What does MCI stand for WorldCom?

Worldcom’s first major acquisition was in 1992 with the $720 million acquisition of Advanced Telecommunications Corporation, outbidding larger rivals Sprint Corporation and AT to secure the deal, making Worldcom a larger player in the telecoms market. Other acquisitions included: Metromedia Communication Corp.

Does MCI WorldCom still exist?

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 Enterprise Solutions.

Why did MCI WorldCom fail?

Key Takeaways. WorldCom was a telecommunications company that went bankrupt in 2002 following a massive accounting fraud. WorldCom remains the biggest accounting scandal in U.S. history as well as one of the largest bankruptcies.

Is MCI WorldCom stock worth anything?

Investors who bought shares after WorldCom first acknowledged its massive fraud are out of luck. They get nothing.

Where is Sherron Watkins now?

Watkins now teaches Business Ethics at Texas State University and Corporate Governance and Leadership at North Carolina University. “Enron comes up quite often,” she said. Over the past two decades, Watkins has also traveled the world speaking out on corporate malfeasance.

What happened to WorldCom stocks?

Rakoff said of WorldCom: “We have perhaps the largest accounting fraud in history, with the company’s income overstated by an estimated $11 billion, its balance sheet overstated by more than $75 billion, and the loss to shareholders estimated at as much as $200 billion.”

Where is Scott Sullivan now?

Boca Raton
Former WorldCom CFO Scott Sullivan is now out of prison and living in Boca Raton after serving four years of a five-year prison sentence for his role in the company’s massive accounting fraud.