuesday for his role
in the nation's biggest accounting scandal, while his former chief financial
officer pleaded guilty and agreed to cooperate with prosecutors." ... "The
indictment says Ebbers and ex-WorldCom CFO Scott Sullivan "knowingly and
consistently" manipulated WorldCom's financial results to present the company
in a better light to Wall Street, investors and regulators." -By
Terry Frieden -CNN
20021106
-
- 
- "SEC
Case Against WorldCom Grows: Agency Says Fraud
May Exceed $9 Billion." ... "The Securities and Exchange Commission expanded
its fraud case against WorldCom Inc. yesterday, saying the improper bookkeeping
at the telecommunications company stretches back to at least 1999 and the
total amount of fraudulent accounting may exceed $9 billion." -By
Christopher Stern-WashingtonPost
>TechNews
20020812
-
WorldCom
: Communications Library - Claims: "This
glossary is the definitive source of information on terms and issues related
to the technology and business of telecommunications."
20020809
-
"WorldCom
reveals $3.8 billion more in errors." ... "The company
now says it will restate its earnings for 2000 in addition to 2001 and
the first quarter of 2002. An extra $3.3 billion in improperly reported
earnings before interest, taxes, depreciation and amortization (EBITDA),
plus a further $501 million change in the company's non-EBITDA pre-tax
adjustments, brings its total reduction in pre-tax profit since 1999 to
$7.68 billion, the company said in a statement Thursday." -By
David Legard and Matt Berger -InfoWorld
20020808
-
"WorldCom
discovers $3.3B more in errors." ... "The $3.3 billion,
found by WorldCom auditors, came from "a whole cadre of things," Sidgmore
says. Much of it was from turning reserves set aside for such things as
bad debt and acquisitions into revenue. The earlier alleged fraud was for
improperly hiding expenses, which boosted earnings." -By
Kevin Maney and Thor Valdmanis -USATODAY
-
"WorldCom
Finds Another $3.3B in Errors." ... "Bankrupt telecommunications
firm WorldCom Inc. said Thursday it uncovered another $3.3 billion in bogus
accounting, adding to the $3.85 billion fraud it revealed in June." ...
"The additional fraud would bring the total of phony accounting at WorldCom
to some $7 billion." -By Matt Moore
-AP via -WashingtonPost>TechNews
20020801
-
"Former
WorldCom Executives Face Charges of Securities Fraud."
... "Mr. 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. That enabled WorldCom to treat expenses that
should have been fully recognized each quarter as, instead, something more
like a mortgage, with a little bit of the debt paid off with each filed
financial report." ... "Mr. Myers has admitted to investigators that he
was aware of the expense shifts, but he said financial pressures being
faced by the company left him with little choice." -By
Terence Neilan -NYTimes
via -AltaVista-News
-
"Former
WorldCom CFO, Controller Arrested." ... "If convicted,
the men could face a prison term of up to five years and a $250,000 fine
on the one conspiracy count and 10 years and a $1 million fine on each
of the fraud and false filings counts." ... "Although the securities reform
legislation signed on Tuesday quadruples penalties for accounting fraud,
the WorldCom executives were charged under pre-existing laws because the
alleged wrongdoing predates the new statue." -By Gail
Appleson -Reuters
via -FindLaw /LegalNews
-
[PDF] -
"Complaint
Against Former WorldCom CFO And Controller."
-FindLaw /LegalNews/Documents
-
"WorldCom
ex-CFO surrenders. ... "A criminal complaint charges
both Sullivan and David Myers, WorldCom's former controller, with securities
fraud, conspiracy to commit securities fraud, and filing false statements
that allowed the No. 2 long-distance phone service provider to inflate
profits by hiding $3.8 billion in expenses." ... "One count of securities
fraud charges that Sullivan directed Myers to improperly account for billions
of dollars of operating expenses as capital expenses starting last year.
The second count involves conspiracy. The final five counts involve filing
false financial statements to the Securities and Exchange Commission, which
has filed civil fraud charges against WorldCom."
-CNN /fn
20020729
-
"WorldCom
names restructuring experts to key posts." ... "Gregory
F. Rayburn was named chief restructuring officer Monday while John S. Dubel
will assume duties as chief financial officer. The two are executives and
principals with the corporate restructuring firm of AlixPartners LLC."
... "WorldCom noted that its arrangements with AlixPartners are subject
to bankruptcy court approval." -By Ron Harrist
-AP via -Boston/Globe
Read More:
Worldcom News Archive...
!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
|
|
WorldCom Websites
|
Business2.0
WorldCom
~~~~~~~~~
FindLaw /LegalNews
WorldCom
Investigation
~~~~~~~~~
Forbes
WCOM
- News
- People
~~~~~~~~~
Fortune
WorldCom
~~~~~~~~~
Guardian.co.uk
WorldCom
~~~~~~~~~
Morningstar.com
WorldCom
~~~~~~~~~
Wired
WCOM
~~~~~~~~~
DotcomScoop
"As
the WorldCom Turns: A blog about WorldCom."
SEC.gov
SEC
Filings
[PDF] -
"Complaint
Against Former WorldCom CFO And Controller."
-FindLaw /LegalNews/Documents
|
People
Bernard (Bernie) J. Ebbers
former CEO - resigned 200204__
Forbes
Search Google:
<Bernie
Ebbers>
David Myers - Comptroller - resigned
Search Google:
<David Myers>
John W. Sidgmore
CEO 200204__
-
Scott D. Sullivan
former CFO (since 1994), Secretary, and Director - fired
20020625
Forbes
|
Company Links:
WorldCom.com
>"Restatement
Information Desk."
UUNet.com
WorldCom
Press
Releases:
20020625
"WorldCom
Announces Intention to Restate 2001 and First Quarter 2002 Financial Statements."
... "CLINTON, Miss., June 25, 2002 – WorldCom, Inc. (Nasdaq: WCOM, MCIT)
today announced it intends to restate its financial statements for 2001
and the first quarter of 2002. 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 amount of these transfers was $3.055 billion for 2001 and $797
million for first quarter 2002. Without these transfers, the company’s
reported EBITDA would be reduced to $6.339 billion for 2001 and $1.368
billion for first quarter 2002, and the company would have reported a net
loss for 2001 and for the first quarter of 2002." - READ
MORE...
|
Arhur Andersen
Andersen.com
Press
Release:
20020625
"Statement
from Arthur Andersen LLP." ... "Our work for Worldcom complied with SEC
and professional standards at all times. It is of great concern that important
information about line costs was withheld from Andersen auditors by the
chief financial officer of Worldcom. The Worldcom CFO did not tell Andersen
about
the line cost transfers nor did he consult with Andersen about the accounting
treatment. Upon recently learning of the transfers, Andersen conferred
with the Worldcom audit commitee and new management, and advised the company
that Worldcom's financial statements for 2001 should not be relied upon."
|
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they were posted.
~~~~~~~~~~~~~
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