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Epilogue: WorldCom/MCI - PowerPoint PPT Presentation


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Epilogue: WorldCom/MCI. Loss = $110B. WCOM once valued at $115 billion Settlements WorldCom paid $750 million civil penalty to SEC in 2003 Investment banks settled for over $6 billion ($2.6 from Citigroup) 830,000 individual and institutional investors received payments Postscript

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epilogue worldcom mci
Epilogue: WorldCom/MCI

Loss =

$110B

  • WCOM once valued at $115 billion
  • Settlements
    • WorldCom paid $750 million civil penalty to SEC in 2003
    • Investment banks settled for over $6 billion ($2.6 from Citigroup)
    • 830,000 individual and institutional investors received payments
  • Postscript
    • Qwest and Verizon pursued acquisitions of MCI
    • Verizon acquired MCI on February 14, 2005 for $5.2 billion (Qwest bid was higher)
epilogue employees
Epilogue: Employees
  • Ebbers (CEO): 25 years
  • Sullivan (CFO): 5 years (plea)
  • David Myers (Controller): 1 year, 1 day
  • Buford Yates (Director of Accounting): 1 year, 1 day
  • Betty Vinson (Accounting Department Manager): 5 months prison, 5 months house arrest
  • Troy Normand (Accounting Department Manager): 3 years probation